Ireland: Offshore Business Sectors
Aircraft Financing and Leasing
Ireland has put behind it the unfortunate GPA debacle, and with the asset of the International Financial Services Centre (IFSC) has continued to establish itself as a major jurisdiction for aircraft leasing, attracting such notable names as Airbus Industrie which runs its main aircraft leasing operation from Dublin.
The IFSC offered a 10% corporation tax rate and exemption from withholding taxes to companies which obtained certification from the Minister for Finance; applications were made through the Industrial Development Authority. The 10% rate was not available to new applicants after 1999, due to the introduction of of a general 12.5% corporation tax rate agreed by the Irish Government with the EU from 1st January 2003.
There are a number of other favourable tax rulings available in Ireland to leasing companies; see Offshore Legal and Tax Regimes for further details.
Ireland's network of double tax treaties is also a major attraction for leasing companies, although the IFSC tax benefits cause the loss of treaty coverage in some cases.