Recent media reports of a cyber attack on the Fine Gael website, along with the theft of data relating to over 500,000 GAA members and the theft of 10 laptops from the Revenue Commissioners, has firmly placed the issue of data protection back in the spotlight. Leo Moore of our Technology Practice discusses some of the challenges faced by companies which are raised by data security breaches.

Irish legislation on the prevention of corruption has been significantly enhanced with the recent passing of a new Act which amends existing anti-corruption legislation and provides statutory protection for “whistleblowers”.

The Mandatory Disclosure regime, introduced in 2010 to provide Revenue with early information on tax avoidance schemes, has now been amended by the Finance Bill 2011 and recently published amending legislation. Our Tax Department outlines some of the changes to the regime.

Recent and prolific reporting of email/internet controversies should serve as a stark reminder to employers of the importance of robust email and internet policies.  Employers seeking to protect their business reputation and preserve employee productivity should maintain comprehensive deterrent policies including realistic sanctions. 

Businesses considering engaging in research and development or other co-operative partnerships with competitors should consult comprehensive new EU guidance which came into force on 1 January 2011. Our Competition & Regulation Department outlines what the new guidance entails.

The European Commission’s “Action programme for reducing administrative burdens in the EU” is bearing fruit through new legislation relating to the obligation to prepare group accounts and for prospectuses.

Please click on Download PDF to view the February 2011 issue of Legal News.

Section 110 of the Taxes Consolidation Act 1997 affords favourable tax treatment to “qualifying companies” engaged in certain transactions that are regarded as securitisations. Profits of such companies are subject to tax at 25% but are computed on the same basis as a trading company. This means that the costs of funding are generally tax deductible resulting in minimal profit on which the company will pay corporation tax.