US firms playing crucial role in road to recovery

NEW data has highlighted the massive role US multinational subsidiaries are playing in helping the economy get through the current crisis.

Besides contributing a third of all corporation tax and around €2.5bn in other taxes, increased investment by the multinationals here is also fuelling a boom in exports and a significant rise in the number of jobs advertised here.

An analysis by Keith Walsh, an economist with the Revenue Commissioners, showed that in 2009, US companies paid the Revenue €4.2 billion.