Ireland To Tighten Loopholes For Non-Resident Companies
Irish
Finance Minister Charlie McCreevy
last week announced a number of new measures including proposed
changes to tighten legislative loopholes in relation to non-resident
companies. The measures are part of a preliminary package of proposals
for inclusion in next month's Finance Bill 2000. Some have been
published for comment. Press
Release - Finance Bill 2000 - Preliminary List of Measures
The Minister said
the list contains several measures designed to streamline
tax administration in certain areas and reduce the regulatory
burden without any significant loss of tax revenue, but a number
of items which will be in the Finance Bill are not included in
the advance list, including anti-avoidance measures which would
not be appropriate for early publication. Among the 60 measures
announced were changes to the Dividend Withholding Tax, Securitisation
of Assets, and two changes to legislation governing Irish Registered
Non-Resident (IRNR) Companies - the exclusion of certain joint
ventures from the requirements of the legislation and the delegation
of powers from the Revenue Commissioners to notify the Companies
Office of the failure of IRNR companies to furnish information. .
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