70 firms investing in Ireland due to Brexit

A total of 70 companies have invested in Ireland as a direct result of Brexit, the IDA has said.

The agency said more than 5,000 jobs have been created here through these investments since the UK voted, in June 2016, to leave the EU.

“These updated figures are another reminder of how our EU membership and stable pro-enterprise policies are appealing to investors who are looking for certainty. For US companies with ambitions to be global players, Ireland is a natural fit for their international operations,” said IDA chief executive Martin Shanahan.

The IDA said investors’ main Brexit-related concerns relate to increased transaction costs, regulatory divergence and tariffs. The IDA also announced that technology firm TradeIX is to add 70 jobs in Dublin as part of an expansion of its global headquarters.

Meanwhile, Revenue has slammed accusations made against it by accountancy body Acca. Acca accused Revenue of effectively helping to increase the risk of smuggling after Brexit by “unlawfully” issuing tax agent identification numbers (Tain) to unqualified accountants and tax advisors by not checking if they are supervised and regulated.

“Revenue absolutely refutes the Acca allegation that it is somehow engaged in any “breach of law” when assigning Tain and also refutes that it has an obligation to “check that persons are supervised and regulated” before assigning a Tain. The engagement of an agent or advisor to assist in the management of tax issues is a matter for each taxpayer to consider and to satisfy oneself as to the credentials of that individual,” Revenue said.

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