Ireland has been ranked 1 st globally for education and for availability of skilled labour. Ireland has developed a reputation as a key location for the establishment of international holding companies. The benefits of setting up a holding company in Ireland are:. The benefits of investing in Intellectual Property in Ireland are:. The Irish economy is currently growing at approximately 2. Moreover, the collaboration between pioneering scientists and industry researchers in Ireland makes it top of the class in terms of world-class innovation.
Back then the tactics used by Apple and other major players to — legally — reduce their tax bill on profits earned outside the US were laid bare. The company and the State are both appealing this to the European courts. But reputationally, the damage to Ireland had been done, adding to claims — hotly disputed here — that Ireland was operating as a tax haven. The tax haven argument is largely one of semantics — and Ireland does not meet the traditional tests.
But there is no doubt that the country was used for many years as part of a global chain which allowed the big players to cut their tax bills. Now, finally, the rules of this game are changing. In Paris, a quietly spoken Frenchman, Pascal Saint-Amans, has been leading the international drive to crack down on tax avoidance and eliminate the complex loopholes used by the big multinationals. Saint-Amans is tax policy director at the Organisation for Economic Co-Operation and Development OECD , which has run with the ball on tax reform in recent years, with the first phase agreement reached in Ireland has, ironically, benefited from this.
But the next phase of this international plan threatens more challenging change for Ireland. Saint-Amans says that the goal is to reach political agreement on this programme by the end of this year and finalise it in — and points to support from big players including the US. The latest negotiations look set to have two significant implications for us. First, it will mean the major multinational companies will pay more tax on their digital activities in big markets where they sell their services and less in countries like Ireland where they have their international HQs.
And second, there is strong support for a global minimum tax on multinationals — which could, depending on where it is set, render our How much tax is at risk here?
Combined with US tax changes, the OECD rule changes threaten to tear up the tax rule book which has existed for the best part of a century. The importance of multinational investment in Ireland is difficult to pinpoint exactly — but it is very significant. Recent CSO figures show overseas companies here employ , people, or one in seven of the workforce.
Foreign firms are responsible for around 40 per cent of what is called the value added by all industry in Ireland — basically a calculation of what they produce. However as a large portion of the resulting profits flow out of the country, this overstates their contribution to the overall economy.
Yet Ireland remains highly reliant on multinationals and influential bodies such as the Competitiveness Council and the National Treasury Management Agency have warned about our exposure to a small number of very big companies. What happens, for example, if the new US anti-trust investigation into the big tech firms like Apple, Facebook and Google leads to policy changes affecting these firms?
This compares to an EU average of 3 per cent. Economists say that this exposure should be a wake-up call to Ireland. They want the cash these companies are now paying in tax — providing a once-off opportunity according to Ibec boss Danny McCoy — used to make the economy work better.
But also for policy to be ready if the revenues drop. Economist Frances Ruane , former director of the ESRI says that it is now vital that the tax revenues we are reaping from multinationals be used to invest and build our economic capacity and that we ensure we have the right policies to support growth in the domestic sector.
It has taken a toll, with a crisis in housing and shortfalls in investment in other infrastructure. But we have a lot of catching up to do. Infrastructure shortages in areas like housing are now a major economic, as well as social, issue and a crunch issue for overseas investors.
Businesses also highlight the need for investment in public transport, innovation and parts of the roads network. Ruane pinpoints sustainable cost-effective water, broadband and healthcare systems as vital areas for investment. But prioritising and actually delivering is a huge challenge. Ensuring the cash is there if economic growth slows or corporate tax revenues dwindle is vital. This significant commission will support five artists to connect and engage with diverse Dublin communities, creating exciting new connections between the artist, local communities and the city.
The commissions will be presented to the public through an outdoors exhibition on digipanels, metropoles and bus shelters across the city, for a. Work that had sustained inner-city communities for generations suddenly evaporated. While banks and other financial services moved into the area, it had little impact at first on the citizens of Dublin.
And at night there was a tumbleweed feel to th. Adding colour to the walls across Dublin, James Earley is bringing street art out of its sub-cultured roots. By spray painting concepts onto walls, Earley is proving that street art is more than just stylistic.
The majority of us are very open and want to get people involved. I used to d. Elisa Capitanio is a UX Designer at social media intelligence agency Storyful, and also runs her own independent abstract art business. She came to Ireland nine years ago completely by chance. Living in Italy, she longed for a change of pace, so she left her home of Bergamo and moved to London. Dublin came calling with an opportunity for Elisa to try her hand at being a web designer, so she packed her bags for a second time and moved country again.
Since then, Ireland has become her permanent home and has inspired her art. She chose Dublin for its fast market and inspiring tech community. As we emerge from the pandemic and many Dublin-based businesses reopen their offices, the city continues to support a thriving, supportive start-up ecosystem for ambitious entrepreneurs to move their business ideas to the next level.
Women in business come from a diverse array of backgrounds, personalities and approaches. Women in Business Networks provide a forum for these entrepreneurs to come together and learn from each other. Aine McGurk — Dainty Bear Aine McGurk has a thriving retail and wholesale business selling Irish-designed baby shoes and accessories online at daintybear. As an IT graduate with a computer science background, Aine found herself wanting more than her first job at Mic.
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