US chamber warns against raising taxes

Further personal tax increases could hamper the future expansion plans of US companies operating here, the American Chamber of Commerce (Ireland) has warned.

Addressing guests at the Chamber’s annual Independence Day lunch, yesterday, AmCham president Peter Keegan gave welcome evidence that US firms are actively hiring and growing their Irish operations; but warned of the potential damage tax hikes could do to their growth plans.

“Ireland has reached a tipping point and is now a high personal taxation jurisdiction, which can affect investment decisions and, indeed, cause our best qualified people to look abroad for opportunities. If we want to retain and attract talent, we have to be aware of this effect,” he said, noting that over 50% of respondents to a new AmCham members’ survey highlighted personal tax rates as a major concern.