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| Ireland Announces New Companies Act Amendment |
by Jason Gorringe, Tax-News.com, London
Friday, January 08, 2010
Irish Minister for Trade and Commerce, Billy Kelleher on January 4, announced
the enactment of the Companies (Miscellaneous Provisions) Act 2009.
Kelleher explained the main features of the act, aimed at easing doing business
in Ireland, which were agreed following consultation with businesses:
“The Act will allow certain companies to continue on a temporary basis
to use US Generally Accepted Accounting Principles (US GAAP) in the preparation
of their accounts. The Act also introduces a mechanism to allow certain types
of collective investment fund to migrate their activities into and out of Ireland
without firstly having to wind up in their current jurisdictions,” he stated.
Welcoming the fact that this Act had been enacted one month after its initiation
as a new Bill in Ireland’s upper house of parliament, Kelleher
observed that:
“The rapidity with which Ireland has amended its laws to provide
a legislative basis for these measures sends a strong signal nationally and
internationally of our commitment to working with industry in support of valuable
new business opportunities. I look forward to seeing these business opportunities
translate into investment and jobs in 2010 and beyond.”
According to the Trade Minister, most of the provisions in the Act will enter into
force with immediate effect.
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