Irish Finance Minister, Charlie McCreevy is expected to do away with several tax incentives and shelters which have traditionally benefited the very wealthy in Ireland.
Reporting in the run-up to Mr McCreevy's forthcoming budget, several Irish media sources have announced that the Finance Minister is not planning to increase income taxes in order to balance his books, as demanded by some of his Cabinet colleagues.
However, according to the Irish Independent and others, it is expected that in order to secure more funds, Mr McCreevy will be removing the bloodstock industry's tax exemption, with the imposition of a 12.5% corporation tax on stallion fees likely.
Other potential targets, according to reports, may include the tax exemption afforded to artists, the Seed Capital Scheme, and certain elements of the Business Expansion Scheme.
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