Global tax

Biden has proposed a global corporate tax to even the playing field which would prevent companies from moving in order to get lower taxes. In reality most countries are lowering their corporate tax rate to compete and encourage business to move to their country. Ireland is a good example of how this brings business to their shores. Almost 1,000 multinational companies have chosen Ireland as their strategic European base due to our pro-business environment and attractive taxation rates. Ireland has one of the lowest corporation tax rates in Europe at 12.5%. Companies can avail of a 25% tax credit against research and development costs. Let’s say you are a business that needs lots of patents, like a technology, manufacturing, or pharmaceutical firm. Any income you make from Irish patents you own is taxed at 6.25%. To Ireland, this encourages a robust research and development sector; to big American firms, it means they have an incentive to get lots of Irish patents.