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Snippet Contents:

We have a corporations’ budget, with an extra €95 million in corporate tax breaks, before we even deal with the patent box tax subsidy. Earlier in a reply to Deputy Richard Boyd Barrett on the corporation tax regime, the Minister for Finance stated the Government played fair but played to win. This encapsulates in an honest way the tax competition strategy of this and former Governments. This is a notion that countries around the world are all engaged in a race to the bottom to provide the best environment for corporations through the lowest corporation tax rates and the most flexible and exploited labour markets, with the lowest wage rates. That is the game in which the Minister and the Government is involved. It is one, however, in which there is only one winner, namely, corporations.
In the OECD, Organisation for Economic Co-operation and Development, the average corporation tax rate in 1981 was 49.1%. In 2012 it was 32.4%. Has investment gone up in that time? No, it has actually declined. Have growth rates for GDP, gross domestic product, gone up? No, they have declined, too. It is the same in Ireland. For years we have been incentivising corporations to invest here through the introduction of the 12.5% corporation tax rate and the double Irish rule. The result, however, has been a collapse in private sector investment since 2007. The winners are the corporations which have managed massive tax avoidance schemes on a global scale. The patent box will just allow them to continue to do so after 2020.