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Corporation Tax

'Only America can solve tax issues for multinationals'

The Jobs Minister says that if Barack Obama has a problem with tax loopholes, he should look in his own house

THE JOBS MINISTER has said that if America wants multinationals to stop leaving their country, they are the only ones who can make it happen.

Richard Bruton was responding to the comments of US President Barack Obama, who last night told CNBC that companies that come to Ireland to funnel profits back to America are “economic deserters”.

Speaking to reporters today, Bruton said that the problem Obama has lies in his own country.

“The only place this can be resolved is in the US. Ireland can do little. It’s under the US law that companies can do this. There are issues that need to be resolved.

“The solution to this doesn’t lie in Ireland, it lies in the US.”

He added that Ireland makes itself attractive to investors.

“Ireland provides an attractive environment for multinational companies who wish to invest substantively here, grow their businesses, and generate economic activity and jobs. Maintaining and improving this environment has been a key part of our recovery strategy.

“As part of our recovery strategy, we will continue determinedly to promote Ireland as a location for substantive multinational investment and jobs based on our track record, our talent pool, our technology capabilities.

“Our low, stable, transparent, statute-based corporation tax rate is one part of this strategy and we are absolutely committed to that rate. We are convinced that by continuing to implement our plan we can continue to rebuild our economy and attract the investment and job-creation we need.”

Reporting by Cliodhna Russell

Read: Obama accuses companies that relocate to Ireland of “gaming the system”

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