Irish tax law may drive away banks

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Overseas banks in the IFSC could be driven out by over-stringent application of tax rules, according...

Overseas banks in the IFSC could be driven out by over-stringent application of tax rules, according to industry body the Financial Services Industry Association (FSIA). The FSIA has written to the Irish prime minister Bertie Ahern warning that the Irish Revenue's offensive against tax avoidance is damaging the reputation of the IFSC. Following an enquiry by the Public Accounts Committee (PAC) into incidents of Irish residents claiming overseas status to avoid paying Deposit Interest Retention Tax, fears have been raised that the Irish Revenue will force companies to pay the basic level o...

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