Trade between Ireland and the US is now worth €120 billion annually and underpins 255,000 jobs on both sides of the Atlantic, Minister for Finance Paschal Donohoe told the American Chamber of Commerce Ireland's annual Independence Day lunch.
"All of us here today recognise the benefits brought about by our close trading relationship, but emerging global tax reforms will no doubt have an impact on this," he said at the event attended by the newly installed US ambassador to Ireland Edward Crawford.
He said Ireland was supportive of measures to limit companies’ capacity to engage in aggressive tax planning, but was strongly opposed to measures that would limit “legitimate and fair tax competition”.
“I have consistently expressed my belief that any change to the international tax framework must be brought about in the appropriate international forum on a multilateral basis with countries working together to find a balanced and appropriate long-term solution,” he said.
“Having a stable and consensus-based international tax framework is key for Ireland as it provides a platform of solidity and certainty upon which investment decisions can be made.”
American Chamber of Commerce in Ireland Mark Gantly said the Republic's relatively high rate of personal taxation was becoming "critical" when it comes to future investment decisions.
Mr Gantly also the chamber supported the Government’s Project Ireland 2040 as crucial to bolstering competitiveness, but said the focus must be on the speed of execution.
