The Minister for Finance has said the process of negotiating a new deal on global corporation tax reform is entering a very important period and next week would be a critical moment.

"For many many months now I have now been making the case for certainty and for stability and I am going to be continuing that across the next week and a half," Paschal Donohoe said.

Mr Donohoe was speaking to reporters in Dublin following a virtual meeting of G7 finance ministers, which focused on the current status of the negotiations that are underway around global tax reform.

He was taking part in his capacity as President of the Eurogroup, but said he was invited during the meeting by the chair, UK Chancellor Rishi Sunak, to contribute in his capacity as Minister for Finance for Ireland.

The meeting was also attended by the EU Commissioner for the Economy, Paolo Gentiloni, as well as the Secretary General of the OECD.

Mr Donohoe said he again set out the Irish position that certainty in relation to the rate at which corporation tax will be levied will be paramount.

He also said he focused in particular on the issue of the phrase "at least" 15% in the context of the proposed deal for a new global minimum corporation tax rate, and what this would mean for the stability of the rate in the future.

But he said it was too early to say whether that phrase would be removed from the final agreement text.

He added that no draft text had yet been received by his department.

More than 130 countries have signed up to the proposal for a global minimum tax rate of at least 15%, but Ireland is so far not among them because the Government is fearful that the rate could rise further if the "at least" phrase remains in the text.

Following today's meeting the G7 issued a statement that noted that agreement now has to be reached among all 140 countries that are part of the negotiation process at the OECD inclusive meeting on Friday week.

"I expect that I will be receiving an updated text on that agreement from the OECD in the coming days and at that point the Government will again consider that text," he said.

"The ambition here is for us all to arrive at an agreement which gives certainty and long term stability in the long-term framework and I will continue to work towards delivering that goal and recognising the Irish national position and advocating for it in these important negotiations."

He said the test of whether progress had been made on getting rid of the reference to "at least" in the deal text would be the outcome of the process that is going to continue across next week.

It would also become apparent next week whether next Friday's meeting will be the final one or not, he said.

"But I have been very strongly making the case for certainty and stability in a new OECD agreement and I have been making that now to the finance ministers of nearly all of the leading economies across the world and on a number of occasions now to the OECD and to the European Commission," he claimed.

He added that the Irish case is well understood, but the key moment would be whether there is change in the OECD text or not.

Any agreement would not have an impact on the budgetary calculations for next year he said, as it will take longer than a year for the agreement to be implemented.

The impact would likely be felt from 2023 onwards, he stated.

Meanwhile, the Minister for Finance has said any agreement around a pandemic recognition payment has to be fair and recognise the contribution that many have made, but also has to be affordable.

Paschal Donohoe said the best way to move the issue forward is through an engagement with stakeholders who are effected by it.

He said the Government is not at the point yet of having to find additional funds to pay for the payment.