DUBLIN Ireland's finance minister proposed on Tuesday to amend tax laws to address what he called the perceived misuse of some special purpose vehicles, so-called section 110 companies, to avoid paying tax on property transactions.
"I am publishing this proposed amendment to ensure that the tax provisions are ring-fenced for bona-fide securitisation purposes ... and ensure that the Irish tax base is appropriately protected," Michael Noonan said in a statement.
"As this is a proposed amendment, for inclusion in the forthcoming Finance Bill, I will evaluate and give due consideration to any further amendments that are proposed. If any further abuses of the section 110 regime are identified, further measures may be brought for my consideration."
(Reporting by Padraic Halpin; editing by David Clarke)