Corporate investment proposal rejected

The Department of Finance has rejected a proposal from the funds sector in the Financial Services Centre to create a new corporate funds structure in Ireland, warning it could damage the country’s tax reputation and be frowned upon by other EU countries.

The information — from minutes of meetings of the IFSC Clearing House Group representing the Government, state agencies and the financial services industry — illustrates the need for greater transparency, according to Labour MEP Nessa Childers who requested the information.

A part of the minutes of a meeting held in the Department of the Taoiseach last year dealt with submissions from the funds industry that resulted in a significant package of measures to support the IFS sector that was part of last year’s Finance Bill.