Ireland’s prime minister, Simon Harris, has estimated that the country could lose €10 billion in corporate tax if three US multinationals were repatriated to America under a hostile Donald Trump administration. This risk is due to ten multinationals accounting for 60% of Ireland’s corporate tax receipts, with Microsoft being the single biggest contributor.
Ireland’s prime minister, Simon Harris, has estimated that the country could lose €10 billion in corporate tax if three US multinationals were repatriated to America under a hostile Donald Trump administration.
Key Points
-
Ten multinationals account for 60% of Ireland’s corporate tax receipts.
-
Microsoft is thought to be the single biggest contributor to Ireland’s corporate tax receipts.
-
Ireland’s goods trade surplus with the US is now at a record €35 billion.
-
The pharmaceutical and chemical sectors have contributed to an 8% increase in Irish goods exports to the US in the first eight months of 2024.
Quotes
-
“If three US companies left Ireland it could cost us €10bn [£8.5bn] in corporation tax,” said Simon Harris.
-
“I’m not pre-empting it, I’m not saying that’s going to happen, I’m not predicting it, but that is the level of risk that our economy is exposed to,” added Harris.
Related News
-
Trump nominated Howard Lutnick to lead the Department of Commerce with direct responsibility for trade.
-
Lutnick has criticized Ireland for running a trade surplus at the US’s expense.
-
Simon Harris has proposed an early EU-US trade summit to avert damage in trade ties with the overall European trade bloc.
