US Treasury Secretary Janet Yellen urged Finance Minister Paschal Donohoe to seize “a once-in-a-generation opportunity” for a global deal that would end a race to the bottom in corporate tax rates, said Wednesday the US Treasury.

Despite pressure from Ms Yellen and EU officials, the Republic has not wavered in its opposition to the approach of the October deadline to finalize an agreement for an overall minimum tax of at least 15% , well above the state’s 12.5% ​​rate.

Mr Donohoe said on Monday that Ireland was “still a bit far” from joining the Organization for Economic Co-operation and Development (OECD) tax deal while waiting to see whether a deeply divided US Congress would agree to the tax increases. tax proposed by the Biden administration.

Call

Ms Yellen, on a call with Mr Donohoe, “expressed appreciation for Ireland’s constructive participation” in the OECD talks on tax reform, and the two ministers agreed to keep in close communication on the matter, Treasury said in a statement.

“Secretary Yellen stressed the objective of stabilizing the international tax system and stopping the race to the bottom thanks to this unique opportunity offered by the inclusive framework of the OECD,” added the Treasury. – Reuters