I dont like FFG , but one thing I know is don’t fuck with FDI or we are screwed.
People won’t be very long turning on SF if the likes of this starts to lead to companies withdrawing. €42m is nothing in the grand scheme of things.
Sure the exec gets a tax break but they are supporting thousands of jobs directly and indirectly.
God this next election is going to bring out the worst in us isn’t it? Like things are gonna get properly nasty
Edit: Case and point can be found below in the replies
Sounds like a good plan. People making over 1M in a year don’t need tax relief.
This one sure attracted a lot of “I don’t like FFG but SF …” comments for some reason.
People in this comment section be like “I can’t afford a house and rent is too high” but then also “taxing rich people will ruin the economy”!
You all need an economy lesson. Start with a case study of the US to see how tax exemptions for execs make the economy totally 100% better for the everyman.
This is always the issue with SF; dogmatism and economic illiteracy.
The €42m cited here is small beans. Less than 0.1% of our total tax take. It likely brings back in many multiples of that figure in FDI and income tax.
Removing a short-term relief on the basis of principle at the risk of other benefits, is pure populism. “We’re hitting the fat cats”. “We’re also going to lose your job, but at least we’ve struck a blow for the ordinary little guy”.
It’s funny though SF want to tax the rich and the working class in this country defend them and the corporations that these individuals work for while at the same time lose their shit that someone who has a disability may get an extra €50 a week to help offset the rising cost of living what a time to be alive.
It’s currently a two tier tax system, which isn’t very fair on everyone.
Brilliant. The reality is the middle income bracket pay the majority of costs in this country. This gospel that we have to take whatever the corporations are spooning you needs to be readjusted.
It turns out corporations have their own spin and their own interests to look after. Our country isn’t attractive only for tax. We need to realize that. Otherwise every single big multinational would be in the Bahamas.
Expat tax reliefs exist all over the world, the Dutch and Spanish in particular have good ones in Europe to attract highly skilled workforces. Why are we planning to throw away our equivalent?
So what if the multinationals just up and leave one day ?
*”This can never happen”*
​
Did Ireland ever have any large industry like coal, steal, car manufacturing, ship building, employing millions of people ?
Because where I grew up in Scotland we had ship yards for days and over a short enough time they were outsourced to cheaper nations. I grew up thinking good stuff, I’ll walk in to a job in a ship yard and be sorted. Nope. Gone for the most part.
If you count of one sector for all your main employment, you may as well try and find some more baskets to put your eggs in before them eggs break.
One day they will find another home, doesn’t matter if it’s in five years, ten years or twenty they will. So prepare now or be lost, confused and in poverty like where I grew up because no one had a plan.
Good, and you lot crying tears for millionaires are pathetic.
This populist rhetoric is going to stymie multinational investment. Biting the hand that feeds us is the fastest way to fuck our economy.
People are pissed. We are dealing with a worldwide cost of living crisis and we are barreling towards a global recession. But voting in protest is what landed Trump in the white house and what resulted in Brexit. We will be making the same mistake if we vote a political party with current and heavy links to a paramilitary organisation into power.
We do not want to become a bad or less lucrative place to do business. There are many countries which will accept multinational investment with open arms. We need to ensure that we continue to be a competitive and safe place to do business.
It’s ok for me. I am qualified in a niche area and I can go abroad. Same for any Irish person working in pharma and tech. It’s the people that don’t have the option of leaving that will be left paying for a protest vote.
It’s one tax break I don’t have a problem with it’s people who come in for a period of time to work who will more than likely not stay beyond however many years they work
The current Taoiseach was cited for a brown envelope from developer that ended up in his wife’s bank account, he’s never explained it adequately
The mistake was giving them the tax breaks to begin with. So naturally IBEC will drag everyone over the coals for this.
42 million? What’s the point? If it’s funds for the kitty, let me introduce pearse to the 5 billion a year (at least) ngo industry.
The relief here is SARP by the way, it basically gives you a refund of PAYE paid based on your salary for the year.
It’s available to employees who excerised their duty of employment outside Ireland for 6 months prior to their arrival.
It works by allowing qualifying employees disregard a specified amount of income for PAYE purposes
Simply put the specified amount is (Salary -€75000) x30%
So if someone earns €300,000 their specified amount is 67,500.
This means they’ll get a refund of PAYE of €27,000(67,500 @ 40%).
I don’t really care if someone making 1m+ pays some extra tax, they probably should really and that is fine.
I care quite a lot if their policies start to have a negative impact on the hundreds of thousands of jobs created in this country by multinationals. Absolutely nobody wins if they stop hiring here or even decide to pack up and leave. And I really don’t put it past SF at all to put a dogmatic, populist position ahead of everything else.
A lot of people commenting things like a business would never make a decision to not come here based on this tax exemption is really missing the point and probably haven’t had much engagement with how the like of the IDA operate and how FDI actually happens.
The IDA job is to convince companies to set up here and to do a better job than their equivalent agencies in other EU countries. It’s almost like a dragons den type scenario where you’re pitching a package of benefits to try and get the company to open their EU headquarters here rather than a different EU country. Once you do that, the idea is the business will eventually scale up and pay more taxes and hire more employees.
Companies that the IDA counts as ‘clients’ i.e. that they’ve been involved in convincing to set up in Ireland currently employ well over 10% of the overall Irish workforce and pay huge sums in corporation tax so they’ve been hugely successful.
Is it morally ok to be giving tax breaks to people earning large salaries, no, but it’s the same reason we have a lower corporation tax rate and also why almost every country operates a lower tax rate for capital gains compared to income tax. It’s to encourage people to create jobs.
If Sinn Féinn scare away the MNC’s then we will be getting rid of jobs and the country will be earning a lot less money in the long term and suddenly housing will not be the biggest problem compared to other problems to come
I my opinion this is a major mistake by Sinn fein. Oversight of sarp,is by Revenue ,and the conditions, such as, Revenue approval of an individual who is claiming this special relief. Has to show evidential proof of eight supporting jobs to the applicant with who has this high skill set. Together with SFs proposal for a new income rate above 140,000.This is really sending the wrong message. According to research by Cornell University Ireland is Number 1 in the world for ICT.
For those remarking “why do we need to be so accommodating to all these rich multinationals?”
The answer is that Ireland by and large doesn’t make anything outside agriculture and the more intangible tourism, and Ireland doesn’t have a large internal market to service. Our position as a wealthy country today (one of the wealthiest in the world, relatively speaking, having previously been “the poorest of the rich”) is mostly built on our success at attracting, retaining and growing the investments of multinational corporations.
We forget this at our peril. Every little thing we do to make ourselves less attractive, including measures against a small number of presumably influential types, makes our competitors for investment more attractive.
SF economic illiterate and policy void. The biggest mistake FF and FG ever made was forming a coalition and giving these absolute chancers a platform as the main opposition. It wouldn’t surprise me if SF win a mass amount of seats in the next election and then the country is properly fucked.
Interesting thread. I really dislike the thinly veiled and not so thinly veiled xenophobia towards foreign workers (not the high paid execs). It reeks of gammon. Is this where we are? “They took ar jobs/houses/wimmin/men”? It’s a poisonous attitude that appears to be taking hold. Maybe the horseshoe theory is real.
Kneecapping the golden goose
The fact is that we tax income extremely highly and if you’re a high earner this is particularly pronounced. If you’re a senior executive you’d be insane to move to Ireland because you’ll be fleeced. This means that some high skill roles aren’t moved to Ireland.
This is a simple fact and the tax break was a common sense way of tackling it
God Sinn Fein was to make us as poor as Northern Ireland. Clowns, do they think these execs will want to work here if this happens. If they won’t work here, the companies and all the supporting jobs and corp tax will go.
So is Ireland just a tax haven for all the Johnny big bucks out there now?
30 comments
I dont like FFG , but one thing I know is don’t fuck with FDI or we are screwed.
People won’t be very long turning on SF if the likes of this starts to lead to companies withdrawing. €42m is nothing in the grand scheme of things.
Sure the exec gets a tax break but they are supporting thousands of jobs directly and indirectly.
God this next election is going to bring out the worst in us isn’t it? Like things are gonna get properly nasty
Edit: Case and point can be found below in the replies
Sounds like a good plan. People making over 1M in a year don’t need tax relief.
This one sure attracted a lot of “I don’t like FFG but SF …” comments for some reason.
People in this comment section be like “I can’t afford a house and rent is too high” but then also “taxing rich people will ruin the economy”!
You all need an economy lesson. Start with a case study of the US to see how tax exemptions for execs make the economy totally 100% better for the everyman.
This is always the issue with SF; dogmatism and economic illiteracy.
The €42m cited here is small beans. Less than 0.1% of our total tax take. It likely brings back in many multiples of that figure in FDI and income tax.
Removing a short-term relief on the basis of principle at the risk of other benefits, is pure populism. “We’re hitting the fat cats”. “We’re also going to lose your job, but at least we’ve struck a blow for the ordinary little guy”.
It’s funny though SF want to tax the rich and the working class in this country defend them and the corporations that these individuals work for while at the same time lose their shit that someone who has a disability may get an extra €50 a week to help offset the rising cost of living what a time to be alive.
It’s currently a two tier tax system, which isn’t very fair on everyone.
Brilliant. The reality is the middle income bracket pay the majority of costs in this country. This gospel that we have to take whatever the corporations are spooning you needs to be readjusted.
It turns out corporations have their own spin and their own interests to look after. Our country isn’t attractive only for tax. We need to realize that. Otherwise every single big multinational would be in the Bahamas.
Expat tax reliefs exist all over the world, the Dutch and Spanish in particular have good ones in Europe to attract highly skilled workforces. Why are we planning to throw away our equivalent?
So what if the multinationals just up and leave one day ?
*”This can never happen”*
​
Did Ireland ever have any large industry like coal, steal, car manufacturing, ship building, employing millions of people ?
Because where I grew up in Scotland we had ship yards for days and over a short enough time they were outsourced to cheaper nations. I grew up thinking good stuff, I’ll walk in to a job in a ship yard and be sorted. Nope. Gone for the most part.
If you count of one sector for all your main employment, you may as well try and find some more baskets to put your eggs in before them eggs break.
One day they will find another home, doesn’t matter if it’s in five years, ten years or twenty they will. So prepare now or be lost, confused and in poverty like where I grew up because no one had a plan.
Good, and you lot crying tears for millionaires are pathetic.
This populist rhetoric is going to stymie multinational investment. Biting the hand that feeds us is the fastest way to fuck our economy.
People are pissed. We are dealing with a worldwide cost of living crisis and we are barreling towards a global recession. But voting in protest is what landed Trump in the white house and what resulted in Brexit. We will be making the same mistake if we vote a political party with current and heavy links to a paramilitary organisation into power.
We do not want to become a bad or less lucrative place to do business. There are many countries which will accept multinational investment with open arms. We need to ensure that we continue to be a competitive and safe place to do business.
It’s ok for me. I am qualified in a niche area and I can go abroad. Same for any Irish person working in pharma and tech. It’s the people that don’t have the option of leaving that will be left paying for a protest vote.
It’s one tax break I don’t have a problem with it’s people who come in for a period of time to work who will more than likely not stay beyond however many years they work
The current Taoiseach was cited for a brown envelope from developer that ended up in his wife’s bank account, he’s never explained it adequately
The mistake was giving them the tax breaks to begin with. So naturally IBEC will drag everyone over the coals for this.
42 million? What’s the point? If it’s funds for the kitty, let me introduce pearse to the 5 billion a year (at least) ngo industry.
The relief here is SARP by the way, it basically gives you a refund of PAYE paid based on your salary for the year.
It’s available to employees who excerised their duty of employment outside Ireland for 6 months prior to their arrival.
It works by allowing qualifying employees disregard a specified amount of income for PAYE purposes
Simply put the specified amount is (Salary -€75000) x30%
So if someone earns €300,000 their specified amount is 67,500.
This means they’ll get a refund of PAYE of €27,000(67,500 @ 40%).
I don’t really care if someone making 1m+ pays some extra tax, they probably should really and that is fine.
I care quite a lot if their policies start to have a negative impact on the hundreds of thousands of jobs created in this country by multinationals. Absolutely nobody wins if they stop hiring here or even decide to pack up and leave. And I really don’t put it past SF at all to put a dogmatic, populist position ahead of everything else.
A lot of people commenting things like a business would never make a decision to not come here based on this tax exemption is really missing the point and probably haven’t had much engagement with how the like of the IDA operate and how FDI actually happens.
The IDA job is to convince companies to set up here and to do a better job than their equivalent agencies in other EU countries. It’s almost like a dragons den type scenario where you’re pitching a package of benefits to try and get the company to open their EU headquarters here rather than a different EU country. Once you do that, the idea is the business will eventually scale up and pay more taxes and hire more employees.
Companies that the IDA counts as ‘clients’ i.e. that they’ve been involved in convincing to set up in Ireland currently employ well over 10% of the overall Irish workforce and pay huge sums in corporation tax so they’ve been hugely successful.
Is it morally ok to be giving tax breaks to people earning large salaries, no, but it’s the same reason we have a lower corporation tax rate and also why almost every country operates a lower tax rate for capital gains compared to income tax. It’s to encourage people to create jobs.
If Sinn Féinn scare away the MNC’s then we will be getting rid of jobs and the country will be earning a lot less money in the long term and suddenly housing will not be the biggest problem compared to other problems to come
I my opinion this is a major mistake by Sinn fein. Oversight of sarp,is by Revenue ,and the conditions, such as, Revenue approval of an individual who is claiming this special relief. Has to show evidential proof of eight supporting jobs to the applicant with who has this high skill set. Together with SFs proposal for a new income rate above 140,000.This is really sending the wrong message. According to research by Cornell University Ireland is Number 1 in the world for ICT.
For those remarking “why do we need to be so accommodating to all these rich multinationals?”
The answer is that Ireland by and large doesn’t make anything outside agriculture and the more intangible tourism, and Ireland doesn’t have a large internal market to service. Our position as a wealthy country today (one of the wealthiest in the world, relatively speaking, having previously been “the poorest of the rich”) is mostly built on our success at attracting, retaining and growing the investments of multinational corporations.
We forget this at our peril. Every little thing we do to make ourselves less attractive, including measures against a small number of presumably influential types, makes our competitors for investment more attractive.
SF economic illiterate and policy void. The biggest mistake FF and FG ever made was forming a coalition and giving these absolute chancers a platform as the main opposition. It wouldn’t surprise me if SF win a mass amount of seats in the next election and then the country is properly fucked.
Interesting thread. I really dislike the thinly veiled and not so thinly veiled xenophobia towards foreign workers (not the high paid execs). It reeks of gammon. Is this where we are? “They took ar jobs/houses/wimmin/men”? It’s a poisonous attitude that appears to be taking hold. Maybe the horseshoe theory is real.
Kneecapping the golden goose
The fact is that we tax income extremely highly and if you’re a high earner this is particularly pronounced. If you’re a senior executive you’d be insane to move to Ireland because you’ll be fleeced. This means that some high skill roles aren’t moved to Ireland.
This is a simple fact and the tax break was a common sense way of tackling it
God Sinn Fein was to make us as poor as Northern Ireland. Clowns, do they think these execs will want to work here if this happens. If they won’t work here, the companies and all the supporting jobs and corp tax will go.
So is Ireland just a tax haven for all the Johnny big bucks out there now?