French central banker nods to Ireland in ‘race to the bottom’ tax comments

François Villeroy de Galhau speaking at Central Bank of Ireland event

François Villeroy de Galhau, governor of the Banque de France, speaking at the symposium on financial globalisation at the Central Bank. Photograph: Cyril Byrne

François Villeroy de Galhau, governor of the Banque de France, speaking at the symposium on financial globalisation at the Central Bank. Photograph: Cyril Byrne

Ireland’s corporate tax regime has been highlighted by the governor of the Bank of France, who has raised the danger of a “race to the bottom” in taxing corporate profits.

Speaking at a seminar in Dublin to mark the 75th anniversary of the Central Bank of Ireland, François Villeroy de Galhau referred to the risks from “a race to the bottom of corporate tax rates”, which he said raised fairness issues. He added that this was “pointed out sometimes in relation to Ireland” and its corporate tax regime. He warned too that recent US tax reform, while it would boost US growth in the short term, also risked worsening global imbalances.

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