Accountancy and legal firms warned Donohoe about corporate tax reform

Accountants said FDI will be negatively affected by new global rules while lawyers said they could be unconstitutional

Arthur Cox issued a warning to Paschal Donohoe about Ireland’s competitiveness should it sign up to the agreement, signalling what it said could be viewed as an effort to undermine fair competition from smaller nations and “tilting the playground” in favour of larger markets.

Legal and accountancy firms warned Paschal Donohoe that agreeing to a landmark overhaul of global corporate tax rules risked the loss of 100,000 jobs and Ireland’s tax sovereignty, in addition to potentially being unconstitutional.

The dire warnings were contained in responses from stakeholders to a consultation launched by the Minister for Finance earlier this year on the OECD’s proposed reform of the global tax system.

The government signed up to the scheme earlier this month, ...