Why Ireland is Booming in Business due to Tax Innovation
Ireland is known to have the lowest corporation tax as compared to that of other countries. Indeed, business establishments in Ireland enjoy the lowest taxes and are therefore considered lucky to be doing business in Ireland.
When it comes to tax innovation, Ireland has been one of the leading countries that established an effective tool for industrial policy. Because of its low corporation tax, they are able to attract FDIs or foreign direct investments.
Being named as a tax haven, the country has been able to set a favorable environment conducive to business and innovation.
Ireland only imposes 12.5% corporation tax as compared to other countries whose corporation tax rate ranges from 19% to 25%.
From poor beginnings back in the 1980s, it is incredible how Irish funds have able to double up and became one of the biggest and the most respected among other European countries. In fact, the Minister of Finance of Ireland before has hailed it as “one of the great export stories of the last 20 years”.
Indeed, it is true that the funds industry around the world has deeply appreciated Ireland because the country has proven itself to effectively provide way more than just a low corporation tax rate. And that basically explains why business is doing very well there.