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Kenny Wants Changes To Irish Tax Commitments

by Robert Lee, Tax-News.com, London

23 September 2011


The Irish government intends to renegotiate the income tax elements of the country's bailout deal with its international creditors, but will implement the programme for government in full.

Speaking during Leaders' Questions in parliament on September 20, Prime Minister Enda Kenny said that the government will talk with the troika - composed of the International Monetary Fund, European Union and European Central Bank - to renegotiate sections of the Memorandum of Understanding (MOU) drawn up under the previous government.

The MOU committed Ireland to the generation of an additional EUR250m (USD339m) in income tax receipts in each of the next three years. According to Kenny, this must be renegotiated with the troika "in the same way as a number of other matters have already been renegotiated to the advantage of taxpayers and the people in general".

As Kenny noted, the coalition's programme for government alluded to this commitment. He said: "It is our intention to implement the programme in full. From that point of view and in the context of income tax, this matter must be renegotiated with the troika as a result of the commitment to come up with EUR250m for each of the next three years."

He clarified later in the session that one aspect of the current government's policy is to renegotiate the element relating to income tax to which the previous government had committed the country.

Kenny added that, as a result of deals his government has already brokered with the troika, "it is clear that there will be a saving of significant proportion to the Irish people of the order of EUR900m per year."

TAGS: tax | economics | Ireland | fiscal policy | International Monetary Fund (IMF) | agreements | tax rates | tax reform | individual income tax | European Union (EU) | Europe

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