Ireland's Finance Minister Paschal Donohoe has said that his country had a 'really significant concern' about the proposal for a global rate of tax, which is being currently discussed among finance ministers of the G7, and more importantly, the OECD process. Donohoe said that the current proposal was meant to benefit 'only certain countries, and certain size economies'.

Ireland is home to a large number of tech giants who chose to be headquartered in the country, due to its lower tax rate. 

Earlier this year, the USA proposed a global minimum tax, making a significant U-turn from its original position. The change in stance, made by the new Biden administration, has meant that negotiations at the OECD level could resume after a deadlock.