Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

139. To ask the Minister for Finance if he has conducted a risk analysis of the potential impact to Ireland of reforms in the short, medium and long terms regarding the proposed US corporate tax changes; and if he will make a statement on the matter. [20947/17]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I note the proposals announced by the Trump Administration for tax reform.

At this stage, we have yet to see the substantive detail of the overall package proposed by the Trump Administration. Agreement between the House of Representatives, the U.S. Senate and President Trump will be needed before any changes can be introduced. It also remains to be seen whether any reduction in the US corporate tax rate would be permanent or temporary in nature.

The exact implications of US tax reform for Ireland, and the rest of the world, will depend on the exact nature of any changes which are ultimately agreed.

At this stage, sufficient details have not been published to enable a comprehensive analysis of the potential impact of the proposals. My Department, and the Irish Embassy in the US, are closely tracking the debate in the US and we continue to engage with business and others to fully understand the potential impacts of any US reform.

What is clear however is that Ireland’s membership of the EU is, and will remain, a key factor in attracting FDI from the US and elsewhere. Global business, from the US or elsewhere, will always want to have operations in the EU, and Ireland will remain very competitive and attractive as an EU location to invest in and do business from.

Ireland’s corporation tax regime and 12.5% corporation tax rate will continue to be competitive while also offering long-term certainty to international business. As always, we will remain alert and responsive to any changes in the US or global tax environment.