Bruton and IBEC claim dropping 'double Irish' will benefit Ireland

The Jobs Minister claims Ireland can be a "magnet" for companies, despite the abolition of the "double Irish".

The Jobs Minister claims Ireland can be a "magnet" for companies, despite the abolition of the "double Irish".

Richard Bruton is looking to allay fears that multinationals will quit the country because of yesterday's Budget announcement that it is being phased out.

It is expected to be discussed later when the budget debate resumes in the Dáil.

Minister Bruton says by acting to drive business now, Ireland can have the edge when international tax changes are introduced down the line.

He said: "The future for all enterprises is a war for talent.

"So if we can set ourselves up as having a strong flow of talent, while also creating a tax environment where it is easy to develop new ideas and be innovative, we will be a magnet for companies."

Meanwhile, the employers group IBEC says the Budget will encourage small and medium firms to hire more staff.

It says income tax cuts and increased spending on back-to-work schemes will boost consumer confidence and add momentum to the recovery.

The group has also downplayed the potential impact of scrapping the "Double Irish", saying Ireland will be more attractive to foreign investment in 2015.

IBEC Chief Economist Fergal O'Brien says the limited changes to tax will provide a lift for employers.

He said: "I think this is a good budget for jobs, a good budget for employment.

"I think the Government have been sensible in how they have targeted a limited amount of resources at the right points of the tax system.

"We heard all the arguments last night as to who got what, they have targeted the labour market."

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