On 16 February 2017, Mr. Michael James Noonan, the Irish Minister of Finance gave a speech in which he illustrated some of the main issues of action to be followed by Ireland in the field of international taxation. He stressed Ireland’s commitment to the OECD BEPS project, adding that the country will look to sign up to the Multilateral Instrument (MLI) when it becomes possible.
In this respect, Mr. Noonan issued a reminder of the dangers of the EU moving away from the BEPS consensus. As well, he recalled that Ireland’s 12.5% corporate tax rate is not a BEPS issue, and that the Irish Knowledge Development Box is an example of how Ireland will continue to act. This measure applies a 6.25% tax rate to profits on investments in Intellectual property which is the result of specific research and development that has been carried out in Ireland.
Lastly, the Minister of Finance announced that a public consultation will be launched soon, in order to review the corporate tax code.
