Irish Prime Minister, Brian Cowen has said that companies based in Ireland
can expect to face no sanctions from the United States, despite the Obama administration's plans to tighten the tax treatment of multinationals with operations in lower tax jurisdictions such as Ireland.
Cowen made the comments to the national broadcaster, RTÉ, while in
California on an official visit to promote Ireland to US firms. He said that
Barack Obama had indicated to him that the US does not deem Ireland to be part of
the problem of American companies seeking to avoid paying taxes on domestic
profits by directing transactions through low tax jurisdictions, allaying earlier
fears that Ireland was in the US Treasury's sights. Administration officials have reportedly assured Cowen that the US government is instead seeking to ensure that
tax liabilities due in the US are not mitigated by the use of so-called ‘tax
havens’, and that US firms would remain free to invest in Ireland.
Cowen said that to retain its reputation, the government would continue to ensure that Ireland remains in compliance with international standards on tax transparency.
The Irish Prime Minister is in the United States as part of a trade mission, which includes a meeting with Obama on St Patrick’s
Day, March 17. During his official visit, Cowen will promote Ireland as an innovation
hub, encourage further investment by US investors with Irish operations, and
meet with Irish businesses present in the US.
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