TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Abolition of Capital Duty

One year after Ireland abolished capital duty, the EU is proposing the abolition of the duty on the raising of capital.

The European Commission proposes a phasing out of capital duty by 2010 in order to support the development of EU companies. Capital duty is an indirect tax levied on contributions of capital for capital companies and restructuring operations involving capital companies.

At 4 December 2006, only seven (Greece, Spain, Cyprus, Luxembourg, Austria, Poland and Portugal) of the 25 Member States continue to levy it, and the two accession countries, Bulgaria and Romania, do not levy it either.

Further information on the proposal is available at http://europa.eu/rapid/pressReleasesAction.do?reference=IP/06/1673&format=HTML&aged=0&language=en&guiLanguage=en.