Ireland has committed to a global accord which its hopes will boost multinationals’ tax bills. The new agreement sees the country charging multinationals 15 percent on profits.
However, around 160,000 firms will continue to remain on the lower rate if 12.5 percent.
Ireland has, for decades, been defending its 12.5 percent rates in the country – saying it is an “immovable cornerstone” for the country.
Despite these claims, Ireland agreed on Thursday night to join more than 130 nations in the Organization for Economic Cooperation and Development-brokered deal.
Along with Ireland, Estonia has joined the accord seeing their rates rising also.
Finance Minister for Ireland, Paschal Donohoe said: “We have secured the removal of ‘at least’ in the text as we sought.
Some countries wanted higher minimum tax rates, and our position moderated those ambitions and views.
“This provides certainty in the agreement.”
The main issue with joining this accord was the use of the word “at least” in the agreement, according to Mark Redmond, chief executive of American Chamber of Commerce Ireland.
Mr Farage tweeted: “The Republic of Ireland has surrendered its competitive corporation tax rate to the EU.
“I told Varadkar this would happen and he brushed it aside.
“There are no advantages left for Ireland in the EU.”
From Mr Farage’s tweet, a number of Twitter users were quick to both defend and oppose both Ireland and Mr Farage.
@KnightofChrist7 tweeted: “Ireland fought so long for Independence only to hand right over to the EU.”
@MelissaWatsonUK decided to take aim at Nigel Farage instead of Ireland as she tweeted: “Lots of people told you what would happen post-Brexit and you brushed it aside.”
However, one Twitter user suggested that the best thing for Ireland to do would be to form a trade alliance with the UK.
@robcorb said: “Few will accept this, especially in Ireland, but they would be better off forming a trading alliance with us.”
Fine Gael has been contacted for comment on this.