Ireland reveals its plan for a new corporate tax regime
KPMG Ireland reports that the country has announced its new Corporation Tax Roadmap. This initiative sets out Ireland's intentions for its future corporate tax regime and also clarifies that the country does not plan to change its 12.5% corporate tax rate as part of the Roadmap.
According to the announcement released on September 5, 2018, Ireland will update its transfer pricing regime to current international best practice standards under OECD transfer pricing guidelines, beginning January 1, 2020. The country also says it will continue implementing EU and OECD wide transparency related initiatives such as exchange of mandatory reporting on cross-border arrangements under the EU's Directive on Administrative Cooperation (DAC) in taxation matters.
The Road Map includes measures that Ireland will adopt from the European Union (EU) Anti-Tax Avoidance Directive as an EU member state and specifies that it will not go "beyond" the directive's requirements.
Finally, Ireland mentions in its announcement that it will be seeking feedback from stakeholders as part of the detailed implementation of the announced measures.
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Information is current to September 11, 2018. 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