asked the Minister for Finance the total amount of Irish tax paid by USA companies on profits earned in this country during the most recent financial year; and the proportion this represents of such profits.
Ceisteanna—Questions. Oral Answers. - US Companies' Tax.
10.
Statistics are not compiled in such a manner as would enable the information requested by the Deputy to be given. However, practically all USA companies which are established in Ireland are manufacturing companies of relatively recent origin and export most of their production. To the extent that this is so they would qualify for export sales relief and would pay little or no corporation tax.
Does that mean we will have access to the profits made by these companies in the years ahead, to the actual figures for assessment of their tax relief? Will we have access to the profits made?
No, in so far as they are relieved from tax on foot of the export tax relief we do not have the figures officially. Certainly rough estimates have been made from time to time but we do not have the figures officially if they are not liable to tax.
Would the Minister not agree that it is very important that we should know the amount of money these people are clearing out of their industries or enterprises here as a result of their very satisfactory working conditions here? Would he agree that we should know something of the amount of money they are making as a result of the favourable conditions they are getting?
The Deputy may not be aware but there was a study carried out a few years ago in this regard which showed that an extremely high percentage of these profits was reinvested in this country.
Question No. 11.
But we do not know——
Well, we know that much.
Does the Minister agree with me that it would be worth knowing how much money they are making? Perhaps he does not agree with me.
Certain estimates can be made but we cannot have an accurate figure if they are not liable to tax.
The rest of us who pay tax know how much tax we have to pay.
The Revenue Commissioners would know in regard to the Deputy or me. In so far as we pay tax they would know what was our income.