Big four accounting firm PricewaterhouseCoopers has praised the Irish Finance Minister Charlie McCreevy for tax measures passed in the 2004 Finance Act designed to attract holding companies to establish in the country.
"The measures taken in the Finance Act will enhance Ireland's position on the international stage as a major player when it comes to decisions being made by MNCs on where to locate their European holding companies,” stated Colm Kelly, head of tax and legal services at PwC, at a client seminar earlier in the month.
In summary, the legislation provides for an exemption from capital gains tax on the disposal of shares in a subsidiary by a parent company which is intended to increase the attractiveness of Ireland as a location for holding companies.
Kelly continued: “Until now, these MNCs would look to the Netherlands, Luxembourg or Switzerland as being the most favourable territories, but no-longer. Once the EU approves the holding company regime announced in the Finance Act, Ireland will be as attractive a location - and perhaps more so - than these other jurisdictions.”
“The Minister has made a bold move in seeking to move Ireland up the value chain and should be congratulated for doing so," concluded Mr Kelly.
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