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International Financial Services Centre

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The International Financial Services Centre ( IFSC ) is an area of central Dublin and part of the CBD established in the 1980s as an urban regeneration area and Special Economic Zone (SEZ) on the derelict state owned former port authority lands of the reclaimed North Wall and George's Dock areas of the Dublin Docklands. The term has now morphed into use as a metonym for the Irish financial services industry as well as being used as an address and still being classified as an SEZ. It officially began in 1987 as an SEZ on an 11-hectare docklands site in central Dublin, with EU approval to apply a 10% corporate tax rate for "designated financial services activities" on the site. Before the expiry of this EU approval in 2005, the Irish Government legislated to effectively have a national flat rate by reducing the overall Irish corporate tax rate from 32% to 12.5% which was introduced in 2003. An additional primary goal of the IFSC was to assist the urban renewal and developm...
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Global ranking

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GFCI ranking (2007–2019) edit The IFSC, classed as "Dublin", appears in the Global Financial Centres Index (GFCI), a ranking of the competitiveness of over 100 global financial centres based on over 29,000 financial centre assessments from an online questionnaire together with over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The index was started in 2007 and is published twice a year; the IFSC (or Dublin) reached a high of ninth in GFCI6, and a low of 73rd in GFCI16. Global Financial Centres Index ranking (2007–2019)a GFCI Survey GFCI Survey Date Dublin Ranking Total Cities Dublin Score GFCI1 March 2007 21 578 GFCI2 September 2007 15 605 GFCI3 March 2008 13 613 GFCI4 September 2008 13 613 GFCI5 March 2009 13 622 GFCI6 September 2009 9 618 GFCI7 March 2010 31 612 GFCI8 September 2010 29 605 GFCI9 March 2011...
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Tax haven concerns

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IFSC growth is closely related to concern regarding tax issues, and Ireland as a tax haven, estimated in 2018 by academics to be the world's largest tax haven. The role that the major IFSC accounting and IFSC law firms have played in creating Irish tax haven-type legal structures, including Double Irish, Single malt, and Capital allowances for intangible assets (CAIA) BEPS tools, as well as Section 110 SPV, QIAIF and ICAV zero-tax legal structures, has been chronicled. For example, PwC Ireland, one of the largest professional services firms in the IFSC, was identified in 2013 by Bloomberg as the "great architect" of the Double Irish arrangement, the largest known legal tax avoidance structure in history, responsible shielding over US$100 billion annually from taxation. In addition, Matheson, who state that they have the largest corporate tax group of all IFSC law firms, was identified in 2013 by the Wall Street Journal as the headquarters of 125 major US multi-nationals ...
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