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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