IFSC firms pay third of corpo tax
The international financial services sector has outgrown Dublin and spread across 20 counties, said an IBEC-sponsored report published yesterday. More than one in every three euro paid in corporation tax comes from the sector.
The IBEC report, which was undertaken by Accenture, said the sector contributed €2.1bn in tax to the State annually. Some 25 years after the International Financial Services Centre (IFSC) was created, the sector accounts for 7.4pc of GDP and just 500 IFSC companies pay 36pc of all corporation tax. The report was launched by former Taoiseach John Bruton, who is now president of the IFSC.
The report was commissioned as part of an effort to attract new investment to Ireland and to counter the damage from the financial crisis.
The sector is still worth as much to the economy and employs as many people as at the height of the boom, said Willie Slattery, CEO of State Street Ireland, an IFSC company.
The sector has spread far beyond Dublin's docklands, according to Accenture. Around one in three people working in the sector works outside Dublin. Salaries in the sector average more than €60,000.