Clearing House Group Minutes - Department of Taoiseach

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Cypriot Presidency Negotiations on the following files will be initiated by the Cypriot Presidency and will form part of the Irish Presidency agenda: Directive on legal certainty of securities holding and transactions (SLD) Institutions for Occupational Retirement Provisions (IORP) – The Department of Social Protection take the lead on this file. Close-out Netting Irish Presidency planning The agenda is evolving and will become clearer as the Danish and Cypriot presidencies progress. Discussions with the Commission and Trio partners [Lithuania and Greece] will be important part of the decision making process on priorities. The Minister for Finance and the Government will decide on our priorities. Trilogue discussions with European Parliament will be a key part of the Irish Presidency. D/Taoiseach updated the Group on Presidency preparations and priorities for the Irish Presidency. At the last two IDCCP meetings in November and December 2011, Departments highlighted emerging issues and draft legislation that is likely to figure on Ireland‟s Presidency agenda in 2013.These discussions will feed into the Trio and national Presidency programming process. Regular meetings are taking place with Attachés focussing on emerging sectoral priorities and this work will also contribute to the clearer definition of Irish Presidency themes. The IDCCP will continue to evaluate and refine the Presidency priorities and to assess emerging overall themes. It was also reported that the Presidency would largely be based in Dublin and that it provided a unique promotional opportunity for Ireland to assist in rebuilding Ireland‟s reputation in Europe and internationally. 6. Budget and Finance Bill process In December‟s Budget, the Minister announced the introduction of a new Special Assignee Relief Programme and a new Foreign Earnings Deduction for temporary assignments to BRICS countries in order to help address this issue. The Minister also reiterated the Government‟s commitment to the 12.5% corporate tax rate and announced that Finance Bill 2012 would contain a further package of measures to support the IFS industry. The Finance Bill will be published on 9 February. As mentioned at the November 2011 CHG meeting, the Tax Policy Unit in the Department of Finance has been working closely with the different industry subgroups in the run-up to the Finance Bill and three further meetings took place in December and January.
D/Finance pointed out that when considering industry proposals, they must also be mindful of Ireland‟s tax reputation. In this regard, in relation to the Funds Industry proposal for the introduction of a bespoke tax regime for a new type of investment vehicle – an „Alternative Investment Company‟ D/Finance said they had to consider the broader implications of individual proposals in terms of their potential impact on Ireland‟s reputation. It was the Department‟s view that the introduction of such a vehicle could be viewed negatively by our Treaty partners as overly aggressive and as a result, the proposal was not being considered for the Finance Bill. The Department understood the industry‟s disappointment but highlighted that virtually all of the other issues contained in the Funds Industry pre-Budget submission were being progressed and that the Department is working with the Funds industry to develop a new corporate funds structure in Ireland. There are between 15 and 20 individual measures under consideration. The aim of a number of these measures is to simplify the tax treatment applying to complex financial transactions in order to make it easier to do business. 7. Report on Central Bank / industry engagement Discussions are ongoing between the Central Bank and industry, and meetings will take place over the coming weeks. 8. Marketing IDA/IFSC Ireland IDA reported that the 2012 marketing programme was underway. A number of forthcoming international events involving the Taoiseach, the IDA and IFSC Ireland were outlined. IDA was cautiously optimistic on the prospects for 2012. Martin Fraser informed the meeting that a high profile inward visit from China was earmarked for February and that the Taoiseach would visit Davos in February and a number of cities in the US as part of the St Patricks Day celebrations. 9. AOB John Murphy said that a Jobs Action Plan was being finalised within D/JEI and would be announced shortly. He also mentioned that consideration was being given restructuring within the Department and its Agencies. 10. Date of next meeting: The next meeting takes place at 5pm on Tuesday 3 April 2012 in the Italian Room, Ground Floor.
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Clearing House Group Minutes - Department of Taoiseach

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