Donohoe begins four-day US visit for talks on tax, trade and Brexit

Minister for Finance will discuss the prospect of US tax reform in Washington

Minister for Finance Paschal Donohoe begins a four-day visit to the United States on Monday. Photograph: Gareth Chaney Collins

Minister for Finance Paschal Donohoe begins a four-day visit to the United States on Monday. Photograph: Gareth Chaney Collins

 

Minister for Finance Paschal Donohoe begins a four-day visit to the United States on Monday, arriving in the country to discuss international tax issues as US tax reform proposals advance in Congress.

In Washington, Mr Donohoe will meet Trump administration official David Malpass, the under-secretary of the treasury for international affairs, and political figures on Capitol Hill to discuss economic relations with the US, the EU-US relations and in particular the prospect of US tax reform.

Republicans are pushing for the biggest overhaul of US tax laws since the 1980s including a reduction of the corporate tax rate to 20 per cent from 35 per cent and a mandatory tax on $2.6 trillion (€2.2 billion) in foreign profits being held offshore, including Ireland, by US multinationals.

The Minister will meet senior officials at the Washington-based IMF and World Bank and deliver a speech at the Brookings Institute, a think-tank, on the challenges of Brexit for Ireland and the EU, before travelling on to New York.

The Department of Finance said that Mr Donohoe will also highlight Ireland’s commitment to implement OECD measures to ensure Ireland’s tax code “meets the highest international standards.”

His visit comes a week after the publication of the Paradise Papers exposing international tax avoidance.

Echoing remarks made on previous visits by Government ministers, Mr Donohoe will also outline the importance of the Ireland-US economic trade relationship at a time when the US administration is pursuing a protectionist agenda. In New York, he will meet the editorial board of The New York Times.

“The key objective of my visit to Washington DC is to engage with the US administration and with both side of Congress on issues such as international trade, the importance of a global approach to tax and the challenge of Brexit,” he said.