Stock exchange Euronext Dublin is proposing a stamp duty exemption on the trading of shares in companies with a market valuation of less than €1bn
As published on: https://www.irishexaminer.com/business/companies/arid-41635777.html
Stock exchange Euronext Dublin is seeking an exemption to the stamp duty paid when trading shares in companies worth less than €1bn to attract retail investors into the Irish market.
This measure was just one of four the exchange has made to the Government in its recent pre-budget submission.
Ireland currently applies a 1% stamp duty on the trading of shares, which Euronext said was “disproportionately higher than in other European states”.
Euronext Dublin is proposing a stamp duty exemption on the trading of shares in companies with a market valuation of less than €1bn, an increase the lifetime limit for Capital Gains Tax Entrepreneur Relief by a further €1m to a total of €2m, and the establishment an Irish equity market growth fund to provide equity finance to companies listed, or intending to list, on Irish markets.
It is also seeking an incentivised savings and investment account scheme for Ireland, offering savers an equity-focused product while creating a new source of finance for scaling enterprises listed on public markets.
Euronext Dublin chief executive Daryl Byrne said there was a recognition in the programme for government of the potential of Irish equity capital markets “to support the financing of indigenous enterprise”.
“Ireland may have been missing a trick in not supporting more Irish enterprises to access private capital by way of public markets, evidenced by the small number of initial public offerings in Ireland over the past decade,” he said.
“At the same time, unlike other EU countries, Ireland lacks ways for retail investors to access equity products. This represents both a serious market failure and a worrying missed opportunity for Ireland.”
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