According to reports in the Irish media, the government may be obliged to remove tax breaks for the bloodstock industry, after the European Commission ruled recently that they constitute illegal state aid.
The Irish Independent revealed last week that the Irish authorities are seeking an extension of the period that they have been given to respond to the EC decision, and are hopeful that it can be overturned.
However, the Labour Party is keen to see the concessions for racehorse breeders, which it argues are unfair, ended, and this year is the first that those claiming tax relief on stallion fees will be obliged to provide returns revealing how much was claimed.
Labour Finance spokeswoman, Joan Burton has reportedly also asked Finance Minister Brian Cowen to examine the "phenomenon of the non-resident stallion", whereby owners ensure that their animals are resident in the Republic for just the period of time necessary to qualify for the tax breaks, whilst at the same time reducing the tax liability on their earnings.
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