The plan to reform corporate tax would have put in place tax on imports into the US, a move which would have been negative for Ireland’s agri-food industry.
The concept of this plan, known as the “border adjustment tax”, was devised last year and was highly controversial.
The US market
The US market is a crucial market for Irish exports. On Thursday, the Department of Agriculture’s Annual Review and Outlook for Agriculture, Food and the Marine, cited the US as Ireland’s second most-lucrative export market behind the UK.
The value of trade stateside increased by 17.5% in 2016 to over €1bn, representing almost 190,000t.
In March 2015, Ireland became the first EU member state to be granted access to the US beef market, and as of January 2017 almost €15 million have been exported there.
July 2016 had also seen a breakthrough, when the US granted approval for Irish grinding beef (mince) to access the US market.
As Ireland continues to expand trading relations with the US, the shelved border adjustment tax is a major boost.
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The plan to reform corporate tax would have put in place tax on imports into the US, a move which would have been negative for Ireland’s agri-food industry.
The concept of this plan, known as the “border adjustment tax”, was devised last year and was highly controversial.
The US market
The US market is a crucial market for Irish exports. On Thursday, the Department of Agriculture’s Annual Review and Outlook for Agriculture, Food and the Marine, cited the US as Ireland’s second most-lucrative export market behind the UK.
The value of trade stateside increased by 17.5% in 2016 to over €1bn, representing almost 190,000t.
In March 2015, Ireland became the first EU member state to be granted access to the US beef market, and as of January 2017 almost €15 million have been exported there.
July 2016 had also seen a breakthrough, when the US granted approval for Irish grinding beef (mince) to access the US market.
As Ireland continues to expand trading relations with the US, the shelved border adjustment tax is a major boost.
Read More
Exports to China up 25% in 2016
Exclusive: Farmers must pay tag levy
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