Dept of Finance accused IFSC firms of rule abuse in 1987

Top civil servant Pádraig Ó hUigínn was later warned that companies were offering foreign banks access to IFSC‘s tax benefits

29th December, 2019
Dept of Finance accused IFSC firms of rule abuse in 1987
The IFSC was established in 1987 and was strongly supported by Taoiseach Charles Haughey. Picture: Photocall Ireland

Newly-released state papers reveal that the Department of Finance accused several companies that had set up in the new Irish Financial Services Centre in Dublin in 1987 of abusing its rules for the benefit of foreign banks.

The released papers show the country’s top civil servant, Pádraig Ó hUigínn, was notified in November 1988 that recently-certified IFSC companies were offering foreign banks a mechanism to gain access to the tax benefits of the IFSC without having...

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