Submission to the Department of Finance in advance of the Finance Bill 2023
Supplementary to AmCham’s Budget 2024 submission, AmCham is pleased to outline its recommendations for the Finance Bill in relation to taxation.
US Multinational Corporations (MNCs) have played a vital role in Ireland, contributing to its economy, fostering talent development, and positioning the country as a central hub in global supply chains. Ireland has successfully attracted high-value investments, generated significant employment opportunities, and is serving billions of customers and patients worldwide. Ireland has demonstrated its ability to compete for advanced technology and manufacturing investments across various sectors. However, with the upcoming implementation of the new OECD Pillar Two Rules, it is crucial for Ireland's tax regime to remain competitive and attractive to US FDI.
Read full submission here
Department of Finance Brief AmCham on Pillar II of OECD Global Corporate Tax Agreement
Earlier this week, the Department of Finance briefed AmCham’s Tax Network on the current standing of Pillar Two of the OECD agreement. During this briefing AmCham also raised the Research and Development Tax Credit and the Knowledge Development Box and the Territorial System of Taxation, building on AmCham responses to public consultations both in recent months.
Pillar Two Minimum Tax Rate Implementation
Ireland has an increasingly complex tax regime. The implementation of Pillar Two will increase the compliance burden on business and add additional complexity. There is an urgent need to use the implementation of Pillar Two as an opportunity to also simplify the overall tax code to ensure it is able to cater for the needs of 21st century business.
Consultation on Pillar Two Implementation Feedback Statement
AmCham believes that above all else, Ireland’s Pillar Two regime needs to be simple and competitive from an international perspective. It should also be robust, flexible and pragmatic. AmCham recommends that the 12.5% tax rate remains unchanged, augmented with a top-up tax.