Ireland increased its pledge to the International Development Association (IDA) by 33 percent to €141.4 million, reinforcing its commitment to improving lives in the world’s poorest countries.
IDA, the World Bank’s fund for low-income countries, supports projects that boost economic growth, build resilience, and provide opportunities in 78 countries around the world. Ireland’s new pledge, announced Thursday on the sidelines of the World Bank-IMF Spring Meetings, augments its initial commitment to IDA’s 21st replenishment (IDA21).
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IDA’s 21st replenishment was a yearlong process that culminated in December, with a package of up to $100 billion for IDA countries. The Association supports a range of development activities, including job creation, pandemic preparedness, women’s economic empowerment, and more.
Well, that’s nice and all, but the losses that the Irish tax haven model costs the rest of the continent – which by and large is no less willing to provide aid to poorer countries – are orders of magnitude higher.
Ireland has a 15% corporate tax rate now for large companies to align with the oecd minimum.
That is higher than some other EU countries at this point (e.g. Hungary at 9%). The old tax haven status is all but gone.
Okay, right, then my comment may be wrong (insofar as companies with >750 million revenue are concerned) or at least it will become wrong once the OECD agreement is implemented. (This government page from 5 November 2024 states 12.5% on revenue from trading.) Good to know, thanks.
No worries :)
I know we’ve had that label for a long time and I felt like it was reasonable but to give some context, the Ireland I grew up in was poor as fuck. Like there was literally zero kilometres of motorway when I was a kid. To get from Dublin to Belfast you had to drive through every poxy little town on the way.
So the government went all out on using our English speaking, well educated people to bring in multinationals to bring in revenue and stop what was an enormous brain drain in the 80s. The EU funded the shit out of infrastructure and we’re now a net contributor to the coffers.
I think we’ve reached the point that they won’t leave now (the companies or the talent) so the extra taxation is very welcome.
Are they finally taxing the leprechauns to pay for it?
No, they are getting 1c per racist comment online like this and using that instead.
