Incentives designed to bring back intellectual property or patents domicilled abroad could prove problematic for Ireland
Incentives designed to bring back intellectual property or patents domiciled abroad could prove problematic for State
US president-elect Donald Trump has been threatening to impose blanket tariffs on all imports to improve the US trade balance. Photograph: Dave Sanders/New York Timeshas been threatening to impose blanket tariffs on all imports to improve the US trade balance and boost domestic manufacturing, a move that would almost certainly lead to a big disruption in global trade.
Ireland’s exposure to such a move by the world’s largest economy is significant as it exports €54 billion of goods into the US every year, two-thirds of which are pharmaceutical products, the overwhelming majority of which are produced by US multinationals.
He said much of the excess corporate tax flowing in here was related to IP, which was moved here post-2015. “In essence, there’s value created here because we’ve R & D and patent in Ireland ... that is what creates that excess corporate tax,” Kelly said. If the incoming US government were to adopt incentives aimed at getting these patents back to the US this could be more problematic for Ireland than tariffs.
This time around he could adopt a more aggressive approach. “There has been a notable focus on the Irish trade surplus and the role of US multinational profits in the Irish economy,” the ESRI said last week.and the Department of Finance will no doubt be hoping that Trump’s campaign rhetoric turns out to be nothing more than election bluster.
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