Ireland Corporate Tax Rate Unchanged
Ireland will not raise its corporate tax rate, said finance minister Brian Lenihan following news that the European Central Bank has agreed to a bailout estimated between 80-90 billion euros.
"The European Central Bank (ECB) has welcomed the request of the Irish Government for financial assistance from the International Monetary Fund (IMF), the European Union and euro-area Member States," said the central bank in a statement yesterday.
"The ECB concurs with the Commission, Ecofin Ministers and the Eurogroup that providing assistance to Ireland is warranted to safeguard financial stability in the European Union and in the euro area," according to its statement.
According to Irish finance minister Brian Lenihan, Ireland will raise its income tax but the loans will enable the country to keep its corporate tax at 12.5 percent which - along with Cyprus' rate of 10 percent - ranks as one of the lowest in Europe.
(Pictured above: Brian Lenihan)