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Ireland agrees to back global corporate tax deal

Construction cranes are seen at sunrise in the financial district of Dublin

DUBLIN (Reuters) - Ireland on Thursday dropped its opposition to an overhaul of global corporate tax rules, agreeing to give up its prized 12.5% rate for large multinationals in a major boost to efforts to impose a minimum global rate.

"The government has now approved my recommendation that Ireland joins the international consensus. This is the right decision, it is a sensible and pragmatic decision," Finance Minister Paschal Donohoe told a news conference.

(Reporting by Padraic Halpin; Editing by Kirsten Donovan)

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