Ireland is willing to raise its minimum tax rate for multinational corporations to 15 per cent, France’s finance minister said.
Bruno Le Maire made the comments before an international meeting on the matter on Friday.
Ireland’s corporation tax rate is currently 12.5 per cent, one of the lowest in the EU. This has come under scrutiny since an international agreement was signed by more than 130 countries in July.
Speculation is mounting that Dublin will reverse its position and agree to the draft Organisation for Economic Co-operation and Development tax proposals as early as this week.
“A compromise might be reached around a 15 per cent effective tax rate,” Mr Le Maire said in a conference call.
That “would eliminate attractive effective tax rates on the order of two, five or six per cent that are offered by certain countries, including [those] in the European Union”.
Mr Le Maire said it was “not the rate that poses the most difficulties” but the language surrounding the deal.
He said “real political difficulties” remained and that such obstacles should not be underestimated.
“I’m fully determined to pave the way for a consensus because we are one millimetre away from a global agreement on a new international taxation system for the 21st century, and we should not lose the opportunity to build this new taxation system,” Mr Le Maire told CNBC.
“We could, either next week during the Washington meetings or at the G20 meeting in Rome at the end of October, sign the final agreement under the international taxation system.”
On Wednesday, Foreign Affairs Minister Simon Coveney said he was “hopeful” a deal could be reached.
“The expectation now is that the OECD meeting on Friday will finalise a new framework and basis for international corporate tax,” he said.
“I am hopeful that Ireland can be part of supporting this new measure, but we have to wait for for the final text, which hopefully will be available later on this evening.”
A change to its tax regime would bring Ireland in line with its EU partners. These have demanded a uniform rate to prevent tax avoidance by some of the world’s biggest companies, such as Amazon and Facebook.
The July breakthrough envisaged the minimum 15 per cent tax rate applying to multinationals with at least €750 million ($865.5m) in sales, which in practice would hit many big tech companies.
Mr Coveney repeated a fear, expressed by other senior government figures in recent weeks, that failure to back the deal would isolate Ireland in the international community.
The expectation now is that the OECD meeting on Friday will finalise a new framework and basis for international corporate tax
Ireland’s Foreign Affairs Minister Simon Coveney
“Ireland does not want to be isolated in this space, but, at the same time, we certainly want to ensure that the view that we have in relation to tax, which is a view that many other small countries rely on us to to make, is properly heard.
“We have asked for some reasonable changes that can provide as much certainty as possible in terms of managing the Irish economy going forward,” he told state broadcaster RTE.
Ireland enticed many companies to set up their European headquarters in the country with a 12.5 per cent corporate tax rate that in practice can be lowered.
“It will be difficult to go above” 15 per cent without losing the holdouts completely, a source close to the talks said.
The other pillar of the reform would give countries a share of the taxes on profits earned in their territory.
The objective of the Friday meeting is to bring on board the holdouts, which include Hungary and Estonia as well as Ireland, to allow the minimum tax rate to go into effect in 2023. It is being held under the auspices of the OECD, which has been shepherding the talks.
Several countries are ready to move forward with national taxes on tech companies if a minimum tax deal is not reached at an international level.
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
The%20Roundup
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A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
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Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
WTL%20SCHEDULE
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The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
