Vol. 492 No. 2
82 Ms McManus asked the Minister for Finance the progress, if any, made regarding the promised review of legislation governing Irish registered non-resident companies; when he will receive the report; if the report will be published; and when he will be in a position to bring legislative proposals before Dáil Éireann. [13573/98]
My Department, the Revenue Commissioners and the Department of Enterprise, Trade and Employment are examining this issue with a view to developing a set of effective measures under company law and tax law to curb the misuse of Irish registered non-resident companies. The relevant regulatory and development agencies and other interested parties are being consulted in this process. The examination will also include input from the sub-group of the IFSC banking and treasury group which is considering the matter, although no formal report is expected from this group. The Department of Justice, Equality and Law Reform is also examining the issue in the context of criminal justice law. Once this work is completed, the matter will be brought to the Government for decision on what action needs to be taken.
As the Deputy will appreciate, the issues involved are complex and it will be necessary to ensure that any measures adopted are enforceable, target the areas of abuse and do not adversely affect legitimate business. Nonetheless, I would be hopeful that the work currently under way can be concluded and legislative proposals can be brought before the Dáil as soon as possible in the circumstances.
