TaxCorporate TaxIreland frets over Obama tax moves

Ireland frets over Obama tax moves

Obama aide confirms tax breaks on foreign investments to remain despite concerns the Democrat's win will make Ireland less competitive

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.

Further Reading:

FDI
boosts London economy

Economics:
Inward bound

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter