An Update On Recent Developments In Dublin's International Financial Services Centre

Note: More detailed information on the legal tax and regulatory aspects of the International Financial Services Centre is set out in a series of guides published by McCann FitzGerald and available on request from any of its offices.

The International Financial Services Centre ("IFSC") in Dublin received a significant boost on 6 December 1994 when the deadline for the establishment of new projects was extended by six years. Originally, 31 December 1994 marked the date by which new projects had to be approved in order to establish in the IFSC and also in Ireland's other tax incentive zone at Shannon Airport. With three weeks to go to the deadline, it was announced that agreement had been reached with the European Commission to extend the deadline to 31 December 2000. Projects establishing in the IFSC and at Shannon qualify for a reduced 10% rate of tax until 31 December 2005. This expiry date is unaffected by the extension.