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Friday, 12th April 2024
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Profit sharing should avoid ‘tax planning’ Back  
The Minister for Finance said in October that the the Government 'is prepared to consider' giving tax relief for other forms of profit sharing beyond the new Save as You Earn and Employee Share Ownership Trusts.
Profit sharing should avoid ‘tax planning’

The Minister for Finance said in October that the the Government 'is prepared to consider' giving tax relief for other forms of profit sharing beyond the new Save as You Earn and Employee Share Ownership Trusts.

Addressing a SIPTU conference, Charlie McCreevy said that the government had 'to be conscious that in providing tax breaks for profit sharing it needs to avoid creating opportunities for tax planning'.
Schemes would be assessed by:

• whether all employees are able to participate on similar terms in profit sharing schemes;
• whether they provide an opportunity for employees to acquire an equity stake in their employing company; and
• whether there is a medium to long term aspect to profit sharing in the form of delivery of benefits in the future for the efficiency improvements undertaken now.

A number of pre-Budget submissions have been made by employer and employee representatives. ICTU has recommended changes to the rules governing Employee Share Option Trusts.

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