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CEOs Concerned About Irish Tax Burden

by Jason Gorringe,, London

30 July 2015

Ireland needs to improve its personal tax regime to ensure future investment, according to a PwC survey of multinational company CEOs.

The overwhelming majority of Irish company CEOs who participated in PwC's Pulse Survey expressed confidence about an improving economy and prospects for their own business. More than 90 percent of this group regarded the outlook for the economy as favorable, up from 86 percent in 2014 and in stark contrast to only three percent in 2009.

92 percent said that their investment in Ireland has been successful. 49 percent plan to increase this investment, up from 37 percent last year.

55 percent said that Ireland's 12.5 percent corporate tax rate is a key factor in considering investment. Meanwhile, 35 percent viewed improvements to the personal tax regime as important and 53 percent said reducing the personal tax burden should be the Government's top priority.

Joe Tynan, PwC Tax Leader, said: "Ireland's corporate tax regime, which is based on a low but sustainable 12.5 percent tax rate for companies who have substance in Ireland, is increasingly attractive. CEOs are also concerned about the burden of tax on their employees. The high marginal rate is perceived as an obstacle to growth, increasing the cost of attracting and retaining a skilled workforce. It is an area the Government are likely to focus on in their October Budget."

Jobs Minister Richard Bruton welcomed the survey's publication. He said it "shows that CEOs are more confident about the future than at any point in recent years, with strong plans for innovation, expansion and job-creation." However, he also acknowledged that the survey "contains many reminders that there are areas of the economy that require attention, and that [the] Government and enterprises must respond to emerging issues."

TAGS: tax | investment | business | Ireland | employees | corporation tax | tax rates | tax reform | individual income tax

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