HomePoliticsIreland hits Trump with €10bn bill for corporation tax breaks

Ireland hits Trump with €10bn bill for corporation tax breaks

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Ireland’s prime minister, Simon Harris, has estimated that the country could lose €10 billion in corporate tax if three US multinationals were repatriated to America under a hostile Donald Trump administration. This risk is due to ten multinationals accounting for 60% of Ireland’s corporate tax receipts, with Microsoft being the single biggest contributor.

Ireland’s prime minister, Simon Harris, has estimated that the country could lose €10 billion in corporate tax if three US multinationals were repatriated to America under a hostile Donald Trump administration.

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  • Ten multinationals account for 60% of Ireland’s corporate tax receipts.

  • Microsoft is thought to be the single biggest contributor to Ireland’s corporate tax receipts.

  • Ireland’s goods trade surplus with the US is now at a record €35 billion.

  • The pharmaceutical and chemical sectors have contributed to an 8% increase in Irish goods exports to the US in the first eight months of 2024.

Quotes

  • “If three US companies left Ireland it could cost us €10bn [£8.5bn] in corporation tax,” said Simon Harris.

  • “I’m not pre-empting it, I’m not saying that’s going to happen, I’m not predicting it, but that is the level of risk that our economy is exposed to,” added Harris.

Related News

  • Trump nominated Howard Lutnick to lead the Department of Commerce with direct responsibility for trade.

  • Lutnick has criticized Ireland for running a trade surplus at the US’s expense.

  • Simon Harris has proposed an early EU-US trade summit to avert damage in trade ties with the overall European trade bloc.

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