Ireland as a Digital Economy

There are several incentives for multinational corporations to base their operations in Ireland.

IDA Ireland

Low Corporation Tax 

According to Velocity Global, Ireland has a corporation tax rate of 12.5% making it one of the region's most business-friendly rates. This rate is significantly lower than the OECD's (Organisation for Economic Co-operation and Development) average for European nations, which stands at 21.7%.

Skilled Workforce

As stated by IDA Ireland, Ireland's skilled workforce is well-known around the world. The nation produces the talent needed by international firms in a variety of industries, including tech and medicine, thanks to its high standard of education.

Young Population

IDA Ireland has identified that Ireland has the youngest population with about half of the population being under the age of 34, resulting in a strong pool of talent.

English Speaking Company

Ireland is the only official English-speaking country in the Eurozone. (IDA Ireland)

Fast-Growing Digital Economy 

The nation has the fastest-growing digital economy in the EU. Despite the Covid-19 pandemic, Ireland's economy expanded by 3.4% in 2020 according to IDA Ireland.

Member of the EU 

Ireland is a part of the EU. This makes it simpler for businesses to market their goods and services to consumers in other EU nations. (Linked In)

Disruptive Technology Fund 

The level of support offered to them by organizations like The Disruptive Technologies Fund, which provides funding to companies developing and deploying disruptive and innovative commercial technologies aimed at addressing local, regional, and international challenges, is a major contributing factor to the rise in the number of tech startups in Ireland. (European Business Review 2023)

Progressive Leadership and Policies 

Ireland's progressive leadership and policies attract multinational corporations. Ireland's infrastructure has been greatly enhanced by previous governments, who also developed an open economy. (IDA Ireland)

Ireland's Level of Global Connectivity 

IDA Ireland claims that Ireland is among the nations with the highest levels of global connectivity and openness. Access to global markets is made simple by its location, and convenient transportation to Europe, the US, and the Middle East.

Tax Liability Tax Credit

As reported by Robert Nathans, a business can use a 25% tax credit to offset its corporation tax liability for the current year in Ireland.  Companies participating in internal qualifying research and development activities are eligible for the credit.

 

 

Introduction-Who I am

My name is Caitlin Nash. I am currently a student at The South East Technological University in Waterford where I am in my final year in the Bachelor of Business Honours Degree Level 8. At the start of my third year, I made the decision to specialise in the accounting stream. After completing my degree, I intend to pursue a master's degree in post-primary school education, which, after two years, will allow me to teach business and accounting in secondary schools. 

I completed my work placement in an accounting firm in Wexford known as Sheil Kinnear. As part of my work placement, I completed the working papers of accounts for clients. My daily work relied heavily on information systems.

Auto Entry

I found AutoEntry to be a very helpful information system. This system allowed me to transport information from bank statements onto an excel sheet so I could group each transaction under a separate heading. Without Auto Entry, I would have had to manually type each transaction into Excel which would have consumed a lot of my day. 

The Big Red Cloud

The Big Red Cloud was another information system I used while I was on placement. I was able to enter all the client's information and as a result, I was able to reconcile their bank account, summarize all the invoices and payments of the client, and determine their creditors and debtors. I was also able to create VAT reports for the client. The Big Red Cloud is a crucial piece of software since it stores all the data in one location. 

Timesheet

At the end of each day, I filled out my timesheet using another information system. This system informed the company on how much to charge each client depending on the amount of time spent on their accounts. Information systems are very time efficient and can reduce expenses in many different businesses.