The Minister for Finance, Michael McGrath, has published the terms of reference for the Department of Finance to conduct a review of Ireland’s funds sector.
Ireland is a global centre of excellence for asset management and funds servicing with the latest figures showing regulated and unregulated funds in Ireland having approximately €4.6 trillion in assets under management. Nationally, the funds sector employs some 17,000 people across 180 companies.
The multi-disciplinary Review Team will be led by the Department of Finance, with support from state bodies, including Revenue and the Central Bank of Ireland. It is to produce a report titled ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets.’ and will conclude its work in summer 2024.
The team will look at a range of issues, which include examining the regimes for Section 110 entities, Real Estate Investment Trusts (REITs) and Irish Real Estate Funds (IREFs). It will also examine international contexts, effects on employment and the economy and the wider taxation regime for funds, life assurance policies and other related investment products.
Commenting on today’s publication Minister McGrath said:
“The establishment of a Review Team to develop a ‘Funds Sector 2030’ report is a proactive step and will cover a wide range of issues from competitiveness to taxation to financial stability.
Ireland is a global centre of excellence for the asset management and funds servicing and over many years this has been a driver of economic and employment growth. I am confident that a new framework will support long-term growth in this area and maintain a sustainable and resilient funds sector here.
This review also fulfils recommendations from the Commission on Taxation and Welfare and will ensure that our domestic funds framework is up-to-date and takes account of the significant developments in the funds sector in recent years.”
Further information is available here.
LOADING...