Innovation on the agenda in Finance Bill 2013 – Deloitte
Measures should help facilitate investment in financial services and property industries
Finance Bill 2013, today published by the Minister for Finance, includes a number of measures aimed at facilitating investment into Ireland.
The Minister has provided further detail on the Real Estate Investment Trust Regime (REITS) which aims to provide a new method for collective investment in rental property. The Bill also introduces a number of amendments to the Investment Limited Partnership structure which should help attract investment to the financial services industry.
Commenting on the measures introduced, Deirdre Power, Tax Partner, Deloitte said:
“It’s extremely encouraging to see that innovation is on the agenda in this Finance Bill. Initiatives such as the Real Estate Investment Trust (REIT) are a good news story for the funds and property sectors and give a starting platform from which to refine and build a world class REIT environment.
“In addition the amendment of the Investment Limited Partnership (ILP) framework to result in a tax transparent fund structure suitable for Private Equity and Real Estate investments sends a clear and positive message that Ireland is open for business.
“These changes, coupled with other changes to the Bill that impact the financial services sector such as the introduction of new tax allowances for certain buildings used with commercial aircraft, in addition to amendments to R&D, Foreign Earnings Deduction and the enhanced foreign tax credit on certain dividends from EU/EEA treaty countries, ensure that this Bill reiterates that Ireland is well and truly open for business. The various initiatives will hopefully play their part in Ireland’s economic recovery.”
For full details of Deloitte’s commentary and analysis on Finance Bill 2013, please visit www.deloitte.com/ie/financebill2013
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The information contained in this press release is correct at the time of going to press.
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