Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

I presume the context remains the same. The question refers to the Department’s policy statement on foreign direct investment which was published at the end of July. It sets out the strategic direction for foreign direct investment to 2020 and the 14 areas of strategic action needed to enhance Ireland’s attractiveness and business environment in the context of intensified international competition for investment and talent. Some are focused specifically on the work of IDA Ireland, in relation to which IDA Ireland is in the process of preparing its corporate strategy for the years 2015 to 2020 which will be launched early next year and on which I am working closely with it. Other areas for strategic action focus on building Ireland's strengths in key sectors, aligning our research prioritisation with other supporting elements to build sustainable clusters. This is being factored into the work of Science Foundation Ireland and Enterprise Ireland. It will receive further attention in our forthcoming policy reviews of enterprise and science, technology and innovation.

As the Deputy acknowledged, in the budget announced this week we have moved to provide the certainty and competitive advantage needed to ensure our corporate tax regime is well positioned to win more foreign investment in a changing international tax environment. The statement on foreign direct investment also underlines the importance of work throughout government to develop and reinforce aspects that differentiate Ireland’s offering in a context of intensive global competition for mobile investment. These include the need for a national talent drive and a range of attractive regional alternatives for mobile investment and talent, with competitive infrastructures to support them. Implementation in all of these areas will be vigorously pursued through the process for An Action Plan for Jobs.

With regard to the specific questions on corporate tax, I strongly welcome the decision of the Minister for Finance to introduce a wide range of reforms in respect of our corporate tax structure. These include the introduction of a knowledge development box, improved provisions for research and development, improved conditions for capital allowances in respect of intellectual property and an improved provision to allow strategic personnel to be brought to Ireland to develop key elements of growing businesses. These are very exciting developments in our tax code and naturally we are taking every opportunity to promote them vigorously with our clients. They arise in the context of the base erosion and profit shifting, BEPS, process, which, as the Deputy knows, has signalled significant change in the international tax environment. It includes changes to double structures and part of this announcement is a lead-in time of six years within which the existing double structures in Ireland will be ended.

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