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American Chamber of Commerce welcomes Special Assignee Relief Programme

American Chamber of Commerce welcomes Special Assignee Relief Programme

 

Wednesday, 08 February 2012  The American Chamber of Commerce Ireland has welcomed the inclusion of a Special Assignee Relief Programme (SARP) in the Finance Bill published today.

 

"There is huge competition in this area and it is critical that Ireland can offer an attractive and effective system if we are to compete for serious talent and key decision makers. Other countries operating competitive and user friendly regimes in this area include France, The Netherlands, Israel, and more recently Cyprus," said Anna Scally, head of the Chamber's Taxation Group. "It is not a matter of creating a special incentive to attract high earners into Ireland - it is a talent and competitiveness issue".

 

"The retention and attraction of key business and technical talent is vitally important to the growth prospects of Multinational companies located here.  A supportive expatriate incentive policy that makes Ireland attractive for the temporary relocation of senior company leaders or those with particular skills will help to support the transfer of knowledge and experience into the Irish operations.  Ultimately this can only benefit Irish-based multinationals and embed them further within their global corporations."

 

"The existing regime in Ireland was not working - there was no take-up in 2011 and we welcome Minister Noonan's decision to review the regime in light of its potential impact on Ireland's competitiveness and on job creation", said Anna Scally.

 

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About the American Chamber of Commerce Ireland.

Today, over 100,000 people are directly employed[i] in over 600 US firms in Ireland[ii] accounting for 70% of all IDA supported employment[iii]. The IDA announced 148 new and expansion projects with companies during 2011[v]. 74% of 2011's FDI projects originated from the US. US firms paid approx 40% of total corporate tax take in 2010[vi]) and contributed a further €16bn in expenditure to the Irish economy in terms of payrolls, goods and services employed in their operations[vii]

 

Ends. 

 

 [i] Source: IDA Jan 2012, plus an estimated 6,000 working in non-grant aided US businesses in Ireland.

[ii] American Chamber Database [iii] IDA Annual Report 2010  [v] From IDA Press office

[vi] Amcham estimate based on IDA End of Year Statement 2008, issued Jan 2009 at 85% of total.

[vii]. Based on the 2009 Annual Business Survey of Economic Impact, and an American Chamber estimate of approximately 80% of total agency assisted firms being of US origin.