On 6 December 2011, the Irish Minister for Finance, Michael Noonan, reaffirmed the Irish government's commitment to Ireland's status as the leading aircraft leasing jurisdiction by announcing in Budget 2012 that he will introduce a package of measures in the forthcoming Finance Bill 2012 which will support the continued success of the Irish aircraft leasing industry.
This announcement is a very welcome development and follows on from Finance Act 2011 which introduced an expansion of Irish Section 110 regime to include aircraft assets.
Ireland is firmly established as a centre of excellence for aircraft finance and leasing transactions, boasting a progressive tax and legal framework, the availability of experienced professionals and a highly regarded aviation authority.
This recent announcement further demonstrates the Irish government's dedication to the support and promotion of the aircraft leasing industry in Ireland.
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.