Not Even Studs Deserve Tax Breaks
December 7, 2005
Good tax policy continues to emerge from the Emerald Isle, as Ireland will move to repeal the tax free status of stud farms.
The tax-free status of stud farms is to be removed when the Irish finance minister Brian Cowen unveils his new budget in the Irish parliament today.
The proposed removal of the scheme has caused deep concern in the Irish bloodstock industry and a fear that the likes of Magnier will now turn their attention to America where they can operate more tax efficiently.
Full Story here.
Broadening the tax base is always sound tax policy, and Ireland should be applauded for removing this unjustified exemption, even if it curtails the amorous activities of some thoroughbreds.
With a 12.5 percent flat tax on corporate income and continued efforts to broaden the tax base, Ireland will continue its impressive growth and will remain a worldwide model of efficient tax policy.