Cowen says stud farm tax break may have to be scrapped
03/02/2005 - 11:32:16Minister for Finance Brian Cowen has revealed that controversial tax breaks given to wealthy racehorse owners may have to be scrapped due to EU regulations.
Mr Cowen told the Dáil today that the European Commission had decided the Government's decision to abolish tax on stud fees appeared to breach competition law.
He said he had received a letter from the EC saying that the tax break appeared to constitute illegal state aid.
Mr Cowen said the Government had been invited to respond to the EC ruling within one month.
