Ireland's tax exemption on stallion income remains unchanged, despite pressure from opposition parties.
The minister for finance, Charlie McCreevy, did not mention the issue in his budget speech and the Irish Thoroughbred Breeders' Association, which has lobbied hard to retain the 1969 concession which has enabled the Irish breeding industry to thrive, is delighted.
"This is good for the breeding industry and I think it's good for Ireland too," said Jock O'Connor, the ITBA chairman.
Some 25,000 people with a connection to bloodstock are employed in Ireland and the export earnings are considerable. There has been unconfirmed speculation since the budget was released that some sort of tax on stallion income may come about at a future date, but at a fairly low rate.