IDA plays down concerns about US tax changes

The IDA is playing down concerns that a tax crackdown by US President Barack Obama could significantly affect US firms with operations in Ireland.

Mr Obama is introducing new rules to force companies with offshore bases to pay more taxes in the US.

His administration has named Ireland as one of three low-tax countries being used by American firms to reduce their tax bills as much as possible.

Speaking about the matter today, IDA chief executive Barry O'Leary said the authorities were already taking action to reduce the impact of the changes.

Education Minister Batt O'Keeffe, meanwhile, said the Government was confident that the effect would not be as adverse as first feared.