Token gesture for the headlines. No one is going to get caught by it and if they do they will either find a way around it or pay it to say they are patriotic.
The below article is a more accurate indicator of the government’s intentions for the wealthy (be they doms or non doms)…
independent.ie/national-news … 69517.html
Hint of U-turn on overseas executives’ tax
By Joe Brennan
Thursday December 10 2009
Plans to develop the IFSC into a European hub for the international funds industry were signalled in the Budget.
Finance Minister Brian Lenihan promised to bring forward changes in the Finance Bill “which will strengthen Ireland’s competitive edge in this important sector”.
This has prompted speculation in some quarters that Mr Lenihan may do an about-turn on his predecessor Brian Cowen’s controversial decision four year’s ago to scrap the so-called “remittance basis of taxation”.
The system had allowed executives working for overseas companies in Ireland to receive their salary outside the jurisdiction and only pay tax on the money they “remitted”, or brought into, the State to support themselves.
At the time, business lobby groups, including the American Chamber of Commerce in Ireland, which represents 600 US companies with operations in the State, warned that it sent out the wrong signal for multinationals looking to invest and sent top executives to Ireland.
Mr Lenihan said that “significant opportunities exist in the international financial services sector for centralising high value-added activity in Ireland as this sector restructures itself around the world after the global financial crisis”.
The much-feared imposition on the IFSC in light of the global crisis failed to materialise, with employment in the hub remaining relatively stable at about 25,000 last year.
There have been a number of calls for the Government to appoint an IFSC tsar to lead a rebranding of the centre, which has seen its image damaged by the domestic banking crisis.
Further development of the IFSC could also help reduce the 20pc vacancy levels in offices in Dublin and potentially boost the value of office blocks and commercial development sites underpinning so many of loans going into “bad bank” NAMA.