Some of Ireland's biggest domestic companies may end up taxed at the G7's preferred 15pc rate Finance Minister Paschal Donohoe has said.

Irish multinationals could end up among the large global corporations subject to a proposed global minimum corporate tax rate of 15pc, Mr Donohoe said.

If so, they'd pay tax here in addition to the standard 12.5pc Irish rate he said.

Meanwhile however, the G7 plan set out over the weekend will mean a hit to Ireland, calculated as a loss of €2bn a year in corporate tax income by the mid 2020s, beginning with a reduction in income from next year, the minister said.

That has been expected since Department of Finance forecasts in 2019 and will not have to be made up with higher income of other tax, he said.

Whether companies here are caught by the tax will depending on the final parameters of a global tax deal the Finance Minister said.

He refused to be drawn on which individual companies could be captured by the G7 plan, but said it could apply based on the size of business the tax will hit. Ireland's biggest multinationals include Ryanair, CRH and Kerry.

He expects that deal to be done by the end of this year, he said.

Ireland will press for the right of small countries to legitimately make the case for legitimate tax competition between countries, Minister Donohoe said.

"I will absolutely be making the case for legitimate tax competition and for the ability for small economies like our own and to set our rate at 12.5pc."

"I am strongly making the case for our rate and the role of legitimate tax competition.

It is too early to say that agreement can be reached on a future rate, and if it is that that figure will be 15pc" the minister said.