On 21 February 2017, the Ministry of Finance (MoF) published a public consultation paper on the review of the corporation tax code. The review, which is to be undertaken by an independent expert, will be conducted in consideration of the following objectives:
- achieving the highest international standards in tax transparency, including in the automatic exchange of information on tax rulings with other relevant jurisdictions, having regard to benefits which may accrue to developing countries from enhancing global tax transparency;
- ensuring that the corporation tax code does not provide preferential treatment to any taxpayer;
- further implementing Ireland’s commitments under the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) project to tackle harmful tax competition and aggressive tax planning;
- delivering tax certainty for business and maintaining the competitiveness of Ireland’s corporation tax offering; and,
- maintaining the 12.5% rate of corporation tax.
Interested parties are invited to answer the consultation questions on what additional legislative measures should be taken in order to achieve the highest international standards in tax transparency, further implement the OECD BEPS Project actions and maintain competitiveness of the corporation tax code and deliver tax certainty for business.
The consultation period will run from 21 February 2017 to 4 April 2017, a period of 6 weeks. Comments may be submitted to ctcodereview@finance.gov.ie.
