Bruton: Amending Financial Disclosure Regime For Retailers 'Would Have Implications'
Published on May 5 2015 3:30 PM
Minister for Jobs, Enterprise and Innovation, Richard Bruton TD has affirmed his stance on whether foreign-owned supermarkets should be required to declare their profits here, saying that changing the current disclosure regime "would be open to accusations of discrimination."
The Minister was responding to a question from Limerick Fine Gael TD Patrick O'Donovan as to why supermarkets were not required to publish their profit and loss accounts for Ireland.
In response, the Minister said that the contents of financial statements of limited companies are governed by EU Company Law Directives and Regulations.
Minister Bruton said that he has "no plans to amend this disclosure regime in relation to specific sectors in the economy", adding that "were it to be required generally in the economy, it could have implications in terms of business costs and attracting foreign direct investment."
The Minister added, "EEA companies that have an Irish branch are required to submit only the company accounts to the Registrar of Companies. Irish companies that are subsidiaries of EEA companies and which are themselves parent companies need not produce consolidated accounts provided certain conditions are met."
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