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Ireland More Attractive For Multinationals, Says Study

by Lorys Charalambous,, Cyprus

04 February 2015

Ireland has been ranked among the least complex business destinations for multinationals, and its appeal has improved as a result of recent international tax policy changes, according to a new study.

The study from the TMF Group ranked 81 jurisdictions across Europe, the Middle East, Africa, Asia-Pacific, and the Americas according to the complexity of doing business in each territory from a compliance perspective.

The report looked at changes to regulation in each of the territories, including those resulting from the Organisation for Economic Cooperation and Development's work on base erosion and profit shifting.

According to the findings, Ireland retained its place in the top-three easiest places to do business for a second year, strengthened by recent policy changes and its pro-business attitude. In particular, the TMF Group highlighted: "The enactment of the Companies Bill in early 2015 is expected to simplify [Ireland's] environment even further, and initiatives such as the Knowledge Development Box, which will enhance Ireland's onshore intellectual property regime, will ensure Ireland remains one of the most popular destinations for international business."

In January 2015, Ireland confirmed that it will offer a tax rate below 12.5 percent on intellectual property income under plans for its new Knowledge Development Box (KDB). Plans for a KDB were first unveiled by Finance Minister Michael Noonan in his Road Map for Ireland's Tax Competitiveness, which was published as part of Budget 2015 in October 2014. At the time, Noonan said that an Irish KDB would be "best in class" and would offer "a low, competitive, and sustainable tax rate."

For the second year running, Argentina ranked as the most complex country for multinational enterprises to do business in. South America was found to be the most complex region in which to operate, accounting for the top three places and half of the Index's top-20, including Brazil, which climbed 15 places to number two in the rankings.

Jersey was said to be the least complex place for multinationals to operate (81st), followed by Hong Kong (80th).

TAGS: compliance | tax | investment | business | Ireland | tax avoidance | law | intellectual property | Jersey | agreements | multinationals | transfer pricing | Brazil | Hong Kong | tax reform | regulation | trade | Argentina

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