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Thread: UK Corporation Tax rate decrease : implications for Ireland?

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    Politics.ie Member gerhard dengler's Avatar
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    Default UK Corporation Tax rate decrease : implications for Ireland?

    Gideon Osborne has lowered the UK Corporation Tax rate to 21% (effective from March 2013).

    Osborne Cuts Corporation Tax Rate to Boost U.K. Competitiveness - Bloomberg

    Britain has now cut Corporation Tax rates from 26% to 24% and now to 21%.

    Will this affect existing and more long term FDI to Ireland?
    Will companies decide to locate (relocate) to a market which is closer to mainland Europe instead of Ireland?
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    Politics.ie Member ruserious's Avatar
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    Manufacturing jobs from FDI are on the way out anyway with the growth of developing countries. Simple economics. We need to change our competitive advantage to attract high-teck companies and to a degree we already are.
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    CT should be reduced proportionately here in response to a lowering anywhere else in the EU.

    It's the only weapon we have really now.

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    Politics.ie Member Boy M5's Avatar
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    Depends on the marginal benefit.
    Remember alot of our FDI exports are high value and small ( or are sent electronically), so the extra transport costs per unit are small. The saved tax per (high value) unit is large.

    Also makes the "tax haven" allegation harder to stick on us.
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    Politics.ie Member ManOfReason's Avatar
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    But but but.... we have a knowledge economy....don't we?....that should save us.
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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by asset test View Post
    CT should be reduced proportionately here in response to a lowering anywhere else in the EU.

    It's the only weapon we have really now.
    Britain has cut her CT rate by 5% in little more than 12 months.

    I think Britain's move could well impact on foreign investment decision making with regard to comparing Ireland with Britain as an investment location.
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    Quote Originally Posted by gerhard dengler View Post
    Britain has cut her CT rate by 5% in little more than 12 months.

    I think Britain's move could well impact on foreign investment decision making with regard to comparing Ireland with Britain as an investment location.
    Glib I know... But we should do a 10% rate for high tech.

    Fup em.

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by asset test View Post
    Glib I know... But we should do a 10% rate for high tech.

    Fup em.
    Common Consolidated Corporate tax base (CCTB) is something which also needs to be considered.

    The Eurozone want to see commonality with regard to how corporate profits and corporate taxes are calculated.
    Britain will not be subject to CCCTB as things stand.
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    The tax rate in UK has fallen from 30% 10 years ago to 20% by 2014. Making it lowest in G20. Our tax rate is still lower than theirs but the differential is less than half what it was.

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    Politics.ie Member seabhcan's Avatar
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    Do any UK companies actually pay corporation tax? There seem to be so many loopholes that no one actually pays the headline rate anyway.

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