Vol. 577 No. 5
18 Mr. Gormley asked the Minister for Arts, Sport and Tourism when a decision will be made on the measures which will be used to tighten up the section 481 provision, in view of the fact that this tax break has been extended until 2008. [31632/03]
In his budget speech, my colleague, the Minister for Finance, referred to the need to minimise abuse in the context of extending the section 481 scheme to 2008.
I agree, and have said publicly on several occasions, that there is no place in this scheme for those who do not play by the rules and within the spirit of the rules. Accordingly, my Department has entered into consultations with the Department of Finance and the Revenue Commissioners to determine what changes may be needed to the administration of the scheme to minimise the potential for abuse. Any adjustments will be made in a way that is consistent with preserving the attractiveness and practicality of the scheme.
