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MINISTER FOR FINANCE Paschal Donohoe has told an Oireachtas committee that he “won’t speculate” on what his final position will be on an international agreement that could end Ireland’s 12.5% rate of corporation tax.
Ireland has been one of a handful of countries so far to reject a proposal that would see over 130 countries adopt a 15% minimum rate of taxation for large corporations.
The United States is spearheading the international push behind the reforms.
Earlier this week, Donohoe met this week with US Treasury Secretary Janet Yellen who hopes to persuade Ireland — along with the other EU holdouts Hungary and Estonia — to back the deal.
Last night, The Irish Examiner reported that the Government is ready to ditch the controversial 12.5% rate and sign up the agreement to avoid becoming an “international pariah”.
But Donohoe told RTÉ’s Morning Ireland programme today that he will continue to make the case for Ireland’s low corporation tax environment until the process, which is being led by the OECD, formally concludes in October.
Questioned on his commitment to the current regime by Sinn Féin finance spokesperson Pearse Doherty this morning, Donohoe said he’s “well aware of the responsibility that’s on [his] shoulders”.
“I’ve proven my commitment to standing by our rate by virtue of the fact that we’re not in an agreement at the moment and in a minority of countries not in that agreement,” the minister said.
“I’m not going to speculate on what my final position could be in relation to an agreement that isn’t yet finalised. But my commitment to our rate is proven by where we are at the moment.”
Donohoe, along with Minister for Public Expenditure Michael McGrath, was answering questions from the Oireachtas Committee on Budgetary Oversight this morning about the Government’s Summer Economic Statement (SES).
Published last night, the SES upwardly revised Irish economic growth projections from April’s Stability Programme Update (SPU).
The Government now expects Gross Domestic Product — the total value of all goods and services produced within the economy — to grow by 8.75% in 2021, up from 4.5%.
A larger-than-expected budget deficit — €20.3 billion as opposed to €18 billion — has also been pencilled for this year.
The Government now foresees large budget deficits until at least 2025 in a bid to boost capital investment, particularly in the area of housing.
Asked how much extra money will be available for housing in the upcoming Budget, Minister McGrath said the “precise figures” will be available once the Government’s Housing for All strategy is unveiled in the coming week.
“It will be the case that housing will be the big winner because we recognise that this is a top priority across society and an absolutely key priority for government,” he added.
Definitely time the banks update their systems. This is getting way too common. The fees have gone up, start using them to provide a service!
Most of the banks systems are ok. It’s just ulster bank who’s systems are outdated but will cost millions to update
Karl
Did you not hear of the Bank of Ireland problems?
THIS! Most banks still use mainframes for a lot of their nightly transactions. They need to rebuild!
Its Ulcer bank at this stage for its customers…
Perhaps if they try to FIX the problem rather than FOX it
as in your headline,the customers will be happier!
Thanks for pointing that out :) I’ve FIXED it now.
You FOX Michelle and your fixing !
Continually having computer problems, yet continually increasing fees. Left them a year ago, terrible bank to deal with.
Couldn’t have had a different experience with them myseflf. There was an issue about a year ago that was an inconvenience but I’ve never had another issue with them and always found their staff so helpful with everything. Mobile banking is down at the moment but you can still log on through normal means as well as using the full website through your mobile device. Very minor inconvenience unless you want to be offended by it.
Never took offence to them, just got fed up paying through the nose for a service they couldn’t supply. You obviously weren’t affected when their computer systems went belly up for weeks, direct debits were being taken out twice, wages not going in etc. a joke of a bank.
Yes I lost track of how much was in my account for a few days but it got sorted and they reimbursed me for two transactions that hadn’t happened! I pay no fees at all for my banking thankfully and they have branches open on a Saturday! Like I said some people go out of their way to be upset!
Ulster bank is one of the better banks surprisingly enough. They were the last to raise their fees and they’ve a good rep for business banking.
Had to leave AIB after 12 years with them – so rude and their fees were rocketing.
Believe me Ted I haven’t got time to go out of my way and get upset with a bank. Way to busy to be checking accounts all the time in case they’ve made more mistakes. That’s why they lost me and hundreds of other customers over the last year or two. I guess some people put up with bad service and some don’t. Like I said, a joke of a bank.
Thank god I’m not one of their 600 customers
Well I am a customer and I’m praying to Joe Pesci that they get it sorted soon
Call those 2 Canadian kids to sort it out.
I remember the good old days when banks used to at least pretend that they were looking after their customers,
when mobile banking was a lorry with a teller in the back.
I’m off to the credit union thanks.
No fee internet banking, direct debit, cash card facilities
run by volunteers who don’t cost us €100 billion every 20 years or so.
Feckin’ shower of bankers…!
HACKERS !
All those screenshots are from UK customers (Ulster bank in NI, RBS in UK).
Is there any proof of ROI customers affected?
NI is part of the UK. RBS in GB.
Meant to say that!
Thank god I left them after the last major F up. Their I.T section is absolutely useless
Working now – first thing I notice is the direct debits have been taken. Back to normal, or what passes for it in a nationalised bank.
Ulster Bank couldn’t find their arse with both hands and a map !
Ulster Bank still use pen and paper. I rang today told by them my loan was with collections because it was in arrears. I said it couldn’t be and it’s most likely in credit. On hold for 36 mins while some eejit worked it out manually. At the end and after telling me 3 iMessage that I was in arrears the first eejit tells me I’m in credit and my account has been removed from arrears. They are a joke of a bank and shouldn’t even be in business.
Can they please change their debit cards. Such bad quality.
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