ISE welcomes announcement to review stamp duty on share transactions
The Irish Stock Exchange (ISE) welcomes the announcement from the Department of Finance today to review the stamp duty regime on share transactions as part of the Government response to Brexit.
Director of Strategy, Aileen O’Donoghue said: “It is the right time for the Government to examine the impact of stamp duty on Irish companies and consider whether our economy is best served from taxing enterprise and productive capital in this way.
Investment capital is mobile and Irish companies are competing with enterprises worldwide for investors. Right now, Irish enterprises are at a serious competitive disadvantage – this is a constant refrain from international investors who are clear that there is a 1% tax penalty on investing in Irish companies that doesn’t apply to most of their international peers.
The stamp duty regime needs to change. The review announced today is very welcome, long overdue and necessary in the context of Brexit which is likely to cause further competitive pressures on Irish companies.”