- cross-posted to:
- worldnews@lemmit.online
- cross-posted to:
- worldnews@lemmit.online
Summary
Donald Trump signed an executive order withdrawing the U.S. from the OECD global corporate tax deal, which set a 15% minimum tax rate on multinationals.
This move threatens Ireland, which relies heavily on corporate tax revenue from U.S. firms.
Trump also plans to retaliate against countries imposing “extraterritorial” taxes on U.S. businesses.
EU officials, including Ireland, expressed concern but emphasized their commitment to the tax reforms.
The decision risks escalating U.S.-EU tensions, with fears of trade tariffs and broader economic fallout.
Legally Ireland can do that but the commitment to the 15% is there… Will be very interesting to see what happens now.
As an irish resident, I’ll keep the jolly rodger flag on standby, incase the tricolour needs to come down for a couple of years 😂