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EC May Allow Ireland To Keep IFSC Tax Breaks Until 2010

by Ulrika Lomas, Tax-News.com, London

17 February 2003

The European Commission is set to deliver its verdict this week on whether lower tax rates afforded to companies located in special financial centres, such as Dublin's International Financial Services Centre, constitute illegal state aid.

Reporting on Friday, RTE news suggested that EU member states such as Ireland, Belgium, and the Netherlands are likely to be permitted to retain their special IFSC rates until 2010.

According to the national news service:

'A number of EU governments have put pressure on the Commission to drop the cases as a condition for striking a long-delayed deal on common rules on the taxation of savings.'

'Under the compromise Belgium, Ireland, the Netherlands, Portugal and Luxembourg won the right to retain their fiscal schemes until 2010, five years longer than expected.'

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