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These changes represent a major overhaul to the US tax system, the first major reform since 1986. This coincides with dramatic changes in the global business and tax environment.
The stated aim of the overhaul, particularly the business and international tax measures, have been to establish the US system as competitive, helping to create jobs and drive economic growth in the US.
Ireland is a small, open economy and one of our most important relationships has been, and continues to be, with the US. Any fundamental changes to the US tax system could have implications for US foreign direct investment in Ireland and the Irish economy as a whole.
On 22 December 2017, the Tax Cuts and Jobs Act 2017 was enacted by President Trump. This marks the first major legislative victory of President Trump and the Republican Party since he took office earlier this year. The Act is generally effective from 1 January 2018 for many provisions for many companies.
The Tax Cuts and Jobs Act of 2017 lowers business and individual tax rates and adds a number of provisions with an intent to modernise US international tax rules. Key provisions include: