Ireland has detailed how it will implement the European Union’s new funds directive Ucits IV, Fund Strategy reports. As per the new proposals, a foreign Ucits fund managed by an Irish management firm under Ucits IV will not be considered as having a taxable presence in Ireland.

Funds sold exclusively to investors outside of the country will not have to ask their non-Irish investors to complete a non-resident’s declaration. A management firm holding units in an Irish regulated fund, which it runs, can complete a declaration so that no exit tax is deducted on payments from that fund.

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