DUBLIN, Ireland – The move to mandate a global minimum tax rate has made a giant step forward with Ireland’s agreement to forgo its competitive 12.50 percent tax rate, which has attracted hundreds of multinational companies, particularly in the technology sector to move their headquarters, or major operations or offices to Ireland.

Major countries have agreed on a minimum 15 percent tax rate which Ireland has been reluctant to sign on to as it would mean having to increase its base rate which has been the principal incentive for companies to set up shop in Ireland.

It is understood there are around 1,500 international firms based in Ireland, including Facebook, Google, Apple, ad Twitter, with a total workforce exceeding 400,000, or nearly seventeen percent of the country’s total workforce.

“Joining this agreement is an important decision for the next stage of Ireland’s industrial policy – a decision that will ensure that Ireland is part of the solution,” Finance Minister Paschal Donohoe (pictured) said at a news conference Thursday.

“This is a difficult and complex decision but I believe it is the right one.”

Almost all of the 140 nations designated to enter the agreement, being coordinated by the Organisation for Economic Co-operation and Development (OECD), have now signed on.

The deal is now expected to be consummated as early as Friday, with only Hungary and Estonia still balking.

(File photo).