Updated: Overhaul of corporate tax rules was needed to ensure multinationals in Ireland paid ‘fair share’

Existing system ‘could not hold,’ according to Janet Yellen, the US Treasury Secretary

Janet Yellen held a ‘very constructive’ bi-lateral meeting with Paschal Donohoe today. Picture: Rollingnews.ie

A landmark overhaul of global corporate tax rules will help ensure that large multinationals pay their "fair share" in Ireland and across the rest of the world, according to Janet Yellen.

Speaking at an event in Dublin Castle, the US Treasury Secretary said the existing system of taxing corporations was outdated and "could not hold".

The OECD's agreement, through which a minimum effective corporation tax rate of 15 per cent will be introduced, "wasn't destined ...