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Taxation Group

Anna Scally
Partner
KPMG
Chair American Chamber of Commerce Taxation Working Group
 


 

The American Chamber's Tax Policy Working Group consists of senior tax experts from major US ICT, life sciences and financial services companies together with professional tax and legal advisors from the leading accounting and law firms. 

The group's mandate is to guide the Chamber's response to domestic and international tax issues as they impact on foreign direct investment in Ireland.  The group's role is also to assist the Chamber in making representations to Government and policy stakeholders on domestic taxation measures and to proactively work with policy makers in shaping tax policy. The group meets on a regular basis and provides briefings to the board, regional meetings and member forums.  It takes an active role with the media in communicating the Chamber's detailed responses on taxation matters.

Throughout 2010, the tax group worked with policy makers to ensure that Ireland's taxation regime continues to support business and investment in Ireland.

During the year, the tax group considered the Finance Act 2010 changes and their impact on US business operating in Ireland. The group consulted with member companies on many matters including the accounting treatment of the R&D tax credit and an Organisational Review Programme of the Office of the Revenue Commissioners. Other matters discussed by the group included the impact of higher marginal personal Income Tax Rates, changes to withholding tax provisions for interest and royalties, changes required to the taxation of foreign executives and the R&D tax credit regime.  The group fed into the very comprehensive pre-budget submission made by the Chamber and engaged with the Department of Finance on the tax matters of concern to our members.

Maintenance of the 12.5% Corporation Tax Rate and attendant Corporate Tax regime remain top priority for the American Chamber. Our focus for 2010 and indeed for the year ahead will continue to support policy makers in preserving our Corporate Tax regime.  As the global economic environment improves, it will be important that Ireland's Corporate Tax regime remains competitive and that Ireland continues to secure foreign investment mandates. Specifically, it will be important to ensure our Intellectual Property and R&D Tax credit regimes remain competitive. It will also be important to ensure that we can attract senior foreign executives to Ireland as this will enable companies to further develop new skills and employment opportunities here.  It is also critical that our Income Tax regime remains measured and that US companies can continue to align their goals with employee's performance.     

Throughout the year we kept a watching brief on US tax matters and how they might impact upon Investment in Ireland. We also kept a close eye on developments within the EU. 

Key areas which the group will be focussing on in 2011 will include, proposing legislative amendments and inclusions which will assist in ensuring Ireland remains a competitive location for US investment, consideration of the CCCTB proposals which we expect to see emerging, and continued consideration of US tax changes and the impact they may have on investment in Ireland. We will also continue to engage with the relevant government departments and agencies so as to ensure they are cognisant of the views of our member companies.

We also look forward to revising the shape and modus operandi of the of the tax group during this year with the dual aim of deepening its capabilities to scrutinise and propose policy, while allowing the widest participation of member executives with a tax responsibility. 

Ireland remains a good place for US companies to invest and grow. However we are all too aware of the many challenges that exist.  It will be important that the American Chamber and the Tax Working Group continue to work closely with policy makers to ensure that Ireland remains a good place for US companies to invest and create jobs.      

I was delighted to take on the role of Chair of the Tax Working Group during 2010. I would like to take this opportunity to thank my predecessor Pat Wall, Tax Partner, PWC. I would also like to thank the very many members who have assisted the Tax working group in this past year. Your time and expertise are valued greatly and I look forward to working with you all in 2011.