Fianna Fáil’s Business, Enterprise and Innovation Spokesperson, Billy Kelleher TD has said that the State’s overreliance on a small number of foreign multinationals for Corporate Tax income and jobs requires urgent correction now and cannot be avoided.

Deputy Kelleher was commenting following the publication of new rankings that has shown that Ireland has fallen out of the Top 10 EU countries for foreign direct investment.

“What this survey tells us is clear. On the one hand, fewer foreign companies are deciding to invest and create jobs in Ireland. Secondly, as fewer companies invest in Ireland, we are becoming even more reliant on those already based here for corporation tax receipts.

“In 2017, 37% of the State’s Corporate Tax receipts were paid by just 10 companies. These 10 companies contributed €3.43 billion to the Exchequer and to the funding of much needed public services.

“Foreign Direct Investment has always had the core objective of creating jobs in this country. Sustainable taxes come from having quality, long term employment.

“We need to diversify our corporate tax base through increased foreign investment that leads to job creation and through growing our indigenous enterprises.

“Yet, it seems to be going in the opposite direction. We are falling down the rankings, letting other EU members get a bigger slice of the FDI pie, and risking our future fiscal capacity to pay for housing, health, education and infrastructure needs.

“There are external factors such as Brexit and potential changes to US tax policy that we cannot affect. However, on the issues that the Irish State can make a difference, the Government is failing.

“The cost of doing business, in particular cost of business insurance, is rising. The cost of housing is rising. The cost of living is rising.

“The Government are sticking their heads in the sands when it comes to competitiveness, cost of business and sluggish investment in by multinationals. The net result of lower FDI investment is lower job creation and lower tax receipts across all headings.

“Ministers Humphreys and Donohoe need to address these challenges otherwise more global business leaders will pick locations other than our country to locate and invest in and create jobs,” concluded Kelleher.