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Irish business group Ibec has called on the new Government to ensure Ireland is prepared for global tax changes centered on economic substance and the UK's exit from the European Union.
Leo Varadkar was appointed as Prime Minister following his election as leader of ruling party Fine Gael. Former Prime Minister Enda Kenny stepped down earlier this month.
Ibec CEO Danny McCoy said that the new administration will face numerous tough decisions when it comes to tackling the challenges that will confront Ireland in the coming months.
He said: "It is vital that the Government places a sharp focus on long-term planning for our economy and invests accordingly."
McCoy urged that the unique risks that the UK's withdrawal from the EU presents to Ireland must be at the forefront of Brexit negotiations. He said that Varadkar must address these risks so that he can secure the "best possible terms" for a future EU-UK trade deal.
"Special arrangements will be required to cover the free movement of people, but also the massive trade exposure of key sectors and the potential impact on highly integrated cross-border supply chains," McCoy added.
He said the Government should also reverse its debt reduction target of 45 percent of GDP, as this is well below the 60 percent required to meet Ireland's EU obligations. "Such overly cautious debt management would result in the sacrifice of much-needed investment throughout the country."
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