Important measures for international investors in Ireland and
investment managers with Irish investment funds and SPVs
On Wednesday 5 December 2012, the Irish
Minister for Finance presented Budget 2013, the Irish
government's fiscal programme of measures for the coming year,
against an improving but still challenging economic backdrop.
This update summarises the relevant budget
measures for international investors in Ireland, domestic companies
and banks and multinational corporations with operations in Ireland
and investment managers and arrangers with Irish investment funds
and capital markets SPVs.
The government restated its commitment to the
12.5% corporation tax rate. Preservation of the 12.5% tax rate is
one of the key components to Ireland's corporation tax strategy
and the government's commitment to this is welcomed by those
involved in Ireland's international business sector.
Corporate Tax Measures
Start-up companies' relief has been amended
to allow unused credits in the first three years of trading to be
carried forward. Previously, unused credits expired at the
end of the three year period.
The entire system relating to research and
development credits is to be reviewed in 2013. In the
interim, the amount of expenditure eligible for the 25% credit will
be doubled from €100,000 to €200,000. This builds
upon similar changes in Finance Act 2012.
The Employment and Investment Incentive scheme
has been extended to 2020. This is a scheme that gives income
tax relief for investments in corporate trades. It was
introduced to replace the Business Expansion Scheme and connects
the level of relief to the number of employees hired by the new
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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