DUBLIN, (Reuters) –Ireland was assured that if the country agrees to a global minimum corporate rate of 15%, it will be able to maintain its 12.5% rate for companies with an annual turnover less than 750 million euros ($867 millions), Deputy Prime Minister Leo Varadkar stated.

On Thursday, the Irish Ministers will meet to discuss whether or not to join an Organisation for Economic Cooperation and Development-brokered overhaul (OECD), which would affect how multinationals pay their taxes.

It stands now that Dublin would no longer be able to offer 12.5% interest to blue-chip firms like Google (NASDAQ:), and Facebook (NASDAQ :), who have European headquarters in Ireland.

Ireland did not sign the first global deal that 140 countries agreed to in July.

In talks with the OECD, the European Commission and other interested parties, the government sought to keep the 12.5% lower rate for small and medium-sized businesses.

Varadkar stated to parliament that Varadkar had been informed by the minister for finance that they have given their assurance.

A revised draft this week removed the mention of a global minimum corporate tax rate (at least) 15%. This is a significant hurdle cleared by Ireland which claimed that such a caveat would weaken the assurance its tax code offers multinationals over the years.

Ministers stated that they believe the cabinet will accept the agreement.

The approval of Ireland, which is one of the most favored countries for low corporate taxes would give the project a huge boost to impose a global minimum rate.

However, the few remaining holdouts (which also includes Estonia and Hungary as EU members) cannot block proposed changes.

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