Fianna Fáil Spokesperson Finance, Michael McGrath TD, is calling on the Minister for Finance, and his officials in the Department to ensure that any new Tax Treaty with the United States of America does not limit Ireland’s ability to attract Foreign Direct Investment into the country.
“It’s right that we seek to update the Double Taxation Treaty with the US, as the world of finance has grown considerably more complex since it was signed in 1997,” said McGrath.
“We must, however, ensure that we remain as open as possible to Foreign Direct Investment from US Multinationals. They are a source of significant employment in Ireland, and provide considerable tax receipts to the Exchequer every year,” added McGrath.
“FDI has been a cornerstone of our economic strategy since the early 1960s. At present, nearly 200,000 people are employed by multinational corporations located in Ireland. While we will continue to support, and promote indigenous enterprises, our ability to attract investment from overseas must be protected.”
“Our country has been transformed by the likes of Google, Facebook, IBM and Pfizer locating in Ireland. Fianna Fáil is committed to ensuring that those companies, and others, continue to see Ireland as a good place to locate, and do business,” concluded McGrath.