Global tax deal drops ‘at least” from proposed minimum of 15pc

An updated draft of a global corporate tax overhaul has dropped "at least" from a proposed minimum rate of "at least 15 percent", possibly clearing a major hurdle for Ireland as negotiations enter a final stretch, sources familiar with the discussions told Reuters.

Some 140 countries aim to finalise the first major overhaul in a generation of the rules for taxing multi-nationals at a meeting on Friday so the deal can be endorsed by the Group of 20 economic powers later this month.

Until now 134 out of 140 countries in the talks had backed a minimum rate of "at least" 15%, but Ireland has so far refused to sign up over concern the rate could end up being higher than 15%.

Settling on a rate of 15% would likely clear the way for the Irish government to sign up. As the low-tax European home for a number of the world's largest multinationals, Ireland is seen as the key holdout in the negotiations.

One source familiar with the state of the talks told Reuters that the latest text circulated to delegations had cut "at least" and another said that 15% was virtually a "done deal".

Irish national broadcaster RTE was first to report that "at least" had been dropped.