Global minimum corporate tax has finally gone live and it's a big deal!
The minimum 15% rate, now active in the EU, Norway, Switzerland, the UK, and other countries, surpasses the previous lower rates in tax havens like Ireland, where it was 12.5% until recently.
I lived in Ireland for several years and the topic of a possible bubble ready to burst at the first tax rate increase, was a frequent subject among expats.
In fact, Dublin is home to many multinational corporations' EMEA HQs, that employ thousands of European expats. Foreign direct investment is worth a staggering 285% of the country's GDP!
I believe this new rate will change nothing. If anything, it will increase tax revenues and further aid the country's development.
The appeal of Ireland for multinational companies extends way beyond its low corporate taxes:
Bonus point: With global warming, Ireland will become an amazingly beautiful seaside destination! 😅