Irish budget confirms significant international tax changes
In its 2020 budget, Ireland reaffirms several important proposed tax changes that will be effective January 1, 2020, including significant amendments to its transfer pricing rules. The budget also reaffirms Ireland will introduce anti-hybrid anti-avoidance rules as of January 1, 2020, and include new EU mandatory disclosure rules as of July 1, 2020 (as required under EU Anti-Tax Avoidance Directives). Finally, the budget reaffirms Ireland's long-term commitment to its current 12.5% corporate tax rate.
Ireland's budget was released on October 8, 2019. Finance Bill 2019 contains provisions to enact these measures and was published on October 17, 2019.
Other tax measures included in the budget
The 2020 budget also includes new measures that may be of interest to multinationals operating in Ireland, including measures to:
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Information is current to October 22, 2019. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500