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Department of Finance publishes Review of Ireland’s Corporation Tax Code
On 12 September 2017 the Minister for Finance released the anticipated review of Ireland’s Corporation Tax Code, undertaken by economist Seamus Coffey.
The terms of reference for the review included: tax transparency; avoiding preferential treatment between taxpayers; further implementing Ireland’s international commitments; delivering tax certainty; maintaining competitiveness; and maintaining the 12.5% corporation tax rate.
Key recommendations in the review include the following:
- Scrutiny of proposed measures to meet OECD and EU standards on preferential treatment;
- Supporting the EU Directive on mandatory disclosure in line with OECD recommendations;
- The passage of the Taxation and Certain Other Matters (International Mutual Assistance) Bill through Dáil and Seanad Éireann should be facilitated;
- Updating and expanding the scope of Ireland’s transfer pricing regime;
- Consideration of whether to change to a territorial tax system;
- Enhancement of the resources of the Revenue Commissioners to deal with international dispute resolution.
- The introduction of a cap on capital allowances claims with respect to intangible assets as a way of smoothing corporation tax revenues over time.