Merger Of Pfizer And Allergan Collapses

The merger between Pfizer and Allergan in Ireland has collapsed.

Sinn Féin spokesperson on Jobs and Enterprise Peadar Tóibín TD said, "this has exposed the Irish Government's risky strategy of attracting FDI through the promotion of tax avoidance strategies".

He said: "The actions of the US Treasury Department which halted the merger demonstrate the riskiness of the strategy of previous Governments to sell the image of Ireland as a tax haven for FDI.

"This state has a two tier economy with the vast majority of Ireland's exports come from the FDI sector. The last few governments have developed a competitive advantage for Ireland that is shocking overly reliant on bargain basement corporation taxes.

"Real sustainable competitive advantages such as transport, communication and education infrastructure have been significantly corroded by years of reduced investment.

"Nations across the globe are becoming increasingly intolerant of the tax avoidance strategies used by multinationals. With the revelations this week contained in the 'Panama Papers' this feeling will only be enhanced."

(CD/JP)