Almost two months after the PBR Ireland's Minister of Finance, Brian Cowen, delivered his Budget. It...
Almost two months after the PBR Ireland's Minister of Finance, Brian Cowen, delivered his Budget. It was announced that following discussions with the European Commission, the tax treatment of investment income and income attributable to the exercise of foreign employments outside the State will extend to UK-sourced income. The Finance Bill will extend the relevant treatment from 1 January 2008.
It is thought that the driver for this change was a European Court of Human Rights decision that the Irish legislation was discriminatory.
Interestingly, Ireland has not followed the UK in making widespread changes to the taxation of Irish residents domiciled elsewhere. Such individuals can still enjoy the remittance basis of taxation. Will Ireland become a home for wealthy foreigners?
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