New measures aim to make Irish finance industry more attractive

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Published in RTE.ie

February 9, 2012

The Government has introduced a package of 21 measures in the Finance Bill to help improve the attractiveness and competitiveness of the international financial services industry.

NEW MEASURES AIM TO MAKE IRISH FINANCE INDUSTRY MORE ATTRACTIVE – The Government has introduced a package of 21 measures in the Finance Bill to help improve the attractiveness and competitiveness of the international financial services industry.

The Minister for Finance Michael Noonan has said that any one of the measures on their own would not have a major effect but taken together they would help improve the industry in Ireland. He described the measures as “small, nuancing adjustments” to the attractiveness of the financial services industry package. “They certainly will give a boost to the attractiveness of the financial services sector and we would hope they would lead to the creation of jobs,” said the Minister.

The Irish Times says that most of the measures were aimed at simplifying how complex financial transactions are treated for tax purposes to make it easier to do business in Ireland, he said. Among the measures are a reduction in double taxation in the corporate treasury and aircraft leasing sectors, enhancing the tax regime for Islamic finance, which was introduced in the 2010 Finance, and allowing Irish structured finance companies to invest in “forest carbon credits” to support the “Green IFSC” initiative.

The Government is also introducing changes to ease the administrative burden in relation to non-resident investors in Irish investment funds and extending relief for losses in groups to their companies outside the European Union and the European Economic Area.

 

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