Ireland: Dáil Public Accounts Committee calls for company law changes

The Dáil Public Accounts Committee has published a report on the loss of fiduciary taxes arising from the abuse of limited liability: see here (pdf). The Committee has recommended that company law should require directors to have their own tax affairs in order when incorporating a new company or when being appointed to an existing company. It has also recommended that the Company Law Review Group should examine whether the current levels of capitalisation required when incorporating a limited liability company should be increased.