Editorial: Ireland must be ready for corporation tax reform

The G7’s plan to set a global tax rate need not spell gloom for state’s coffers

The G7 announcement is a milestone in the global effort to reform corporate taxation that has been under way for a decade. Picture: Getty

The industrialised world stands on the brink of a sweeping reform of company taxation. Last weekend, finance ministers from the G7 biggest economies agreed to set a global minimum tax of “at least 15 per cent” on the profits of multinational corporations.

They also agreed to enable many more countries to tax a share of profits earned by companies doing business in those markets.

The G7 announcement is a milestone in the global effort to ...