Ireland Lowered Its Corporate Tax Rate. Here’s What Happened.
Fred Lucas, Daily Signal
Many U.S.-based multinationals are finding luck with Ireland’s low corporate tax rate—and that 12.5 percent rate has been a pot of gold for the Irish economy as well.
In 2015, the Irish economy was estimated to have grown by 26.3 percent through foreign companies opening operations and providing high-paying jobs, including about 700 U.S. companies currently operating in the country.
The Irish corporate tax rate is about half the average for other countries in the Organization for Economic Cooperation and Development, which comprises 34 developed nations.
Ireland’s rate is less than half of what some other European countries’ corporate tax rates are: Belgium, for example, has a rate of 33.9 percent; Austria’s rate is 25 percent; and Greece’s is 29 percent.
It’s also still lower than the U.S. corporate rate, despite the latter being slashed last year from 35 percent to 21 percent.