Irish Government Delays Introduction Of Tough New Compliance Laws

by Jason Gorringe, for LawAndTax-News.com, London

25 April 2005

Speaking at the AGM of the Institute of Certified Public Accountants last week, Taoiseach Bertie Ahern announced that the introduction of tougher compliance rules for company directors in Ireland will be delayed whilst the government conducts a regulatory impact analysis.

Under the terms of the Companies Act Directors' Compliance Statement Provision as it currently stands, directors would be required to certify that their firm is in line with company and tax laws. However, the provision has now been referred to to the Company Law Review group for assessment.

Although Mr Ahern acknowledged that a review of impact of the proposed law was necessary, he warned that any amendments made are unlikely to change its main emphasis.

"Our determination to ensure the highest standards of governance in business remains firm," he told those attending the meeting, reasoning that:

"We cannot go back; we cannot be faced again with the type of practices which gave rise to the Oireachtas DIRT Inquiry and which led to this legislation."

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