Sir, I refer to your article on March 10th titled "EU states target tax haven role of Dublin Centre". Describing the IFSC as a "tax haven" not only reflects a level of misunderstanding about the International Financial Services Centre, but also tarnishes the good reputation of the centre, which provides direct employment for over 3,500 people.
The IFSC was established in 1987 with EU approval, for a 10 per cent corporate tax rate for companies that undertake international financial services activities in the centre and are certified by the Minister for Finance. It is a victim of its own success, insofar as now it is a major player in the international financial services market and, as such, has been subjected to bnlair comments from competitors.
Over the past ten years it has gained international recognition not solely because of the attractive fiscal regime on offer at the centre, but also because of sustainable factors such as the abundant supply of young, well-educated people and an excellent regulatory regime. The determined commitment the Irish authorities have dedicated to the centre has also been a vital ingredient in its success. - Yours, etc.,
Director, Financial Services Industry Association, Confederation House, 84-86 Lower Baggot Street, Dublin 2.