| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy

Finfacts changes from 2015


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Global Cost of Living

Irish Tax - Income/Corporate




Content Management by interactivetools.com.

News : Irish Economy Last Updated: Feb 2, 2015 - 8:41 AM

FDI in Ireland: Grant Thornton publishes promotional brochure not balanced report
By Michael Hennigan, Finfacts founder and editor
Jul 24, 2014 - 3:52 PM

Email this article
 Printer friendly page

FDI in Ireland: Grant Thornton, the accountancy firm, today published a promotional brochure rather than a balanced report on foreign direct investment in the Irish economy.

It gets the number of direct jobs wrong in foreign-owned firms by stating a level of 161,000 at end 2013 when the total was 172,000.

Richard Bruton TD , enterprise minister, launched the report this morning, which in effect was the equivalent of an episcopal  imprimatur for a document that dovetails with pervasive official spin.

Danny McCoy, Ibec CEO, also gave his endorsement.

The report says "Ireland continues to outperform its competitors in attracting Foreign Direct Investment (FDI) and has the potential to attract further inward investment."

Government data shows that direct jobs in the FDI sector are below the level in 2000 but a fact like that is of course inconvenient and IDA Ireland, the inward investment agency, is named as the source of the following:

  • 1st Top destination country for FDI;
  • 1st Best country for doing business;
  • 2nd Unit labour costs in manufacturing sector;
  • 9th Ease of starting a business.

These however are dodgy claims and are not originally referenced.

This year the results of a global survey reported in the UN Conference on Trade and Development (Unctad) annual World Investment Report and the EY (Ernst & Young) annual European report on FDI, did not rank Ireland as among the top countries for future FDI -  - see here.

R&D covers tax incentives not patent data - -  less than a third of FDI firms spend on research.

On the general gist of what is a brochure, it notes: "Ireland’s taxation reputation has been damaged by recent inaccurate commentary that labelled the country a ‘tax haven’. Substantial efforts are now required to ensure Ireland regains its reputation  and to protect against any impact this commentary might have had on the country’s attractiveness as a destination for FDI.

In October 2013, the Irish government published ‘Ireland’s International Tax Strategy’. This  document underlines the open and transparent nature of Ireland’s taxation system. It is important  that government continues to reiterate and build on this messaging so as to improve the reputation of Ireland’s taxation system and to further educate all stakeholders as to the open and transparent nature of the Irish taxation system."

Grant Thornton simply wants propaganda not facts - -  "educate all stakeholders" - - no need to change the status quo and wonder what it was saying in 2006 when we wrote this:

The free lunch has yet to be invented - the tipping point for the Irish economy

Related Articles

© Copyright 2015 by Finfacts.ie

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March