Written answers

Thursday, 6 November 2008

5:00 pm

Photo of Paul KehoePaul Kehoe (Wexford, Fine Gael)
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Question 22: To ask the Minister for Finance the meetings that he has had to ensure that the needs of US companies based here are not adversely affected by moves to change the tax rules in the United states. [38778/08]

Photo of Caoimhghín Ó CaoláinCaoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 38: To ask the Minister for Finance if his Department discussed the impact of changes in US tax legislation in view of the likelihood of a change in the US tax codes dealing with multinationals based here; and if he will make a statement on the matter. [38669/08]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 22 and 38 together.

My Department and I are of course always mindful of any international developments that could potentially impact on foreign direct investment here. In that respect there is continuous liaison with the business community through domestic and overseas channels to monitor any potential changes.

In terms of the United States of America, I am not aware of any concrete proposals to make changes to their tax legislation. While there has been some speculation in the context of the Presidential election that any new Administration could seek to make changes to the tax code, it is merely speculation.

I do not need to remind the House of the importance of US investment to the Irish economy which has been valued by successive Irish Governments over the last forty years. Irish investment in the US is also of significance. In that context it would be remiss of me not to be mindful of the sensitivity of investment decisions to the overall economic environment that would prevail including the tax environment that could undermine such decisions.

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