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Irish government rules out raising corporation tax Irish government rules out raising corporation tax
(about 3 hours later)
The Irish government has insisted it will not raise the country's low corporation tax rate in return for a European Union-led bail-out.The Irish government has insisted it will not raise the country's low corporation tax rate in return for a European Union-led bail-out.
Deputy Prime Minister Mary Coughlan said the 12.5% rate - much lower than the EU average - was "non-negotiable".Deputy Prime Minister Mary Coughlan said the 12.5% rate - much lower than the EU average - was "non-negotiable".
Her comments come as speculation grows that France and Germany want the Irish Republic to raise the tax in return for aid. Her comments come as speculation grows that France and Germany want Dublin to raise the tax in return for aid.
The Irish government admitted on Thursday that it needed outside help. The Irish government is in bail-out talks with officials from the EU, the European Central Bank and the IMF.
An aid package of 45bn-90bn euros ($62bn-133bn, £38bn-77bn) is expected to emerge next week, according to an unnamed source quoted by the Reuters news agency.
It will coincide with, or follow shortly after, the announcement by the Irish Republic of a new four-year austerity programme.
On Thursday, the Irish government admitted for the first that it needed outside help.
Finance Minister Brian Lenihan said he felt "no sense of shame" over the country's economic record, but that it now needed outside help.Finance Minister Brian Lenihan said he felt "no sense of shame" over the country's economic record, but that it now needed outside help.
Previously the government had said it did not need any financial support from the European Union and International Monetary Fund (IMF).Previously the government had said it did not need any financial support from the European Union and International Monetary Fund (IMF).
'Predatory''Predatory'
The Republic's low corporation tax has been criticised by other EU nations, who argue that it gives the country too much of an advantage in attracting overseas investment.The Republic's low corporation tax has been criticised by other EU nations, who argue that it gives the country too much of an advantage in attracting overseas investment.
They now argue that the Republic should not be allowed to solely rely on a bail-out, and that it should instead raise the tax rate to help boost government funds.They now argue that the Republic should not be allowed to solely rely on a bail-out, and that it should instead raise the tax rate to help boost government funds.
The Financial Times on Friday reported a French official describing it as "almost predatory".The Financial Times on Friday reported a French official describing it as "almost predatory".
However, the Republic's European Minister Dick Roche, also insisted that the corporation tax rate was "certainly not up for negotiation".However, the Republic's European Minister Dick Roche, also insisted that the corporation tax rate was "certainly not up for negotiation".
He told the BBC: "There has been some very unhelpful chatter in the background in the last few days about our corporation profit tax.He told the BBC: "There has been some very unhelpful chatter in the background in the last few days about our corporation profit tax.
"Where would be the sense of destroying one of the great drivers of growth?""Where would be the sense of destroying one of the great drivers of growth?"
EU, European Central Bank, and IMF officials arrived in Dublin on Thursday to discuss the country's debt crisis, and what aid the country required.EU, European Central Bank, and IMF officials arrived in Dublin on Thursday to discuss the country's debt crisis, and what aid the country required.
The Republic's Central Bank Governor, Patrick Honohan, said he expected a loan in the region of "tens of billions" of euros.The Republic's Central Bank Governor, Patrick Honohan, said he expected a loan in the region of "tens of billions" of euros.
Mr Lenihan said the country's problem were caused by its heavily indebted banks, which the government has had to bail-out to the cost of 45bn euros (£39bn; $60.1bn). Finance Minister Mr Lenihan said the country's problem were caused by its heavily indebted banks, which the government has had to bail-out to the cost of 45bn euros (£39bn; $60.1bn).
"The big difficulty of course is that the banks grew to such a size that they became too unmanageable for the state itself, that's the big difficulty here," he said."The big difficulty of course is that the banks grew to such a size that they became too unmanageable for the state itself, that's the big difficulty here," he said.
"And that's why we have to consider external assistance to stabilise our banking system.""And that's why we have to consider external assistance to stabilise our banking system."
Are you in Ireland or another EU country? What conditions do you think should be attached to any potential bail-out for Ireland? Send us your comments using the form below.Are you in Ireland or another EU country? What conditions do you think should be attached to any potential bail-out for Ireland? Send us your comments using the form below.