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Ireland is 8th largest exporter of financial services in the world
Written by Robert McHugh, on 18th Dec 2020. Posted in Ireland
A new report into Ireland’s international banking sector shows that Ireland is now the eighth largest exporter of financial services in the world and is the fifth largest exporter of financial services in Europe.
Its contribution to Ireland’s corporate tax receipts has also jumped significantly with financial corporations alone, accounting for almost a quarter of Ireland’s corporation tax in 2019.
The report, which examines the contribution of the international banking community to the Irish economy, has been published by Banking & Payments Federation Ireland (BPFI) in conjunction with its affiliate the Federation of International Banks in Ireland (FIBI).
Russell Bryce Ireland now the 8th largest exporter of financial services in the world and financial corporations account for almost a quarter of corporate tax receipts – new FIBI Report
International financial services support Ireland with over 46,000 jobs and €1.4 billion in direct spend in the economy A new report into Ireland’s international banking sector shows that Ireland is now the eighth largest exporter of financial services in the world and is the fifth largest exporter of financial services in Europe. Its contribution to Ireland’s corporate tax receipts has also jumped significantly with financial corporations alone, accounting for almost a quarter of Ireland’s corporation tax in 2019.
Business Journalist
Ireland is the fifth largest exporter of financial services in Europe, according to a new report on the contribution of international banking to the economy here.
The report was carried out by the Banking and Payments Federation Ireland in conjunction with its affiliate, the Federation of International Banks in Ireland (FIBI).
It concludes that financial corporations accounted for around a quarter of total corporation tax receipts in 2019, up from just under a fifth in 2011.
They paid close to €2.5 billion of the total €10.9 billion paid under that heading last year.
International financial firms employ over 46,000 people here.
The financial services sector stands to benefit further from an influx of more banking operations and assets as the end of the Brexit transition period approaches in the coming weeks.