US firms: Refusal to raise corporation tax 'to your Government’s credit'

The US Chamber of Commerce has said that "US firms will remain committed to Ireland only as long as Ireland remains committed to its competitive strengths".

Addressing a dinner held by the Institute of Certified Public Accountants in Ireland (CPA), Mr Donohue, President and CEO of the US Chamber of Commerce in Washington DC said that the Irish economy is proving its resiliency in the face of extremely difficult circumstances, driven by the strong base of US multinationals in Ireland.

Mr Donohue said: "The trading relationship between our two countries might originally have been built on the historic social ties binding Ireland and the United States, but today it is very much a relationship of strong economic ties.

"US companies employ roughly 100,000 people in Ireland but Irish companies employ an estimated 82,000 Americans at over 2,600 locations in all 50 states. The value of trade between our countries exceeds $40bn, so there is a mutual benefit to both economies in this strong trading relationship being supported with positive Government policies on both sides of the Atlantic."

Mr. Donohue said that in the face of pressure from the European Union, it would have been very easy for Ireland to "throw overboard the favourable tax climate" that has helped transform Ireland into a sophisticated hub of innovation, technology and services.

He said: "Instead Ireland has rightly said no, we’re not going to squander our most important competitive strengths. This is to your Government’s credit and is a very strong signal to send to the international investment community."

More in this Section

Still 413,000 on Covid-19 pandemic unemployment scheme may worry new coalitionStill 413,000 on Covid-19 pandemic unemployment scheme may worry new coalition

Irish banks and housebuilders join in global stock markets rally on Covid-19 'narrative recovery'Irish banks and housebuilders join in global stock markets rally on Covid-19 'narrative recovery'

Irish housebuilding stocks rise on UK construction pick-upIrish housebuilding stocks rise on UK construction pick-up

Britain's 'Big Four' accounting firms ordered to separate audit divisionsBritain's 'Big Four' accounting firms ordered to separate audit divisions


Lifestyle

One iron-clad prediction for the future is that virtual reality will only get bigger and better. For now, however, virtual reality is content with taking baby steps forward, by allowing gamers to become iron-clad instead.GameTech review: Solid offering from Iron Man VR shows virtual reality getting bigger

Often dismissed as the unruly fashion child thanks to the denim cut-off, shorts are a major player this season. As seen on the runways of The Row to Saint Laurent, designers are re-discovering the charm of shorts. Versatility is their style power. From knee-length to the biker there is one to suit all, writes Paula BurnsHow to find the perfect pair of shorts this summer

The skincare tips to help with mask acne and irritationThe Skin Nerd: How to counteract the effects of 'Mask Face' on your skin

As the junior TV talent show returns for a new series, Georgia Humphreys chats to Will.i.am and the other mentorsWill.i.am and other mentors back for new series of The Voice Kids

More From The Irish Examiner