Ireland enhances funds sector
Seeking to inject a note of certainty for UCITS IV funds, the Irish Funds Industry Association (IFIA) reported on how Finance Minister Michael Noonan has kept his Budget speech promise to include a number of “very welcome measures that will enhance Ireland’s attractiveness as a location for regulated investment funds generally and UCITS IV funds specifically.”
The recently announced Finance Bill 2012 has included provisions to provide further tax efficiency and certainty for the cross-border merger of investment funds and ‘master-feeder’ structures, two significant features of the UCITS IV Directive.
Includes further stamp duty amendments noting that, “The guiding principal in the case of investment funds is that stamp duty should not apply in situations where there is no change in economic ownership of the underlying assets being transferred.”
What’s more, says IFIA, this new Bill provides some welcome clarifications and extensions to the format and requirements for tax reporting by industry companies.
Commenting on the Bill, Gary Palmer, Chief Executive of the Irish Funds Industry Association (IFIA), said:
“While the provisions of the Bill include a number of very welcome enhancements to the tax environment for Irish funds, the measures specifically designed to provide certainty and efficiency for UCITS IV funds will be much welcomed by the international promoters of UCITS funds, as they can now extend the efficiencies and opportunities anticipated by and included in the UCITS IV Directive.”