Funds Sector 2030 – Public Consultation

In his Budget Day speech last September, Minister for Finance Michael McGrath TD announced that a review of the Irish funds sector was to be undertaken, and in April this year, the Department of Finance published their terms of reference for the review.

On 22 June 2023, the Minister for Finance published a public consultation document as part of a review of Ireland’s funds sector entitled, “Funds Sector 2030: A Framework for Open, Resilient & Developing Markets”.

The consultation invites stakeholders to submit their views on:

  • How Ireland can maintain its leading position in asset management and fund servicing;
  • How the sector can support economic activity both at the regional and national level; and
  • How to ensure the sector is financially resilient, future-proofed and continues to meet international best-practice.

The review will also incorporate three recommendations from the Commission on Taxation and Welfare in relation to the taxation regime for investments products, the IREF and REIT regimes and the section 110 regime.

An online consultation portal is now open and the consultation period will run until 15 September 2023.

BDO will be preparing a response to the consultation as well as inputting into submissions being made by relevant industry bodies we are represented on. We will also be engaging with our clients in the Asset Management and Securitisation industries as part of the feedback process.

For more information on this please contact Angela Fleming, Head of Financial Services Tax.