Taoiseach Micheál Martin has said the revision of the text of a draft OECD global corporate tax rate reform plan is a positive step.

Diplomatic efforts are set to continue ahead of an expected final Irish Government decision tomorrow.

An updated draft of the tax deal yesterday dropped "at least" from a proposed minimum global corporate tax rate of "at least 15%", clearing a major hurdle for Ireland to sign up to the deal.

Speaking at an EU leaders meeting in Slovenia, Mr Martin said the OECD text change is "positive" in the sense that Ireland was seeking that change in the removal of 'at least'.

"So that represents very significant progress in terms of the evolution of this deal within the OECD, and we’ve always been part of the OECD now for quite a considerable length of time," he said.

"Our challenge is to maintain certainty around tax for investors and for companies that are located here – continuity.

"And I think this text goes a long way towards meeting those objectives that we set ourselves, whilst also remaining competitive in terms of what we have to offer."

Mr Martin said his experience of Foreign Direct Investment companies to date and those that he has met over the last six months are still positive towards Ireland.

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"We’re still winning a lot of investment, there’s a strong pipeline in relation to a range of investments in life sciences and technology companies, digital and right across the board," he said.

Minister For Foreign Affairs Simon Coveney has said he is hopeful that Ireland can support the new global tax agreement and a final text should be made available to Government later this evening for consideration.

Minister Coveney said that his expectation is that the OECD meeting on Friday will finalise a new global tax agreement.

"Ireland does not want to be isolated in this space, but we want to ensure that our view is properly heard," Mr Coveney told RTÉ's Morning Ireland.

The minister said that Ireland has asked for reasonable changes that provide as much future certainty as possible.

Certainty and consistency key for multinationals here

The chief executive of the American Chamber of Commerce Ireland has said that certainty and consistency on tax are key issues for multinationals operating in Ireland.

But Mark Redmond added that corporation tax is only one element that will guarantee future investment in Ireland.

Mr Redmond said that the provision of talent, infrastructure, broadband and housing are also key issues for multinationals looking to operate here.

He said the most important announcement this week for multinationals in Ireland was the Taoiseach's commitment to building roads in the National Development Plan.

Investment in education and research and in the provision of accommodation is where the future of inward investment will be won or lost, he stated.

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Speaking on Morning Ireland, Mr Redmond praised the Government's "clear headed" approach to negotiations on a new global tax agreement.

"The consistent striving for certainty is what multinationals appreciate in the Irish Government's approach," he said.

Mr Redmond said that the final agreement on global tax is likely to see a vindication of the Government's approach and "seems to have settled the extremely loose language on the table around the global tax rate being "at least" 15%.

He said the removal of the words "at least" from a final text is good for Ireland and for certainty around global tax.

Mr Redmond said that intense discussions are now taking place in Brussels to give certainty that the rate will not "creep upwards once agreement has been reached".

Meanwhile, the President of the Irish Tax Institute, Karen Frawley, said that global companies operating in Ireland would welcome a degree of certainty on global tax rules.

Ms Frawley, who is also an international tax partner with Deloitte, told Morning Ireland that the general uncertainty about where global tax rules are going is unhelpful for business and certainty would help with planning.

She said that the 12.5% corporation tax rate has certainly been hugely beneficial for Ireland and has been one factor for companies seeking to set up operations in Ireland.

Ms Frawley said there has been a mixed reaction to date and that "people waiting to see where the rules go".

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"A lot of the underlying detail of the OECD rules are yet to be worked out and the devil can be in the detail," she added.

In tandem with the OECD review, she said there is a "very complicated and detailed" reform of the US tax system under way.

Currently, US multinationals must pay a top-up tax on global profits on income taxed abroad and a lot of Irish profits fall into that system

"In some ways what happens in the US will have more of an impact in Ireland than some of the OECD proposals," Ms Frawley said.

Compromise needed to clinch global tax deal - France

The world is on the brink of a global corporate tax deal but compromise is still needed over the final details, France's finance minister said today as countries that have been holding out begin to lay out their positions.

Some 140 countries aim to finalise the first major overhaul in a generation of the rules for taxing multinationals at a meeting on Friday so the deal can be endorsed by the Group of 20 economic powers - possibly as soon as next week.

"It is essential that everyone is fully aware that it is at this very moment that all is up for play, and that everyone needs to show a spirit of compromise on the different technical parameters that are on the table," French Finance Minister Bruno Le Maire said at the OECD.

"We are one millimetre away from a global agreement," Le Maire added.

French Finance Minister Bruno Le Maire

The minimum rate is intended to discourage multinationals from booking profits in low tax countries regardless of where their clients are, a loophole that big US tech companies have used to reduce their tax bills to next to nothing in many countries.

Some eastern European countries such as Hungary that have long used low tax rates to attract foreign investment in manufacturing have made recommendations for a significant deduction from the minimum rate based on a company's assets and payroll in the country.

"If the other countries accept these, then there could be a compromise that would allow the introduction of the global minimum tax," Hungarian Foreign Minister Peter Szijjarto said in a statement.

He also proposed a 10-year transition period. Le Maire said that would require compromise, but added: "why not?"