As part of a measure to develop and promote Irish exports to the BRICS countries, (i.e. Brazil, Russia, India, China and South Africa), the Finance Act 2012 has reintroduced, in a more limited form, an income tax relief called the Foreign Earnings Deduction (FED). The FED will apply to Irish tax resident individuals working in the BRICS countries for the tax years 2012, 2013 and 2014. The relief operates by granting a tax deduction against the individual’s income tax liability where certain conditions are met. The maximum deduction allowed on an annual basis is €35,000.