Entrepreneur Dr Tony Ryan has said the bloodstock industry would not be damaged by the scrapping of tax relief on profits made on stallion fees.
The Revenue Commissioners and the EU Commission are both reviewing the relief but Dr Ryan, who owns two large studs farms, downplayed suggestions the domestic industry would be damaged by any tax changes.
Asked would the scrapping of the relief have disastrous consequences, Dr Ryan said: "No. It will have no impact whatsoever". He said the Irish bloodstock industry was already well established, although he said he did not regard the bloodstock sector as an industry.
"It's not a business, horse racing and horse breeding, it ain't an industry. Some very clever guy came up with the words 'bloodstock industry'."
Dr Ryan's name has featured in the media concerning a leading US racehorse called Afleet Alex, which is believed to be worth $20 million (€16.68 million).
Asked was he preparing to bid for this horse, Dr Ryan said: "I think there is a lot of people trying to buy that stallion. There is a lot of foreign interest."
