Financial services
Finance Bill 2009
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As expected, the Bill has not introduced any specific reliefs for the Financial Services Sector. The main areas affected by the Bill are the Insurance and Funds industries. Indeed, the measures confirmed in the Bill for these sectors, will augment the tax take for Revenue by increasing the rates of various taxes and increase the tax burden of policyholders/unitholders. Whilst there is continuous lobbying from a number of the representatives in this sector, there has been little in the way of reform despite several recent submissions. The following are the key amendments relevant to the Financial Services Industry:
These rate increases represent a significant overall increase from the 2008 tax rate levels. This is the second consecutive rate increase in just over 6 months and imposes another requirement for financial services organisations to update their systems, their marketing material and their product offerings to reflect these changes. This is costly and is not welcomed. |
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