Business Irish

Thursday 23 March 2017

Ireland's corporation tax rate a 'red line' issue for government - Michael Noonan

Niall O'Connor

Niall O'Connor

Finance Minister Michael Noonan
Finance Minister Michael Noonan

IRELAND's 12.5pc corporation tax is a "red line" issue for the Government, according to Finance Minister Michael Noonan.

In some of his strongest remarks yet on the issue, Mr Noonan said the Government will not bow to any pressures to change the rate.

He said plans for a knowledge development box, which will offer incentives for companies to develop technologies and products here, will be detailed next month.

Speaking in the Dail, Mr Noonan said the 12.5pc corporation tax rate is here to stay.

The 12.5pc corporation tax rate will stay. This is a red line for the Government," Mr Noonan said.

"We will continue to enhance Ireland’s attractiveness for Research and Development by introducing a Knowledge Development Box in the next finance bill. We have no reluctance to continue, in parallel with our European Colleagues, in reforming corporation tax but we will not, as many in the opposition advocate, increase the 12.5pc rate," he added.

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