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06 Nov 2008
Following Barack Obama's historic victory in the US election, there is now renewed speculation changes will be made to tax laws, including US companies paying tax on overseas earnings only when profits are repatriated.
Despite this, Robert Shapiro, economic advisor to Obama, said there will be 'no seismic change in flows of FDI [foreign direct investments] to Ireland or anywhere else as a result of the changes.'
Shapiro made the comments at a conference in Dublin, according to ft.com
US investments account for 80% of Irish exports and two thirds of manufacturing employment.
Aidan Brady, country manager of Citibank in Ireland, said any such change would have a direct and irreparable impact on Ireland's competitive tax system.
'If we lose that tax advantage you can throw the keys away. We need to lobby as hard as we can with the Obama team to make sure we maintain that tax advantage,' he said.
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