asked the Minister for Finance the total estimated amount of profits repatriated by foreign companies operating in Ireland in each of the last five years; if there are any plans to restrict the level of profits that may be repatriated; and if he will make a statement on the matter.
Written Answers. - Level of Profits Repatriated.
27.
The best indication available to total profit repatriations by foreign companies operating in Ireland is the outflow of "profits, dividends and royalties etc" recorded in the Balance of International Payments statements. These data, however, include some outflows representing dividends and royalties payable overseas by domestic companies which cannot readily be disaggregated. The table beneath sets out the total outflow in each of the last five years.
|
Year |
£million |
|
1982 |
492.7 |
|
1983 |
658.6 |
|
1984 |
982.7 |
|
1985 |
1,321 |
|
1986 |
1,346 |
There are no plans to restrict the level of profits which may be repatriated. Foreign companies setting up business in Ireland do so on the understanding that they will be able to remit their profits freely. Any restrictions on such remittances would discourage companies from setting up here in the first place, or from remaining here. We will, of course, continue to encourage these firms to reinvest as much as possible of their profits in Ireland.