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ARTICLE · 28 JANUARY 1998

Budget 1997

A&L Goodbody
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IrelandCorporate/Commercial Law
The Budget Speech was delivered by the Minister for Finance on 3rd December, 1997. Many of the proposed changes come as good news to the international business community with operations in Ireland. John Hickson and Peter Maher of A & L Goodbody's Tax Department take a look at the measures introduced.

COMMENT:

Perhaps the most welcome aspect of the Budget Speech in terms of international business is the confirmation of a 12.5% rate of corporation tax on business income after the present 10% rate expires. This gives the degree of certainty that the international business community was seeking..

Most parent companies in treaty jurisdictions with wholly owned Irish subsidiaries will not be affected by the reduction in tax credits, as there will be a credit for underlying Irish tax. To the extent that an Irish investor is reliant on an Irish tax credit, the investor will be hoping for dividends to be paid prior to 6th April, 1999 in order to get whatever residual tax credit is

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