International Financial Services Centre, Dublin

This article is about the financial centre in Dublin, Ireland. For other global financial centres, see Financial centre.

IFSC House - the former offices of AIB (IFSC, Custom House Quay, Dublin 1)
Central Bank of Ireland headquarters with the foundations of Salesforce new Dublin office and the MV Cill Airne in the foreground (Spencer Dock, North Wall Quay, Dublin 1)

The International Financial Services Centre (IFSC; Irish: Lárionad Seirbhísí Airgeadais Idirnáisiúnta) is an area of central Dublin and part of the CBD established in the 1980s as an urban regeneration area and special economic zone (SEZ) on the derelict state-owned former port authority lands of the reclaimed North Wall and George's Dock areas of the Dublin Docklands. The term has become a metonym for the Irish financial services industry as well as being used as an address and still being classified as an SEZ.[1]

It officially began in 1987 as an SEZ on an 11-hectare (27-acre) docklands site in central Dublin, with EU approval to apply a 10% corporate tax rate for "designated financial services activities".[2][3] Before the expiry of this EU approval in 2005, the Irish Government legislated to effectively have a national flat rate by reducing the overall Irish corporate tax rate from 32% to 12.5% which was introduced in 2003.[4]

An additional primary goal of the IFSC was to assist the urban renewal and development programme of the North Wall area as a result of its dereliction following the advent of containerisation in the 1960s.[5] Following a period of successful regeneration the Section 23 Relief and other schemes ceased accepting new entrants from 1999.[6]

The original 11-hectare IFSC site has gone through several expansions to become a 37.8-hectare (93-acre) area by 2018 which is now a major European financial centre.[7] By merging with the Spencer Dock and Grand Canal Dock area, the IFSC is now considered to be an "International Services Centre", covering a broader range than being purely financial.[8] The creation and development of the IFSC is considered to be an important part of Ireland's economic growth story.[9]

  1. ^ "Faisnéis Ghinearálta An Rialálaí Carthanas". An Rialálaí Carthanas.
  2. ^ "About the IFSC". IFSC.ie. 2018. Archived from the original on 24 December 2018. Retrieved 18 February 2010.
  3. ^ Cite error: The named reference his1 was invoked but never defined (see the help page).
  4. ^ Cite error: The named reference his2 was invoked but never defined (see the help page).
  5. ^ "Tax Briefing" (PDF). Office of the Chief Inspector of Taxes. 1996. Archived (PDF) from the original on 13 August 2019. Retrieved 13 August 2019.
  6. ^ "Section 23 Relief – Rented Residential Relief in a Tax Incentive Area" (PDF). Revenue Commissioners. 1 March 2018. Archived (PDF) from the original on 19 October 2019. Retrieved 15 August 2019.
  7. ^ "'The Exchange' – First new office building within Dublin's original IFSC since 2003 – to complete in October 2017". Savills. 26 September 2016. Archived from the original on 23 March 2018. Retrieved 22 March 2018.
  8. ^ Cite error: The named reference dcc was invoked but never defined (see the help page).
  9. ^ Cite error: The named reference shaxson was invoked but never defined (see the help page).