It seems, I may have spoken too soon on the issue of our corporate tax rate!
In a recent opinion piece in ComputerScope magazine, I speculated that any incoming government would probably do little to change the corporate tax regime, including the loopholes that allow a fairly high level of tax “avoision”, detailed here.
Well, the Irish Times reports this morning that our precious rate is to be the subject of discussion at an EU summit where the European Financial Stability Facility (EFSF) will be the main topic.
German chancellor Angela Merkel is trying to convince French premier Nicolas Sarkozy of the need to “deepen economic policy co-ordination” in order to strengthen the facility in rescuing troubled economies.
As much has been said in relation to Ireland’s new government potentially renegotiating aspects of the EU/IMF bailout, but it seems after comments made by Dr Merkel, any renegotiation may be made at the cost of our corporate tax rate.
I am sure that such comments are no comfort to the American multinationals who all gave their back to the status quo via the American Chamber of Commerce.
One thing is for certain though, with the bluster of the election, not just the weather, there is likely to be no useful information emerging from our political representatives until a new government is fully formed.
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