IDA Ireland is authorised by my Department to provide a range of financial supports in the form of employment, capital, research and development, environmental and training grants. These grants are an important means of encouraging companies to invest in Ireland, particularly in regional locations.
Multinational firms must meet certain criteria in order to be eligible for IDA Ireland grants. In all instances where financial assistance is approved by the IDA for a client company, the Agency and the client enter into a grant agreement which is a legal and binding contract. While the content of the contract is confidential, the agreement includes conditions and milestones that the client is required to comply with before any financial assistance is provided.
Clients sign the grant agreement in full knowledge that the penalty for non-performance is a pro-rata repayment of grants. IDA Ireland revokes grants where clients have not achieved the agreed performance target or, if appropriate, in the event of a company closure.
With respect to taxation issues, I understand the Deputy is referring to an approach taken by a number of European Union (EU) Member States to link the availability of some COVID-19 supports to either the EU list of non-cooperative tax jurisdictions or their own national equivalent lists. The EU list, the rationale of which Ireland strongly supports, has already proven to be a useful tool in encouraging countries around the world to implement globally agreed tax reform measures. As regards IDA grant assistance, I have not been made aware of any companies in Ireland, which are in receipt of financial support from the Agency, that are registered in jurisdictions which are included in the EU list.
