American Chamber Pre Budget 2022 submission ‘Next Century Ireland’ says smart policy decisions are required in respect of People, Place and Impact
- American Chamber calls for commitment by Government not to increase personal tax and a roadmap to reduce the burden to match international standards
- 93% of members call out personal tax as a barrier to attracting/retaining talent, with 40% seeing it as a barrier to further investment & expansion
- 93% of the general public see the contribution of US multinationals to be of critical importance to Ireland’s post Covid recovery
In its Pre-Budget 2022 submission to Government, entitled ‘Next Century Ireland’
, the American Chamber of Commerce Ireland (AmCham) sets out its recommendations for retaining and attracting inward investment. AmCham believes the competition for investment internationally will be intense in the coming period. Competitor countries are responding by continuously improving their offering to inward investment and Ireland needs to be agile and proactive. To maximise this opportunity, smart policy decisions need to be made quickly under the themes of People, Place and Impact
because of the pressures of the pandemic, corporate tax reform and the climate crisis. Full submission available here
Submission recommendations include:
- Commitment not to increase any personal tax burdens for the remainder of the Administration and publication of a roadmap to reduce tax personal tax burden to match international standards.
- As the world emerges from the pandemic, a three-year global #WhyIreland campaign aimed at attracting individuals to consider moving to Ireland in light of the extensive career opportunities here – to include smart digital marketing and a multilingual portal. This campaign should promote Ireland and each of its regions.
- Full digitisation of the immigration, visa and permit processing systems to ensure that Ireland’s image as a location that is welcoming to mobile talent is evident from the first point of contact.
- Establish a Global Future of Work Centre in Ireland to position the country as a global thought leader in how the world will work in the post pandemic era – bringing expertise in from all sectors in society and leveraging the multinational presence here.
- Government should publish an accommodation roadmap aimed at existing and potential multinational investors and individuals contemplating moving or returning to Ireland.
- Expansion of the list of qualifying scientific fields within the R&D tax credit to include Artificial Intelligence, data analytics, digitalisation and other emerging technologies from the field of Industry 4.0 and carbon neutrality.
- Increase Ireland’s R&D investment as a % of Gross National Income (GNI) to 3% by 2025.
- Ensure the Centre of Advanced Manufacturing Excellence has a level of capital and operational funding appropriate to an institution aspiring to have a global impact.
- Ireland, through Government policy, industrial engagement and academia, should focus on a smaller number of key technologies that are critical to the success of Industry 4.0. AmCham believes priority should be given to Industrial Sensor and Industrial Internet of Things, System Integration & Big Data, Artificial Intelligence and Autonomous and Robotics & Cobotics.
Separately, an AmCham consumer survey conducted by i-Reach in May 2021, shows 93% of respondents believe American companies are critical to Ireland’s economic future, and 94% believe they will be even more important to the Irish economy after the pandemic. 63% believe the quality of the Irish workforce is the number one reason that attracts US companies to invest in Ireland. 80% of survey respondents said Ireland should be proud of the role it has played during the pandemic, supplying vital healthcare products to the rest of the world via the large number of US pharmaceutical and medical technology companies operating here.
Stephen Hopkins, Communications Manager, AmCham
Q4 Public Relations
Tel: 086 4671748