Irish funds industry targets €1 billion tax contribution

The Irish funds industry contributes €837 million per year in direct taxes to the country’s exchequer, with the sector now directly employing 16,000 people throughout the country.

According to a report by independent research organisation Indecon, growth in the sector also contributes €14 billion to economic output “dispersed in communities across” Ireland.

“The funds industry is a vital sector in our overall international financial services sector. The ecosystem for funds has been built up over 30 years and now represents a recognised global centre of excellence,” said the Irish minister of state, Michael D’Arcy at the launch of the report.

Pat Lardner, chief executive of Irish Funds, said: “At the same time that we are enabling global savings and enhancing Ireland’s reputation as a destination for knowledge-based industries, we are making a tangible contribution to the State in cities and towns across Ireland.”

Lardner expressed ambitions to continue growth in the country. “If we can grow the industry in Ireland, we see no reason why we would not be looking at direct employment closer to 20,000 and a tax contribution of €1 billion annually,” he said.

©2019 funds europe

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