Dáil Éireann Debate, Wednesday - 5 November 2014
71. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he expects to be in a position to attract FDI in the wake of recent taxation charges announced in budget 2015; and if he will make a statement on the matter. [42372/14]
View answerIn last month's Budget I announced several changes to Ireland's corporation tax regime, as part of an overall strategy to "play fair and play to win".
This strategy was underpinned by extensive research undertaken and commissioned by my Department over the course of 2014 which has now been published. One of the key findings of the research is that the FDI sector is very important for economic growth and employment in Ireland and that Ireland needs a competitive corporate tax offering to attract FDI.
As a result, I published a "Road Map for Ireland's Tax Competitiveness" which updates last year's International Tax Strategy and sets out a comprehensive package of competitive tax measures designed to provide the foundations for Ireland to maintain and expand as a thriving hub for Foreign Direct Investment for years to come.
The Road Map includes:
- confirmation of the Government's continued commitment to maintaining the 12.5% corporation tax rate;
- an amendment to company residence rules to provide that all companies that are incorporated in Ireland will be automatically tax resident here and thereby bring an end to the 'Double Irish'; and
- enhancements to the Irish tax regime, such as the tax offering for intellectual property, Research and Development, income tax (including SARP) and tax administration.
The Road Map has been well received both domestically and internationally, and further details may be found in the document which is published on the Budget website.
