Corporation tax revenue has been growing strongly and a significant part of the growth for this year is due to changes in international accounting standards (IFRS 15). #Budget19
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Around €0.7 billion of the 2018 over-performance is estimated as one-off. As these receipts are not expected to repeat next year, they do not feature in projecting receipts for 2019.
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I will be introducing new Controlled Foreign Company (CFC) rules, in line with the Anti-Tax Avoidance Directive (ATAD) in the Finance Bill 2018. This will apply for accounting periods beginning on or after 1 January 2019.
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I have committed to a review and update of Ireland’s transfer pricing provisions in 2019 to ensure our tax system is in line with new international best practice.
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