LegalizeFinance (No. 2) Act 2023
111AAD. (1) Subject to subsections (2) to (6), Chapters 3 to 8 shall apply for the purposes of determining the domestic top-up tax of a qualifying entity (in this section referred to as ‘domestic purposes’), as those Chapters apply for the purpose of determining the top-up tax of a constituent entity for the purposes of this Part.
(2) For the purposes of subsection (1), this Part has effect for domestic purposes as if—
(a) references to a constituent entity were to a qualifying entity,
(b) the formula in section 111AD(3) took no account of qualified domestic top-up tax payable,
(c) sections 111T(1)(b) and 111AS were omitted,
(d) references to financial accounting net income or loss for the fiscal year, where it is determined in accordance with a local accounting standard pursuant to paragraph (e), were to the financial accounting net income or loss determined for a constituent entity, joint venture or joint venture affiliate, as the case may be, in preparing financial statements in accordance with that local accounting standard for an accounting period,
(e) there were inserted in section 111O the following subsections after subsection (3):
‘(3A) Notwithstanding subsections (2) and (3) and subject to subsection (3B), the financial accounting net income or loss of a qualifying entity for the fiscal year shall be determined in accordance with a local accounting standard where—
(a) the qualifying entity is an entity within the meaning of section 111AAB(1)(c), or
(b) all of the qualifying entities of the MNE group, large-scale domestic group or joint venture group, as the case may be, located in the State have financial accounts prepared in accordance with a local accounting standard and the accounting period of all such accounts is the same as the fiscal year of the consolidated financial statements of the MNE group, large-scale domestic group or joint venture group as the case may be, and—
(i) all such constituent entities are required to prepare or use such accounts for the purposes of determining their liability to tax in the State or to comply with any other law of the State, or
(ii) such financial accounts are subject to an external financial audit.
(3B) (a) Subject to paragraph (b), where any of the qualifying entities of an MNE group, large-scale domestic group or joint venture group, as the case may be, located in the State prepare financial accounts under more than one local accounting standard then, for the purposes of subsection (3A), the financial accounting net income or loss of a constituent entity for the fiscal year shall be determined in accordance with—
(i) the local accounting standard used for the purposes of determining the profits, losses or gains of the qualifying entity for the purposes of Case I or II of Schedule D, or
(ii) where no such profits, losses or gains exist, the local accounting standard used for the preparation of the financial accounts that are annexed to the annual return to be filed with the Registrar in accordance with the Companies Act 2014, for the accounting period which corresponds to the fiscal year.
(b) Where a qualifying entity does not prepare financial accounts—
(i) for the purposes of determining the profits, losses or gains of the qualifying entity for the purposes of Case I or II of Schedule D, or
(ii) that are annexed to the annual return to be filed with the Registrar in accordance with the Companies Act 2014, for the accounting period which corresponds to the fiscal year,
the financial accounting net income or loss of a constituent entity for the fiscal year shall be determined in accordance with subsections (2) and (3).’,
(f) subsections (4), (5) and (7) of section 111Z did not apply,
(g) any covered tax of a main entity that is allocable to a permanent establishment located in the State under subsection (2) of 111Z was not allocated to that permanent establishment,
(h) a reference to covered taxes in section 111Z(6) is construed as only including withholding taxes imposed on the distribution of a qualifying entity in the State,
(i) subsections (3) and (5) of section 111AO did not apply, and
(j) subsections (5) to (7) of section 111AP did not apply.
(3) For the purposes of subsection (1), this Part has effect for domestic purposes in respect of a qualifying entity within the meaning of section 111AAB(1)(c) as if—
(a) references in this Part to member of a group, member of an MNE group and member of a large-scale domestic group were to qualifying entity,
(b) references in this Part to the consolidated financial statements of the ultimate parent were to the standalone financial statements of the qualifying entity, and
(c) the following sections of this Part were omitted:
(i) section 111R;
(ii) section 111S;
(iii) section 111Z;
(iv) section 111AA;
(v) section 111AH;
(vi) section 111AO;
(vii) section 111AP;
(viii) section 111AQ;
(ix) section 111AR;
(x) section 111AU;
(xi) section 111AV.
(4) Section 111AY shall apply for domestic purposes—
(a) where—
(i) none of the ownership interests in a qualifying entity are held by a parent entity located outside the State that is subject to a qualified IIR, or
(ii) the ownership interests in a qualifying entity are held by a parent entity located outside the State that is subject to a qualified IIR and the ownership interests in the parent entity are directly or indirectly held by—
(I) an ultimate parent entity located in the State, or
(II) an intermediate parent entity located in the State when the ultimate parent entity is an excluded entity,
and
(b) as if the following were substituted for subsection (1) of that section—
‘(1) The domestic top-up tax due by a qualifying entity in accordance with section 111AAC(1) shall be reduced to zero where—
(a) the qualifying entity is a member of an MNE group, in the first 5 years of the initial phase of the international activity of the MNE group, starting from the first day of the fiscal year in which the MNE group falls within the scope of this Part for the first time, notwithstanding the requirements laid down in Chapter 5,
(b) the qualifying entity is a member of a large-scale domestic group, in the first 5 years, starting from the first day of the fiscal year in which the large-scale domestic group falls within the scope of this Part for the first time, or
(c) the qualifying entity is an entity within the meaning of section 111AAB(1)(c), in the first 5 years, starting from the first day of the accounting period in which entity falls within the scope of this Part for the first time.’.
(5) (a) For the purposes of this subsection, ‘new transition year’ means the first fiscal year that a qualifying entity is subject to a qualified IIR or a qualified UTPR in a jurisdiction, where that fiscal year begins on a date later than the beginning of the transition year within the meaning of section 111AW(1).
(b) For the purposes of determining the domestic top-up tax of a qualifying entity in respect of a new transition year:
(i) any excess negative tax expense carry-forward shall be eliminated at the beginning of the new transition year;
(ii) section 111X(9) shall not apply to any deferred tax liability that was taken into account in calculating the effective tax rate for the purposes of determining the domestic top-up tax of the qualifying entity for a fiscal year prior to the new transition year, that was not recaptured prior to the new transition year;
(iii) section 111X(9) shall apply to deferred tax liabilities that are taken into account in, and subsequent to, the new transition year;
(iv) any qualifying loss deferred tax asset in respect of a fiscal year preceding the new transition year shall be eliminated and the filing constituent entity may make a new election in accordance with section 111Y(1)(a) and, notwithstanding section 111Y(5), the filing constituent entity may make a new election in the top-up tax information return of the MNE group for the new transition year in accordance with section 111Y(1)(a);
(v) the deferred tax assets and deferred tax liabilities taken into account in determining the effective tax rate for a jurisdiction in accordance with section 111AW(2) shall be eliminated and that subsection shall be applied at the beginning of the new transition year;
(vi) section 111AW(3) shall apply to transactions occurring after 30 November 2021 and before the beginning of the new transition year but where domestic top-up tax was payable due to the application of section 111U(6) in respect of a deferred tax asset attributable to a tax loss, such deferred tax asset shall not be treated as arising from items excluded from the calculation of qualifying income or loss under Chapter 3.
(6) Where this Part provides that an election may be made, then that election may be made for domestic purposes to the extent that such an election would affect the calculation of domestic top-up tax for a qualifying entity.
(7) For the purposes of subsection (6), a foreign IIR election is to be treated as an election made under this Part.
Scope of application of qualifying domestic top-up tax
111AAE. This Chapter shall apply to a qualifying entity—
(a) within the meaning of paragraph (a) or (b), as the case may be, of section 111AAB(1) for fiscal years beginning on or after 31 December 2023, and
(b) within the meaning of paragraph (c) of section 111AAB(1) for accounting periods beginning on or after 31 December 2023.
CHAPTER 10
Administration
Interpretation (Chapter 10)
111AAF. (1) In this Chapter—
‘assessment’ means an assessment to GloBE tax that is made under this Part and, unless the context otherwise requires, includes a self-assessment;
‘designated local entity’ means the constituent entity of an MNE group or large-scale domestic group that is located in the State and has been appointed by the other constituent entities of the MNE group or large-scale domestic group located in the State to file the top-up tax information return or submit the notification of filer on their behalf;
‘electronic means’ has the same meaning as it has in section 917EA;
‘GloBE return’ means an IIR return, UTPR return or QDTT return, as the case may be;
‘GloBE tax’ means IIR top-up tax, UTPR top-up tax or domestic top-up tax, as the case may be;
‘IIR return’ has the meaning assigned to it in section 111AAJ;
‘IIR self-assessment’ means an assessment by a relevant parent entity, or a person acting under the authority of a relevant parent entity, of the amount of IIR top-up tax payable by the relevant parent entity for the fiscal year;
‘notification of filer’ has the meaning assigned to it in section 111AAI;
‘prescribed form’ means a form prescribed by the Revenue Commissioners or a form used under the authority of the Revenue Commissioners;
‘QDTT group’ has the meaning assigned to it in section 111AAO; ‘QDTT group filer’ has the meaning assigned to it in section 111AAO; ‘QDTT return’ has the meaning assigned to it in section 111AAN;
‘QDTT self-assessment’ means an assessment by a qualifying entity, or a person acting under the authority of a qualifying entity, of the amount of domestic top-up tax payable by the qualifying entity for the fiscal year;
‘qualifying entity’ has the meaning assigned to it in section 111AAB;
‘relevant parent entity’ has the meaning assigned to in section 111AAH;
‘relevant UTPR entity’ has the meaning assigned to it in section 111AAH;
‘Revenue assessment’ has the meaning assigned to it in section 111AAU;
‘specified return date’ in respect of a fiscal year means—
(a) the last day of the period of 15 months beginning on the day immediately following the end of the fiscal year, or
(b) where the fiscal year is a transition year, the last day of the period of 18 months beginning on the day immediately following the end of the fiscal year;
‘TIN’ means the tax identification number allocated by the Revenue Commissioners to an entity, or where an entity is located in a jurisdiction other than the State, the tax identification number allocated by the tax authority of the jurisdiction in which that entity is located;
‘top-up tax information return’ has the meaning assigned to it in section 111AAI;
‘transition year’ means the first fiscal year that a qualifying entity, a relevant UTPR entity or a relevant parent entity, as the case may be, comes within scope of this Part;
‘UTPR group’ shall be construed in accordance with section 111AAL; ‘UTPR group filer’ has the meaning assigned to it in section 111AAL; ‘UTPR return’ has the meaning assigned to it in section 111AAK;
‘UTPR self-assessment’ means an assessment by a relevant UTPR entity, or a person acting under the authority of a relevant UTPR entity, of the amount of UTPR top-up tax payable by the relevant UTPR entity for the fiscal year.
(2) A notification, notice, return or other such document required to be delivered to the Revenue Commissioners under this Part shall be delivered by electronic means and through such electronic systems as the Revenue Commissioners may make available for the time being for any such purpose, and the relevant provisions of Chapter 6 of Part 38 shall apply.
(3) For the purposes of this Chapter a reference to ‘entity’ shall be construed as including a reference to a permanent establishment.
(4) For the purposes of this Chapter a reference to ‘fiscal year’ shall be construed as including a reference to an accounting period in respect of an entity to which section 111AAB(1)(c) applies.
Care and management
111AAG. (1) IIR top-up tax, UTPR top-up tax and domestic top-up tax shall be under the care and management of the Revenue Commissioners.
(2) Part 37 shall apply to IIR top-up tax, UTPR top-up tax and domestic top-up tax, subject to the following modifications:
(a) a reference to corporation tax in sections 849, 861, 863, 864, 865B, 872 and 874 shall be construed as including a reference to IIR top-up tax, UTPR top-up tax and domestic top-up tax;
(b) a reference to the Tax Acts in sections 851, 852, 856, 860, 861, 864, 865A, 868, 869, 873 and 874 shall be construed as including a reference to this Part;
(c) a reference to accounting period in section 863 shall be construed as including a reference to fiscal year;
(d) a reference to a chargeable person or a chargeable person (within the meaning of Part 41A) in section 865 shall be construed as including a reference to a qualifying entity, relevant UTPR entity and relevant parent entity;
(e) the definition of ‘chargeable period’ in section 865(1)(a) shall be construed as if “has the same meaning as ‘fiscal year’ in section 111A” were substituted for “has the meaning assigned to it by section 321”;
(f) in section 870—
(i) a reference to the Capital Gains Tax Acts shall be construed as including a reference to this Part,
(ii) a reference to tax shall be construed as including a reference to IIR top-up tax, UTPR top-up tax and domestic top-up tax, and
(iii) a reference to assessment shall be construed as a reference to an assessment within the meaning of this Chapter.
Obligation to register
111AAH. (1) (a) An entity that is subject to IIR top-up tax for a fiscal year (in this Chapter referred to as a ‘relevant parent entity’), shall give notice to the Revenue Commissioners, in the form and manner specified by the Revenue Commissioners, that it is such an entity, not later than 12 months after the last day of the first fiscal year during which it is a relevant parent entity, immediately following a fiscal year for which it was not a relevant parent entity.
(b) An entity that is subject to UTPR top-up tax for a fiscal year (in this Chapter referred to as a ‘relevant UTPR entity’) shall give notice to the Revenue Commissioners in the form and manner specified by the Revenue Commissioners, that it is such an entity, not later than 12 months after the last day of the first fiscal year during which it is a relevant UTPR entity, immediately following a fiscal year for which it was not a relevant UTPR entity.
(c) A qualifying entity shall give notice to the Revenue Commissioners, in the form and manner specified by the Revenue Commissioners, that it is such an entity, not later than 12 months after the last day of the first fiscal year that it is a qualifying entity, immediately following a fiscal year for which it was not a qualifying entity.
(2) A notice under subsection (1) shall contain—
(a) the name of the entity,
(b) the TIN of the entity,
(c) the tax or taxes in respect of which the entity is registering,
(d) where the entity is a member of an MNE group or a large-scale domestic group—
(i) the name of the ultimate parent entity,
(ii) the location of the ultimate parent entity, and
(iii) the TIN of the ultimate parent entity,
(e) details of the first fiscal year that the entity is a relevant parent entity, relevant UTPR entity or qualifying entity, as the case may be,
(f) where an entity has been appointed as the designated filing entity on behalf of the MNE group or the large-scale domestic group of which the entity is a member—
(i) the name of the designated filing entity,
(ii) the location of the designated filing entity, and
(iii) the TIN of the designated filing entity,
(g) where the entity is a member of an MNE group or a large-scale domestic group and an entity has been appointed by the entity and other constituent entities of the group located in the State as the designated local entity—
(i) the name of the designated local entity, and
(ii) the TIN of the designated local entity,
(h) where the entity is a member of an MNE group or a large-scale domestic group and the entity has been appointed by other constituent entities of the group located in the State as the designated local entity—
(i) the names of the other constituent entities, and
(ii) the TINs of the other constituent entities,
(i) where the entity is a member of an MNE group, large-scale domestic group or joint venture group and the entity and all of the relevant QDTT members of the group elect to be members of a QDTT group—
(i) notice in writing of the election to become a member of the QDTT group,
(ii) the name of the QDTT group filer,
(iii) the TIN of the QDTT group filer, and
(iv) where the entity is the QDTT group filer, notification that it is the QDTT group filer,
(j) where the entity is a member of an MNE group and the entity and all of the relevant UTPR members of the group elect to be members of a UTPR group—
(i) notice in writing of the election to become a member of the UTPR group,
(ii) the name of the UTPR group filer,
(iii) the TIN of the UTPR group filer, and
(iv) where the entity is the UTPR group filer, notification that it is the UTPR group filer, and
(k) such other information as the Revenue Commissioners may reasonably require for the purposes of this Part.
(3) Where there is any change to the information provided under subsection (2) the entity shall notify the Revenue Commissioners of the change within 12 months of the end of the fiscal year in which the change occurred.
(4) Where an entity ceases to be a qualifying entity, relevant UTPR entity or relevant parent entity, as the case may be, the entity shall notify the Revenue Commissioners of the cessation within 12 months of the end of the first fiscal year in which the entity is not such an entity immediately following a fiscal year in which the entity was such an entity.
(5) Where an entity fails to give notice to the Revenue Commissioners in accordance with subsection (1) the entity shall be liable to a penalty of €10,000.
(6) Where an entity fails to comply with subsection (3) or (4) that constituent entity shall be liable to a penalty of €10,000.
Top-up tax information return
111AAI. (1) Subject to subsections (2) and (5), a constituent entity located in the State for a fiscal year shall prepare and deliver to the Revenue Commissioners a correct and complete return (in this Part referred to as a ‘top-up tax information return’) for the fiscal year, on or before the specified return date, that—
(a) is in accordance with the standardised GloBE Information Return set out in the document referred to in paragraph (f) of the definition, in section 111B, of ‘OECD Pillar Two guidance’, and
(b) contains the information referred to in subsection (3).
(2) (a) A constituent entity may appoint a designated local entity to prepare and deliver to the Revenue Commissioners the top-up tax information return on behalf of the constituent entity, but no more than one entity in an MNE group or large-scale domestic group, as the case may be, may be appointed as a designated local entity.
(b) Subsection (1) shall not apply to a constituent entity for a fiscal year where a top-up tax information return for the fiscal year is prepared and delivered to a tax authority in another jurisdiction on or before the specified return date by—
(i) the ultimate parent entity located in a jurisdiction that has a qualifying competent authority agreement in effect with the State for that fiscal year, or
(ii) a designated filing entity located in a jurisdiction that has a qualifying competent authority agreement in effect with the State for that fiscal year.
(c) Where paragraph (b) applies, the constituent entity or a designated local entity on behalf of the constituent entity shall, on or before the specified return date, prepare and deliver to the Revenue Commissioners a notification (in this section referred to as a ‘notification of filer’) containing the information specified in subsection (7).
(3) A top-up tax information return shall include the following information in respect of the MNE group or large-scale domestic group for a fiscal year:
(a) the name, TIN, location and status for the purposes of the Directive of each entity;
(b) information on the overall corporate structure of the MNE group or large-scale domestic group, including controlling interests in the constituent entities held by other constituent entities;
(c) such information that is necessary to calculate—
(i) the effective tax rate for each jurisdiction,
(ii) the top-up tax for each constituent entity,
(iii) the top-up tax of a member of a joint venture group, and
(iv) the allocation of the top-up tax amount under the qualified IIR and the qualified UTPR for each jurisdiction;
(d) a record of the elections made or withdrawn;
(e) such other information in relation to this Part as the Revenue Commissioners may reasonably require.
(4) For the purpose of subsection (3), where a constituent entity is required to prepare and deliver a top-up tax information return, the constituent entity shall request from the ultimate parent entity of the MNE group or large-scale domestic group such information as is required to complete the top-up tax information return and, where the ultimate parent entity fails to so provide all information required, the constituent entity shall notify the Revenue Commissioners, in such form and manner as may be specified by the Revenue Commissioners, of that refusal when delivering the return.
(5) Where the ultimate parent entity of a constituent entity is located in a third country jurisdiction that applies rules that have been assessed as equivalent to the rules of the Directive, pursuant to Article 52 of the Directive, subsection (1) shall not apply to the constituent entity and the constituent entity or the designated local entity shall prepare and deliver to the Revenue Commissioners, on or before the specified return date, in the prescribed form, a top-up tax information return containing the following information:
(a) all information that is necessary for the purposes of the application of section 111H, including—
(i) identification of all the constituent entities in which a partially-owned parent entity located in the State holds or held, directly or indirectly, an ownership interest at any time during the fiscal year and the structure of those ownership interests,
(ii) all information that is necessary to calculate the effective tax rate of the jurisdictions in which a partially-owned parent entity located in the State holds ownership interests in constituent entities to which subparagraph (i) refers and the amount of the top-up tax due, and
(iii) all information that is relevant for that purpose in accordance with section 111I, 111J or 111K, as the case may be;
(b) all information that is necessary for the application of section 111M, including—
(i) identification of all the constituent entities located in the ultimate parent entity jurisdiction and the structure of those ownership interests,
(ii) all information that is necessary to calculate the effective tax rate of the ultimate parent entity’s jurisdiction and the amount of the top-up tax due, and
(iii) all information necessary for the allocation of that top-up tax based on the UTPR allocation formula set out in section 111N;
(c) all information that is necessary for the application of a qualified domestic top-up tax of a Member State.
(6) A return required to be prepared and delivered under this section may be amended only where such an amendment is necessary to—
(a) correct either an error or mistake, or
(b) comply with any other provision of this Part.
(7) A notification of filer, in respect of a constituent entity, shall include—
(a) the name of the constituent entity,
(b) the TIN of the constituent entity,
(c) the name of the entity filing the top-up tax information return,
(d) the location of the entity filing the top-up tax information return,
(e) the TIN of the entity filing the top-up tax information return, and
(f) such other information in relation to this Part as the Revenue Commissioners may reasonably require.
(8) A qualifying entity within the meaning of section 111AAB(1)(c) for an accounting period shall prepare and deliver to the Revenue Commissioners a correct and complete top-up tax information return, in respect of that entity for the accounting period, on or before the specified return date.
IIR return and self-assessment
111AAJ. (1) An entity that is a relevant parent entity for a fiscal year shall prepare and deliver to the Revenue Commissioners a full and true return (in this Chapter referred to as an ‘IIR return’) for the fiscal year, in the prescribed form, on or before the specified return date.
(2) An IIR return shall include—
(a) an IIR self-assessment,
(b) a declaration to the effect that the return is full and true, and
(c) such further particulars as the Revenue Commissioners may reasonably require for the purposes of this Part as provided for in the prescribed form.
(3) An IIR return and IIR self-assessment may be amended in accordance with section 959V, as applied by section 111AAT.
UTPR return and self-assessment
111AAK. (1) An entity that is a relevant UTPR entity for a fiscal year shall prepare and deliver to the Revenue Commissioners a full and true return (in this Chapter referred to as a ‘UTPR return’) for the fiscal year, in the prescribed form, on or before the specified return date.
(2) A UTPR return shall include—
(a) a UTPR self-assessment,
(b) a declaration to the effect that the return is full and true, and
(c) such further particulars as the Revenue Commissioners may reasonably require for the purposes of this Part as provided for in the prescribed form.
(3) A UTPR return and UTPR self-assessment may be amended in accordance with section 959V, as applied by section 111AAT.
UTPR group
111AAL. (1) For the purposes of this Chapter, a ‘UTPR group’ for a fiscal year shall comprise all of the constituent entities of an MNE group that would, in the absence of subsection (2), be required, in accordance with section 111AAK, to prepare and deliver to the Revenue Commissioners a UTPR return for the fiscal year (in this Chapter referred to as the ‘relevant UTPR members’), where all such relevant UTPR members—
(a) have elected to be members of the UTPR group, and
(b) have appointed one such member (in this Part referred to as the ‘UTPR group filer’) to prepare and deliver the UTPR return on behalf of the relevant UTPR members,
before the specified return date for the fiscal year.
(2) A UTPR group filer shall prepare and deliver a UTPR return, in respect of all of the relevant UTPR members, for the fiscal year on or before the specified return date.
(3) Where a UTPR group filer prepares and delivers a UTPR return, in respect of all relevant UTPR members, for a fiscal year on or before the specified return date—
(a) section 111AAK shall not apply to the other relevant UTPR members other than the UTPR group filer (in this subsection referred to as ‘the other relevant UTPR members’) for the fiscal year,
(b) the other relevant UTPR members shall not be chargeable to UTPR top-up tax in respect of the fiscal year, and
(c) the UTPR group filer shall be chargeable to an amount of UTPR top-up tax in respect of all of the relevant UTPR members in respect of whom the return is prepared and delivered for the fiscal year and such an amount shall be equal to the UTPR top-up tax amount of the MNE group allocated to the State, as determined in accordance with section 111N(2).
(4) A payment made by a relevant UTPR member to the UTPR group filer in respect of, but not exceeding, the amount of UTPR top-up tax that the relevant UTPR member would have been chargeable to in respect of the fiscal year if subsection (3) did not apply, shall not—
(a) be taken into account in calculating profits or losses of either company for corporation tax purposes, and
(b) be regarded as a distribution or a charge on income for any of the purposes of the Corporation Tax Acts.
(5) A relevant UTPR member may withdraw an election made under subsection (1) and where such a withdrawal is made subsections (2) to
(4) shall not apply to fiscal years in respect of which the specified return date occurs after the date on which the withdrawal of the election is submitted to the Revenue Commissioners.
UTPR group recovery
111AAM. (1) (a) In this section ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section.
(b) For the purposes of this section, any reference to an amount of UTPR top-up tax shall be construed as including a reference to any interest, surcharge or penalty relating to such an amount.
(2) This section shall apply where UTPR top-up tax payable by a UTPR group filer in respect of a fiscal year is not paid within 12 months after the date on or before which the UTPR top-up tax is due and payable.
(3) (a) An authorised officer may, at any time before the end of the period—
(i) beginning with the date that is 12 months after the date on which UTPR top-up tax is due and payable, and
(ii) ending 4 years after the date on which UTPR top-up tax is due and payable,
serve on a relevant UTPR member of a UTPR group for the fiscal year (hereinafter referred to as the ‘specified relevant UTPR member’), a notice in writing—
(I) stating the amount which remains unpaid of the UTPR top-up tax payable and the date on which the tax became due and payable, and
(II) requiring the specified relevant UTPR member to pay that amount within 30 days of service of the notice,
and, where such a notice is served, the amount referred to in clause (I) shall be so payable by the specified relevant UTPR member.
(b) Any amount which a specified relevant UTPR member is required to pay pursuant to a notice under this subsection may be recovered from the specified relevant UTPR member as if it were tax due by that specified relevant UTPR member, and that specified relevant UTPR member may recover any such amount paid pursuant to a notice under this subsection from the UTPR group filer.
(c) Where the amount of tax included in a notice served under this subsection is not paid in full by the specified relevant UTPR member, an authorised officer may—
(i) revoke the notice, and
(ii) serve a notice under this subsection on another relevant UTPR member until the full amount of tax due and payable is paid.
QDTT return and self-assessment
111AAN. (1) An entity that is a qualifying entity for a fiscal year shall prepare and deliver to the Revenue Commissioners a full and true return (in this Chapter referred to as a ‘QDTT return’) for the fiscal year, in the prescribed form, on or before the specified return date.
(2) A QDTT return required under subsection (1) shall include—
(a) a QDTT self-assessment,
(b) a declaration to the effect that the return is full and true, and
(c) such further particulars as the Revenue Commissioners may reasonably require for the purposes of this Part as provided for in the prescribed form.
(3) A QDTT return and QDTT self-assessment may be amended in accordance with section 959V, as applied by section 111AAT.
QDTT group
111AAO. (1) For the purposes of this Chapter, a ‘QDTT group’ for a fiscal year shall comprise—
(a) all of the constituent entities of an MNE group,
(b) all of the constituent entities of a large-scale domestic group, or
(c) the joint venture and all the joint venture affiliates of a joint venture group,
as the case may be, that would, in the absence of subsection (2), be required, in accordance with section 111AAN, to prepare and deliver to the Revenue Commissioners a QDTT return for the fiscal year (in this Chapter referred to as the ‘relevant QDTT members’), where all such relevant QDTT members—
(i) have elected to be members of the QDTT group, and
(ii) have appointed one such member (in this Part referred to as the ‘QDTT group filer’) to prepare and deliver the QDTT return on behalf of the relevant QDTT members,
on or before the specified return date for the fiscal year.
(2) A QDTT group filer shall prepare and deliver a QDTT return, in respect of all of the relevant QDTT members, for the fiscal year on or before the specified return date.
(3) Where a QDTT group filer prepares and delivers a QDTT return, in respect of all relevant QDTT members, for a fiscal year on or before the specified return date—
(a) section 111AAN shall not apply to the relevant QDTT members other than the QDTT group filer (in this subsection referred to as ‘the other relevant QDTT members’) for the fiscal year,
(b) the other relevant QDTT members shall not be chargeable to domestic top-up tax in respect of the fiscal year, and
(c) the QDTT group filer shall be chargeable to an amount of domestic top-up tax in respect of all of the relevant QDTT members, in respect of whom the return is prepared and delivered, for the fiscal year and such an amount shall be equal to the jurisdictional top-up tax for the QDTT group for the fiscal year, as would be determined in accordance with section 111AAD for domestic purposes when calculating the domestic top-up tax of the relevant QDTT members if this section did not apply.
(4) A payment made by a relevant QDTT member to the QDTT group filer in respect of, but not exceeding, the amount of domestic top-up tax that the relevant QDTT member would have been chargeable to in respect of the fiscal year if subsection (3) did not apply, shall not—
(a) be taken into account in calculating profits or losses of either company for corporation tax purposes, and
(b) be regarded as a distribution or a charge on income for any of the purposes of the Corporation Tax Acts.
(5) A relevant QDTT member may withdraw an election made under subsection (1) and where such a withdrawal is made subsections (2) to
(4) shall not apply to fiscal years in respect of which the specified return date occurs after the date on which the withdrawal of the election is submitted to the Revenue Commissioners.
QDTT group recovery
111AAP. (1) (a) In this section ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section.
(b) For the purposes of this section any reference to an amount of domestic top-up tax shall be construed as including a reference to any interest, surcharge or penalty relating to such an amount.
(2) This section shall apply where domestic top-up tax payable by a QDTT group filer in respect of a fiscal year is not paid within 12 months after the date on or before which the domestic top-up tax is due and payable.
(3) (a) An authorised officer may, at any time before the end of the period—
(i) beginning with the date that is 12 months after the date on which the domestic top-up tax is due and payable, and
(ii) ending 4 years after the date on which the domestic top-up tax is due and payable,
serve on a relevant QDTT member of a QDTT group for the fiscal year (hereinafter referred to as the ‘specified relevant QDTT member’), a notice in writing—
(I) stating the amount which remains unpaid of the domestic top-up tax payable and the date on which the tax became due and payable, and
(II) requiring the specified relevant QDTT member to pay that amount within 30 days of service of the notice,
and, where such a notice is served, the amount referred to in clause (I) shall be so payable by the specified relevant QDTT member.
(b) Any amount which a specified relevant QDTT member is required to pay pursuant to a notice under this subsection may be recovered from the specified relevant QDTT member as if it were tax due by that specified relevant QDTT member, and that specified relevant QDTT member may recover any such amount paid pursuant to a notice under this subsection from the QDTT group filer.
(c) Where the amount of tax included in a notice served under this subsection is not paid in full by the specified relevant QDTT member, an authorised officer may—
(i) revoke the notice served, and
(ii) serve a notice under this section on another relevant QDTT member until the full amount of tax due and payable is paid.
Expression of doubt
111AAQ. (1) In this section—
‘law’ means one or more provisions of this Part;
‘letter of expression of doubt’, in relation to a matter, means a communication by electronic means which—
(a) sets out full details of the facts and circumstances of the matter,
(b) specifies the doubt, the basis for the doubt and the law giving rise to the doubt,
(c) identifies the amount of GloBE tax in doubt in respect of the fiscal year to which the expression of doubt relates,
(d) lists or identifies the supporting documentation that is being submitted to the Revenue Commissioners in relation to the matter, and
(e) is clearly identified as a letter of expression of doubt for the purposes of this section,
and a reference to ‘an expression of doubt’ shall be construed accordingly.
(2) Where an entity is in doubt as to the correct application of the law to any matter to be contained in a GloBE return, required for a fiscal year by this Part, which could—
(a) give rise to a liability to GloBE tax by that entity, or
(b) affect that entity’s liability to GloBE tax or entitlement to a refund of GloBE tax,
then, the entity may—
(i) prepare the return for the fiscal year to the best of that entity’s belief as to the correct application of the law to the matter, and deliver the return to the Revenue Commissioners,
(ii) include a letter of expression of doubt with the return, and
(iii) submit supporting documentation to the Revenue Commissioners in relation to the matter.
(3) This section applies only if—
(a) the return referred to in subsection (2) is delivered to the Revenue Commissioners, and
(b) the documentation referred to in paragraph (iii) of subsection (2) is delivered to the Revenue Commissioners,
on or before the specified return date for the fiscal year involved.
(4) Where a return is delivered in accordance with subsection (2), a self-assessment shall, where required under this Part, be included in the return by reference to the particulars included in the return.
(5) Subject to subsection (6), where a letter of expression of doubt is included with a return delivered by an entity to the Revenue Commissioners for a fiscal year—
(a) that person shall be treated as making a full and true disclosure with regard to the matter involved, and
(b) any additional GloBE tax arising from the amendment of an assessment for the fiscal year by a Revenue officer to give effect to the correct application of the law to that matter shall be due and payable in accordance with section 959AU(2).
(6) Subsection (5) shall not apply where a Revenue officer does not accept as genuine an expression of doubt in respect of the application of the law to a matter, and an expression of doubt shall not be accepted as genuine in particular where—
(a) the officer is of the opinion, having regard to any guidelines published by the Revenue Commissioners on the application of the law in similar circumstances and to any relevant supporting documentation delivered to the Revenue Commissioners in relation to the matter in accordance with subsections (2) and (3), that the matter is sufficiently free from doubt as not to warrant an expression of doubt, or
(b) the officer is of the opinion that the constituent entity was acting with a view to the evasion or avoidance of GloBE tax.
(7) Where a Revenue officer does not accept an expression of doubt as genuine, he or she shall notify the entity accordingly and any additional GloBE tax arising from the amendment of an assessment for the fiscal year by a Revenue officer to give effect to the correct application of the law to the matter involved shall be due and payable in accordance with section 959AU(1).
(8) An entity aggrieved by a Revenue officer’s decision that the entity’s expression of doubt is not genuine may appeal the decision to the Appeal Commissioners, in accordance with section 949I, within the period of 30 days after the date of the notice of that decision.
Actions by person acting under authority
111AAR. (1) A return required by this Part to be prepared and delivered to the Revenue Commissioners may be prepared and delivered by an entity or by a person acting under the authority of the entity.
(2) Where a return is prepared and delivered by a person acting under the authority of an entity, this Part shall apply as if the return had been prepared and delivered by the entity.
(3) Anything required or allowed to be done by an entity under this Part may be done by a person acting under the authority of the entity, unless the contrary is proved.
Date for payment
111AAS. GloBE tax payable by an entity in respect of a fiscal year shall be due and payable to the Revenue Commissioners on or before the specified return date in respect of the fiscal year.
Assessments and enquiries
111AAT. (1) Sections 959V, 959Y, 959Z, 959AA, 959AC, 959AD, 959AE, 959AU, 959AV and 959AW shall apply to GloBE tax, subject to the following modifications:
(a) a reference to a chargeable person shall be construed as including a reference to a qualifying entity, relevant UTPR entity and relevant parent entity;
(b) a reference to a chargeable period shall be construed as including a reference to a fiscal year;
(c) a reference to income, profits or gains, or, as the case may be, chargeable gains shall be construed as including a reference to amounts in respect of which an entity is subject to GloBE tax;
(d) a reference to a return shall be construed as including a reference to a GloBE return within the meaning of this Part;
(e) a reference to the specified return date for the chargeable period shall be construed as including a reference to the specified return date under this Part;
(f) a reference to tax shall be construed as including a reference to GloBE tax under this Part;
(g) a reference to assessment, Revenue assessment or self-assessment, as the case may be, shall be construed as including a reference to an assessment, Revenue assessment or self-assessment within the meaning of this Part, as the case may be;
(h) a reference to the Acts shall be construed as including a reference to this Part;
(i) the reference in section 959V(5) to section 959L shall be construed as including a reference to section 111AAR.
Revenue assessment
111AAU. (1) An assessment under section 959Y, as applied by section 111AAT, of the GloBE tax payable by an entity in respect of a fiscal year shall be referred to in this Chapter as a ‘Revenue assessment’.
(2) A Revenue assessment shall be made by a Revenue officer and shall involve an assessment of—
(a) the amount of GloBE tax payable for the fiscal year, and
(b) the balance of GloBE tax, taking account of any amount of GloBE tax paid directly by the entity to the Collector General for the fiscal year, which under this Part—
(i) is due and payable by the entity to the Revenue Commissioners for the fiscal year, or
(ii) is overpaid by the entity for the fiscal year and which, subject to this Part, is available for offset or repayment by the Revenue Commissioners.
(3) A Revenue assessment shall, where required under section 111AAX, include the amount of the surcharge due for the fiscal year.
(4) Where a Revenue officer makes a Revenue assessment, any self-assessment previously made under this Chapter shall, for the purposes of determining the entity’s liability to tax for the fiscal year, be treated as if it had not been made and shall be void for such purposes.
Notice of Revenue assessment
111AAV. (1) (a) A Revenue officer shall give notice of a Revenue assessment to the entity assessed.
(b) A notice of a Revenue assessment under subsection (1) may be given by the Revenue officer by electronic means.
(2) Where a return is prepared and delivered in accordance with section 111AAR by a person acting under the authority of the entity, a copy of the notice of a Revenue assessment shall be given to that other person.
(3) Subject to section 959AC as applied by section 111AAT, a notice of a Revenue assessment shall include details of—
(a) the calculation and amount of GloBE tax for the fiscal year,
(b) the balance of GloBE tax, taking account of any amount of GloBE tax paid directly by the entity to the Collector General for the fiscal year, which under this Part—
(i) is due and payable by the entity to the Revenue Commissioners for the fiscal year, or
(ii) is overpaid by the entity for the fiscal year and which, subject to this Part, is available for offset or repayment by the Revenue Commissioners.
(c) the amount of any surcharge which, under section 111AAX, is due for the fiscal year,
(d) the name of the Revenue officer who is giving notice of the Revenue assessment and the address of the Revenue office at which that officer is based, and
(e) the time allowed under section 111AAW for giving notice of appeal against the assessment to which the notice relates.
Appeal to Appeal Commissioners
111AAW. (1) An entity aggrieved by a Revenue assessment made on that entity may appeal that assessment to the Appeal Commissioners, in accordance with section 949I, within 30 days after the date of the notice of the Revenue assessment.
(2) No appeal may be made against—
(a) a surcharge imposed under section 111AAX where that is the entity’s sole ground for the appeal, other than where the ground for the appeal relates to a matter referred to in section 111AAX(4), or
(b) a self-assessment.
Surcharge for late return
111AAX. (1) Where an entity fails to deliver a GloBE return on or before the specified return date, the amount of GloBE tax which would have been payable if such a return had been delivered on or before that date shall be increased by an amount (in this section referred to as the ‘surcharge’), equal to the percentage, specified in column (2) of the Table to this section, opposite the timing of the delivery of the return relative to the specified return date, specified in column (1) of the Table.
(2) Where subsection (1) applies, the amount of the surcharge shall not exceed—
(a) €50,000, where the surcharge applicable is 5 per cent, or
(b) €200,000, where the surcharge applicable is 10 per cent.
(3) Interest is payable under section 111AAY on any surcharge as if the surcharge were GloBE tax, and the surcharge and any interest on that surcharge is chargeable and recoverable as if the surcharge and that interest were GloBE tax.
(4) For the purposes of subsection (1)—
(a) where an entity deliberately or carelessly delivers an incorrect GloBE return on or before the specified return date, that entity shall be deemed to have failed to have delivered the return on or before that date unless the error in the return is remedied by the delivery of a correct return on or before that date,
(b) where an entity delivers an incorrect GloBE return on or before the specified return date, but does so neither deliberately nor carelessly and it comes to the entity’s notice that it is incorrect, the entity shall be deemed to have failed to have delivered the return on or before the specified return date unless the error in the return is remedied by the delivery of a correct return without unreasonable delay, and
(c) where an entity delivers a GloBE return on or before the specified return date, but the Revenue Commissioners, by reason of being dissatisfied with any information contained in the return, require that entity, by notice in writing, to deliver evidence, or a further return or evidence, as may be required by them, the entity shall be deemed to have failed to have delivered the return on or before the specified return date unless the entity delivers the evidence, or further return or evidence, within the period specified in the notice.
(5) In this section, ‘carelessly’ has the same meaning as it has in section 1077F.
Table
| Timing of delivery of return relative to specified return date (1) | Surcharge (2) |
|---|---|
| Return delivered between 0 and 2 months from the specified return date | 5 per cent |
| Return not delivered within 2 months from the specified return date | 10 per cent |
Interest on overdue amounts
111AAY. (1) Any GloBE tax payable under this Part by an entity shall carry interest from the date when the GloBE tax becomes due and payable until payment and the amount of that interest shall be determined in accordance with subsection (2).
(2) The interest referred to in subsection (1) shall be determined by the following formula—
T x D x R
where—
T is the GloBE tax which remains unpaid,
D is the number of days (including part of a day) in the period during which the tax remains unpaid, and
R is the rate, represented by P in the formula T x D x P in section 1080(2)(c)(i), that would apply under that formula if the GloBE tax due under this Part was tax within the meaning of that section, and the period during which the tax remains unpaid was the period of delay, within the meaning of that section.
(3) Subsections (3) to (5) of section 1080 shall apply to interest payable on GloBE tax under subsection (1) as those subsections apply to interest payable on a tax under that section.
Obligation to keep certain records
111AAZ. (1) An entity shall retain, or cause to be retained on behalf of the entity, such records as are required to enable a full and true GloBE return to be made for the purposes of this Part.
(2) Without prejudice to the generality of subsection (1), the records required to be retained under that subsection shall include, but are not limited to, books, accounts, documents (including documents drawn up in the making up of accounts and showing details of the calculations linking the records to the accounts), and any other data relating to a GloBE return and the calculation of GloBE tax.
(3) Records required to be retained under this section shall be retained in an official language of the State—
(a) in written form, or
(b) by means of electronic, photographic or other process in accordance with paragraphs (a) to (d) of section 887(2).
(4) Notwithstanding any other law, records required to be retained under this section shall, subject to subsection (5), be retained by or on behalf of the entity required to retain the records, for the longer of the following periods—
(a) where enquiries into a return are made by a Revenue officer, the period ending on the day on which those enquiries are treated as completed by the officer;
(b) the period of 6 years beginning from the end of the fiscal year to which they relate or, in the case where they relate to more than one fiscal year, the period of 6 years beginning from the end of the later fiscal year.
(5) For the purposes of this section, where the constituent entity—
(a) is wound up, the liquidator, or
(b) is dissolved without the appointment of a liquidator, the last directors, including any person occupying the position of director by whatever name called, of the company,
shall retain the records required to be retained under this section for a period of 5 years from the date from which the company is wound up or dissolved.
(6) A person who fails to comply with this section in respect of the retention of any records relating to a GloBE return or the calculation of GloBE tax shall be liable to a penalty of €10,000.
Use of currency
111AAAA. (1) In this section—
‘rate of exchange’ has the same meaning as it has in section 79;
‘representative rate of exchange’ has the same meaning as it has in section 402.
(2) (a) For the purposes of determining IIR top-up tax or UTPR top-up tax of a constituent entity of an MNE group or large-scale domestic group, all calculations shall be made using the presentation currency of the consolidated financial statements of the ultimate parent entity of the MNE group or large-scale domestic group.
(b) If an amount that is relevant to the calculation of IIR top-up tax or UTPR top-up tax of a constituent entity of an MNE group or large-scale domestic group for a fiscal year is denominated in a currency other than the presentation currency of the consolidated financial statements of the ultimate parent entity of the MNE group (referred to in this paragraph as the ‘relevant presentation currency’) and is not converted to the relevant presentation currency in the course of preparing the consolidated financial statements, that amount is to be converted to the relevant presentation currency using the foreign currency translation principles of the financial accounting standard that would have been used to convert the amount to the relevant presentation currency if that conversion were undertaken in the course of preparing the consolidated financial statements.
(3) For the purposes of determining if any materiality or other threshold in this Part that is denominated in euro is satisfied or exceeded by an amount in respect of a group, entity or jurisdiction for a particular fiscal year, if the amount is denominated in another currency, the amount is to be converted from that currency to euro using the average of the daily rates of exchange, in respect of the two currencies for the month of December included in the fiscal year immediately preceding the particular fiscal year, as quoted by—
(a) the European Central Bank,
(b) the Central Bank of Ireland, where the European Central Bank does not quote such a rate of exchange, or
(c) an equivalent institution which manages that other currency, where both the European Central Bank and the Central Bank of Ireland do not quote such a rate of exchange.
(4) (a) Where, for the purposes of determining the domestic top-up tax of a qualifying entity which is a member of a group, the financial accounting net income or loss of that qualifying entity for a fiscal year is determined in accordance with a local accounting standard pursuant to section 111AAD(2)(e) then if—
(i) all of the qualifying entities of the MNE group, large-scale domestic group or joint venture group, as the case may be, located in the State have financial statements prepared in accordance with a local accounting standard with a euro functional currency, then for the purposes of determining the domestic top-up tax of that qualifying entity, all calculations shall be made using the euro, or
(ii) subparagraph (i) does not apply, then for the purposes of determining the domestic top-up tax of that qualifying entity, the filing constituent entity may elect, in accordance with section 111AAAD, that all calculations of the qualifying entities in the group are made using either—
(I) the presentation currency of the consolidated financial statements of the ultimate parent entity, or
(II) the euro, using the currency translation rules under the local accounting standard.
(b) Where, for the purposes of determining the domestic top-up tax of a qualifying entity which is a member of a group, the financial accounting net income or loss of a constituent entity for a fiscal year is not determined in accordance with a local accounting standard pursuant to section 111AAD(2)(e) then for the purposes of determining the domestic top-up tax of a qualifying entity all calculations shall be made using the presentation currency of the consolidated financial statements of the ultimate parent entity of the MNE group or large-scale domestic group, using the currency translation rules under that financial accounting standard.
(c) For the purposes of determining the domestic top-up tax of a qualifying entity which is not a member of a group, all calculations shall be made using the presentation currency of its qualifying financial statements.
(5) (a) Every entity that is required under this Part to pay an amount to the Revenue Commissioners shall pay the amount in the currency of the State.
(b) If an amount payable by an entity for a fiscal year under this Part would, in the absence of this subsection, be denominated in a currency other than the currency of the State, that amount is to be converted to the currency of the State using the average representative rates of exchange of that other currency for currency of the State for the fiscal year or accounting period.
Penalties
111AAAB. (1) Where a constituent entity, of an MNE group or large-scale domestic group, located in the State, is required—
(a) in accordance with section 111AAI(1), to prepare and deliver to the Revenue Commissioners a top-up tax information return in respect of the MNE group or large-scale domestic group for a fiscal year and—
(i) the constituent entity, or
(ii) where an entity has been appointed as a designated local entity, the designated local entity on behalf of the constituent entity,
fails to deliver a correct and complete top-up tax information return to the Revenue Commissioners on or before the specified return date, or
(b) in accordance with section 111AAI(2)(c), to prepare and deliver to the Revenue Commissioners a notification of filer on or before the specified return date and—
(i) the constituent entity, or
(ii) where an entity has been appointed as a designated local entity, the designated local entity on behalf of the constituent entity,
fails to deliver a notification of filer on or before the specified return date,
the constituent entity shall, subject to subsection (5), be liable to a penalty equal to the amount determined by the formula:
P M
where—
P is €10,000, and
M is the number of complete months from the specified return date to the day on which the top-up tax information return or notification, as the case may be, is delivered, subject to a maximum of 48 months.
(2) Where an entity—
(a) which is required to do so in accordance with this Chapter, fails to deliver any GloBE return on or before the specified return date, or
(b) has been required, by notice given under or for the purposes of this Part, to furnish any particulars, to produce any document, or to make anything available for inspection and the entity fails to comply with such notice,
the entity shall, subject to subsection (5), be liable to a penalty of €10,000.
(3) In proceedings for the recovery of a penalty incurred under this section, a certificate signed by a Revenue officer which certifies that the Revenue officer has examined the relevant records and that it appears from those records that—
(a) a return or other document referred to in subsection (1) was not received, or
(b) a stated notice was duly given to the entity on a stated day and that notice has not been complied with by the entity,
shall be evidence, unless the contrary is proved, of the matters referred to in paragraph (a) or (b), as the case may be.
(4) Any person who deliberately assists in or induces the making or delivery for any purposes of this Part any incorrect return, account, statement or declaration shall be liable to a penalty of €10,000.
(5) Where an entity would otherwise be liable to a penalty under this Chapter or section 1077F in respect of a fiscal year the entity shall not be liable to that penalty where—
(a) the penalty relates to a fiscal year beginning on or before 31 December 2026 and ending on or before 30 June 2028, and
(b) the entity has taken reasonable care to ensure the correct application of this Part.
Transitional simplified jurisdictional reporting
111AAAC. (1) In this section ‘simplified jurisdictional reporting framework’ means the method of reporting for the purposes of the top-up tax information return, referred to as the simplified jurisdictional reporting framework, in the document referred to in paragraph (f) of the definition, in section 111B, of ‘OECD Pillar Two guidance’.
(2) Where, for a fiscal year beginning on or before 31 December 2028 and ending on or before 30 June 2030—
(a) all of the relevant QDTT members of an MNE group, large-scale domestic group or joint venture group, as the case may be, are members of a QDTT group for a fiscal year, and the QDTT group filer has prepared and delivered a QDTT return, in respect of all of the relevant QDTT members, for the fiscal year on or before the specified return date, or
(b) there is no more than one member of an MNE group or joint venture group, as the case may be, that is a qualifying entity for the fiscal year,
then, on the making of an election by a filing constituent entity for the fiscal year, the filing constituent entity shall complete, in accordance with the simplified jurisdictional reporting framework, the top-up tax information return for the fiscal year, in respect of—
(i) the relevant QDTT members of the MNE group, large-scale domestic group or joint venture group, as the case may be, where paragraph (a) applies, or
(ii) the member of the MNE group or joint venture group, as the case may be, where paragraph (b) applies.
(3) Where, for a fiscal year beginning on or before 31 December 2028 and ending on or before 30 June 2030—
(a) members of an MNE group or joint venture group, as the case may be, are located in a jurisdiction other than the State for a fiscal year (referred to in this subsection as the ‘other jurisdiction members’),
(b) either—
(i) no charge to IIR top-up tax or UTPR top-up tax arises under this Part in respect of the other jurisdiction members for the fiscal year, or
(ii) where such a charge does arise, there is no requirement for such an amount to be allocated on a constituent entity by constituent entity basis,
and
(c) under the tax law of all jurisdictions in which qualified domestic top-up tax, qualified UTPR or qualified IIR may arise in respect of the other jurisdiction members for the fiscal year, the filing constituent entity may complete, in accordance with the simplified jurisdictional reporting framework, the top-up tax information return for the fiscal year, in respect of the other jurisdiction members,
then, on the making of an election by a filing constituent entity located in the State for the fiscal year, the filing constituent entity shall complete, in accordance with the simplified jurisdictional reporting framework, the top-up tax information return for the fiscal year, in respect of the other jurisdiction members.
(4) Subsection (2) shall not apply in respect of an investment entity that is not an excluded entity, of an MNE group or large-scale domestic group.
Elections
111AAAD. (1) An election, and a withdrawal of an election, referred to in this Part shall be made on a top-up tax information return prepared and delivered in accordance with section 111AAI on or before the specified return date for the fiscal year in respect of which the election or the withdrawal relates.
(2) (a) Subject to subsection (5), the elections referred to in column (1) of the Table to this section shall have effect for a period of 5 fiscal years, (in this subsection referred to as ‘the effective period’), beginning on the first day of the fiscal year in respect of which the election is made, and remain in effect for subsequent effective periods, other than where the filing constituent entity withdraws the election on the top-up tax information return in respect of the fiscal year beginning immediately after the end of an effective period.
(b) The withdrawal of an election referred to in paragraph (a) shall be in effect for an effective period beginning on the first day of the fiscal year (referred to in this paragraph as the ‘withdrawal year’) falling immediately after the last day of the fiscal year in respect of which a previous election was in effect, and a filing constituent entity shall not make a new election of the type withdrawn in respect of any of the 4 fiscal years immediately following the withdrawal year.
(3) The elections referred to in column (2) of the Table to this section shall be in effect for the fiscal year in respect of which that election was made and shall remain in effect for subsequent fiscal years, other than where the filing constituent entity withdraws the election in respect of a fiscal year subsequent to the fiscal year in respect of which the election is made.
(4) The election referred to in section 111P(16) shall be made in respect of each debt release which is included in the financial accounting net income or loss of a constituent entity in a fiscal year.
(5) The election referred to in section 111W(2), shall not be withdrawn where a loss in respect of an ownership interest, other than a qualified ownership interest as referred to in that section, was included in the calculation of the qualifying income or loss of the constituent entity in the five-year period beginning on the first day of the fiscal year in respect of which the election was made.
(6) An election under section 111AN(6) shall—
(a) be in effect for the fiscal year in respect of which the election relates,
(b) remain in effect for all subsequent fiscal years, and
(c) not be withdrawn at any time following the fiscal year in respect of which the election is made.
(7) An election under section 111AJ(2) shall apply to the fiscal year in respect of which the election is made.
(8) An election under section 111AK(2) shall apply to the transition period fiscal year (within the meaning of section 111AK) in respect of which the election is made.
(9) An election under section 111AI(2) shall apply to the fiscal year in respect of which the election is made.
(10) Where a filing constituent entity makes an election referred to in subsection (7), (8) or (9), as the case may be, such election shall not apply where—
(a) the constituent entity, joint venture or joint venture affiliate, as the case may be, concerned—
(i) is located in the State, and
(ii) could be allocated a top-up tax if the effective tax rate for the jurisdiction concerned calculated in accordance with Chapter 5 was below the minimum tax rate,
and
(b) the constituent entity, joint venture or joint venture affiliate, as the case may be, concerned fails to clarify and demonstrate, within the permitted period of 6 months referred to in subparagraph (ii), that the facts and circumstances, referred to in subparagraph (i), did not materially affect its eligibility to make the election, where a Revenue officer in writing—
(i) notified the constituent entity, joint venture or joint venture affiliate, as the case may be, not later than 36 months after the date of the filing of the top-up tax information return in which the relevant election was made of specific facts and circumstances that may have materially affected the eligibility to make the relevant election, and
(ii) requested the constituent entity, joint venture or joint venture affiliate, as the case may be, to, not later than 6 months after the date of notification under this paragraph, clarify and demonstrate, in writing, the effect of those facts and circumstances on the eligibility to make the relevant election.
Table
| Column 1 | Column 2 |
|---|---|
| Section 111C(3) | Section 111P(7)(a) |
| Section 111P(3)(a) | Section 111U(9) |
| Section 111P(6)(a) | Section 111X(1), in the definition of ‘unclaimed accrual’ |
| Section 111P(9)(a) | Section 111AB(1)(d) |
| Section 111P(13) | Section 111AE(2)(b) |
| Section 111P(14) | Section 111AG(1) |
| Section 111W(2) | Section 111AS(1) |
| Section 111AU(1) | Section 111AAAC(2) |
| Section 111AV(1) | Section 111AAAC(3) |
| Section 111AAAA(4)(a)(ii) |
CHAPTER 11
Application
Application (Part 4A)
111AAAE. (1) Subject to subsection (2) and section 111AAE, this Part shall apply to fiscal years beginning on or after 31 December 2023.
(2) Except for MNE groups to which section 111AZ(1) applies, sections 111L, 111M and 111N shall apply to fiscal years beginning on or after 31 December 2024.”.
95. Application of certain provisions of Principal Act to Parts 4A and 22A of Principal Act
95. (1) Section 811C(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (v):
“(va) Part 4A,”.
(2) Section 851A(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (aa):
“(ab) Part 4A,”.
(3) Section 858(1)(a) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following subparagraph after subparagraph (iva):
“(ivb) Part 4A,”.
(4) Section 859(1) of the Principal Act is amended, in the definition of “the Revenue Acts”, by the insertion of the following paragraph after paragraph (da):
“(db) Part 4A,”.
(5) Section 865(1) of the Principal Act is amended—
(a) in the definition of “Acts”, by the insertion of “Part 4A,” after “Capital Gains Tax Acts,” and
(b) in the definition of “tax”, by the insertion of “or IIR top-up tax, UTPR top-up tax or domestic top-up tax (each within the meaning of Part 4A)” after “vacant homes tax”.
(6) Section 865B(1) of the Principal Act is amended—
(a) in the definition of “Acts”, by the insertion of the following paragraph after paragraph (c):
“(ca) Part 4A,”,
(b) in the definition of “relevant period”—
(i) in paragraph (f), by the substitution of “arises,” for “arises, and”,
(ii) in paragraph (g), by the substitution of “arises,” for “arises;”, and
(iii) by the insertion of the following paragraphs after paragraph (g):
“(h) in the case of IIR top-up tax (within the meaning of Part 4A), the fiscal year in respect of which the repayment arises,
(i) in the case of UTPR top-up tax (within the meaning of Part 4A), the fiscal year in respect of which the repayment arises, and
(j) in the case of domestic top-up tax (within the meaning of Part 4A), the fiscal year or accounting period, as the case may be, in respect of which the repayment arises;”,
and
(c) in the definition of “tax” by the insertion of “or IIR top-up tax, UTPR top-up tax or domestic top-up tax (each within the meaning of Part 4A)” after “local property tax”.
(7) Section 874A(1) of the Principal Act is amended, in the definition of “the Acts” by the insertion of the following paragraph after paragraph (b):
“(ba) Part 4A,”.
(8) Section 917D(1) of the Principal Act is amended—
(a) in the definition of “Acts” by the insertion of the following after paragraph (f): “(fa) Part 4A,”,
and
(b) in the definition of “tax”, by the insertion of “or IIR top-up tax, UTPR top-up tax or domestic top-up tax (each within the meaning of Part 4A)” after “(within the meaning of the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Act 2023)”.
(9) Section 949A of the Principal Act is amended—
(a) in the definition of “the Acts” by the insertion of the following after paragraph (b):
“(ba) Part 4A,”,
and
(b) in the definition of “tax”, by the insertion of “or IIR top-up tax, UTPR top-up tax or domestic top-up tax (each within the meaning of Part 4A)” after “(within the meaning of the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Act 2023)”.
(10) Section 960A of the Principal Act is amended—
(a) in the definition of “Acts”, by the insertion of the following after paragraph (f): “(fa) Part 4A,”,
and
(b) in the definition of “tax”, by the insertion of “or IIR top-up tax, UTPR top-up tax or domestic top-up tax (each within the meaning of Part 4A)” after “(Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Act 2023)”.
(11) Section 1002(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following after paragraph (iiia):
“(iiiaa) Part 4A,”.
(12) Section 1006(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following after paragraph (aa):
“(aaa) Part 4A,”.
(13) Section 1077A of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following after paragraph (b):
“(ba) Part 4A,”.
(14) Section 1077F of the Principal Act is amended—
(a) in subsection (1)—
(i) in the definition of “the Acts”, by the substitution of “Parts 4A, 18A, 18B, 18C, 18D, 22A and 22B” for “Parts 18A, 18B, 18C, 18D, 18E, Parts 22A and 22B”,
(ii) by the substitution of the following definition for the definition of “period”; “
‘period’ means, as the context requires—
(a) a year of assessment,
(b) an accounting period,
(c) a return period within the meaning of section 530,
(d) an income tax month within the meaning of section 983,
(e) a fiscal year or an accounting period within the meaning of Part 4A, or
(f) a year within the meaning of Part 22A;”,
and
(iii) in the definition of “tax”, by the insertion of “or IIR top-up tax, UTPR top-up tax or domestic top-up tax (within the meaning of Part 4A)” after “vacant homes tax”,
and
(b) in subsection (2)(a) by the substitution of the following subparagraph for subparagraph (i):
“(i) a deliberate understatement of—
(I) income, profits or gains,
(II) income tax in respect of emoluments to which Chapter 4 of Part 42 relates,
(III) a liability to IIR top-up tax, UTPR top-up tax or domestic top-up tax (each within the meaning of Part 4A), as the case may be, or
(IV) the market value of a relevant site for the purposes of Chapter 3 of Part 22A,”.
(15) Section 1078(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (ca):
“(caa) Part 4A,”.
(16) Section 1079(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (ca):
“(caa) Part 4A,”.
(17) Section 1086A(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (a):
“(aa) Part 4A,”.
(18) Section 1094(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (ca):
“(caa) Part 4A,”.
(19) Section 1095(1) of the Principal Act is amended, in the definition of “the Acts”, by the insertion of the following paragraph after paragraph (ca):
“(caa) Part 4A,”.
(20) Schedule 29 of the Principal Act is amended in Column 1, by the insertion of the following after “section 653AQ”:
“Section 111AAJ
Section 111AAK
Section 111AAN”.
96. Amendments to other enactments
96. (1) The Ministers and Secretaries (Amendment) Act 2011 is amended, in section 101(3), in the definition of “relevant enactment”, by the insertion of the following paragraph after paragraph (eb):
“(ec) Part 4A of the Taxes Consolidation Act 1997,”.
(2) The Finance (Tax Appeals) Act 2015 is amended, in section 2, in the definition of “Taxation Acts”, by the substitution of the following paragraph for paragraph (c):
“(c) Parts 4A, 18A to 18D and 22A of the Act of 1997,”.
(3) The Provisional Collection of Taxes Act, 1927 is amended, in section 1, in the definition of “tax” by the insertion of “, or IIR top-up tax, UTPR top-up tax, or domestic top-up tax (each within the meaning of Part 4A of the Taxes Consolidation Act 1997),” after “vacant homes tax”.
97. Amendment of Schedule 24 to Principal Act (relief from income tax and corporation tax by means of credit in respect of foreign tax)
97. Schedule 24 to the Principal Act is amended—
(a) in paragraph 1(1), by the insertion of the following definitions:
“ ‘fiscal year’ has the meaning given to it in section 111A(1);
‘foreign qualified domestic top-up tax’ means a qualified domestic top-up tax arising under the laws of a territory other than the State that is paid within 4 years from the end of the fiscal year in which it becomes due;
‘qualified domestic top-up tax’ has the meaning given to it in section 111A(1);”,
(b) in paragraph 2, by the insertion of the following subparagraph after subparagraph (3):
“(4) Relief under this Schedule shall not be allowed—
(a) for any tax which is a qualified IIR (within the meaning of section 111A(1)), or
(b) for any tax which is a qualified UTPR (within the meaning of section 111A(1)).”,
(c) in paragraph 9A—
(i) in subparagraph (4)(a)—
(I) in subclause (i), by the substitution of “paid,” for “paid, and”,
(II) in subclause (ii), by the substitution of “dividend, and” for “dividend,”, and
(III) by the insertion of the following subclause after subclause (ii):
“(iii) an amount of foreign qualified domestic top-up tax payable or paid by a company paying the dividend (in this subclause referred to as ‘the dividend-paying company’) being—
(I) an amount of qualified domestic top-up tax arising under the laws of a territory, other than the State, that is payable or paid by the dividend-paying company in so far as the foreign qualified domestic top-up tax is properly attributable on a just and reasonable basis to the proportion of the profits represented by the dividend, or
(II) where an amount of qualified domestic top-up tax is payable or paid by an entity under the laws of the territory in which the dividend-paying company is located, for the purposes of the qualified domestic top-up tax laws of the territory, in respect of the aggregate profits of that dividend-paying company and one or more other entities, taken together as a single taxable entity, the amount of qualified domestic top-up tax that is attributable on a just and reasonable basis to the profits represented by the dividend of the dividend-paying company.”,
and
(ii) by the substitution of the following subparagraph for subparagraph (7):
“(7) In this Schedule, in its application to unilateral relief, references to tax payable or paid under the law of a territory outside the State include only references to taxes which are charged on income or capital gains and which correspond to corporation tax, capital gains tax and, for the purposes of this paragraph, include foreign qualified domestic top-up tax.”,
(d) in paragraph 9B—
(i) in subparagraph (1)—
(I) in clause (a), by the substitution of “profits,” for “profits, and”,
(II) in clause (b), by the substitution of “profits,” for “profits.”, and
(III) by the insertion of the following clauses after clause (b):
“(c) any qualified domestic top-up tax attributable to a branch or agency, of the foreign company, located in the State, and
(d) an amount of foreign qualified domestic top-up tax payable or paid by the company paying the dividend (in this clause referred to as ‘the dividend-paying foreign company’) being—
(i) an amount of qualified domestic top-up tax arising under the laws of a territory, other than the State, that is payable or paid by the dividend-paying foreign company in so far as the foreign qualified domestic top-up tax is properly attributable on a just and reasonable basis to the proportion of the profits represented by the dividend, or
(ii) where an amount of qualified domestic top-up tax is payable or paid by an entity under the laws of the territory in which the dividend-paying foreign company is located, for the purposes of the qualified domestic top-up tax laws of the territory, in respect of the aggregate profits of that dividend-paying foreign company and one or more other entities, taken together as a single taxable entity, the amount of qualified domestic top-up tax that is attributable on a just and reasonable basis to the profits represented by the dividend of the dividend-paying foreign company.”,
(ii) in subparagraph (2)—
(I) in subclause (i), by the substitution of “profits,” for “profits, and”,
(II) in subclause (ii), by the substitution of “profits,” for “profits.”, and
(III) by the insertion of the following subclauses after subclause (ii):
“(iii) any qualified domestic top-up tax attributable to a branch or agency, of the foreign company, located in the State, and
(iv) an amount of foreign qualified domestic top-up tax payable or paid by the foreign company paying the dividend (in this subclause referred to as ‘the dividend-paying foreign company’) being—
(I) an amount of qualified domestic top-up tax arising under the laws of a territory, other than the State, that is payable or paid by the dividend-paying foreign company in so far as the foreign qualified domestic top-up tax is properly attributable on a just and reasonable basis to the proportion of the profits represented by the dividend, or
(II) where an amount of qualified domestic top-up tax is payable or paid by an entity under the laws of the territory in which the dividend-paying foreign company is located, for the purposes of the qualified domestic top-up tax laws of the territory, in respect of the aggregate profits of that dividend-paying foreign company and one or more other entities, taken together as a single taxable entity, the amount of qualified domestic top-up tax that is attributable on a just and reasonable basis to the profits represented by the dividend of the dividend-paying foreign company.”,
and
(iii) in subparagraph (5), by the substitution of the following definition for the definition of “underlying tax”:
“ ‘underlying tax’, in relation to a dividend, means tax, including any foreign qualified domestic top-up tax, borne by the company paying the dividend on the relevant profits (within the meaning of paragraph 8) in so far as it is properly attributable on a just and reasonable basis to the proportion of the relevant profits represented by the dividend.”,
(e) in paragraph 9DA, by the substitution of the following subparagraph for subparagraph (7):
“(7) In this Schedule, in its application to unilateral relief, references to tax payable or paid under the law of a territory outside the State include only—
(a) references to taxes which are charged on income or capital gains and which correspond to corporation tax and capital gains tax, and
(b) references to any amount of foreign qualified domestic top-up tax payable or paid by a branch or agency being—
(i) an amount of qualified domestic top-up tax arising under the laws of a territory, other than the State, that is payable or paid by the branch or agency in so far as the foreign qualified top-up tax is properly attributable on a just and reasonable basis to the income of a company resident in the State from a trade carried on by it through a branch or agency in that territory, or
(ii) where an amount of qualified domestic top-up tax is payable or paid by an entity under the laws of the territory in which the branch or agency is located, for the purposes of the qualified domestic top-up tax laws of the territory, in respect of the aggregate profits of that branch or agency and one or more other entities, taken together as a single taxable entity, the amount of qualified domestic top-up tax that is attributable on a just and reasonable basis to the income of a company resident in the State from a trade carried on by it through a branch or agency in that territory.”,
(f) in paragraph 9FA(1), by the substitution of the following definition for the definition of “foreign tax”:
“ ‘foreign tax’ in relation to foreign branch income of a company, means—
(a) tax which—
(i) is paid under the laws of the territory in which the foreign branch is situated on income attributable to that branch, and
(ii) corresponds to corporation tax,
or
(b) an amount of foreign qualified domestic top-up tax payable or paid by a foreign branch or agency being—
(i) an amount of qualified domestic top-up tax arising under the laws of a territory, other than the State, that is payable or paid by the foreign branch or agency in so far as the foreign qualified top-up tax is properly attributable on a just and reasonable basis to the foreign branch or agency income of a company, or
(ii) where an amount of qualified domestic top-up tax is payable or paid by an entity under the laws of the territory in which the foreign branch or agency is located, for the purposes of the qualified domestic top-up tax laws of the territory, in respect of the aggregate profits of that branch or agency and one or more other entities, taken together as a single taxable entity, the amount of qualified domestic top-up tax that is attributable on a just and reasonable basis to the foreign branch or agency income.”,
and
(g) in paragraph 9I(1), by the substitution of the following definition for the definition of “tax”:
“ ‘tax’, except in the case of corporation tax in the State, means—
(a) tax imposed in a country other than the State, which corresponds to such corporation tax, including any foreign qualified domestic top-up tax, and
(b) tax, corresponding to income tax in the State, which is imposed in a country other than the State by deduction from dividends or other distributions of profits,
but excluding any tax charged by reference to a dividend or other distribution of profits such that most of the value of that dividend or distribution is exempted from that charge to tax.”.
98. Amendment of Part 35B of Principal Act (implementation of Articles 7 and 8 of Council Directive (EU) 2016/1164 of 12 July 2016 (Controlled Foreign Companies))
98. Part 35B of the Principal Act is amended—
(a) in section 835I(1), by the insertion of the following definitions:
“ ‘amount of foreign qualified domestic top-up tax payable or borne by a controlled foreign company’ means—
(a) an amount of foreign qualified domestic top-up tax that is payable or borne by the controlled foreign company, or
(b) where an amount of foreign qualified domestic top-up tax is payable or borne by an entity under the laws of the territory in which the controlled foreign company is located, for the purposes of the qualified domestic top-up tax laws of the territory, in respect of the aggregate profits of that controlled foreign company and one or more other entities, taken together as a single taxable entity, the amount of foreign qualified domestic top-up tax that is apportioned to the controlled foreign company on a just and reasonable basis;
‘corresponding qualified domestic top-up tax’ means an amount of qualified domestic top-up tax that would be payable or borne by the controlled foreign company, if the controlled foreign company was located in the State, in accordance with section 111D, and section 111AAO did not apply;
‘fiscal year’ has the meaning given to it in section 111A(1);
‘foreign qualified domestic top-up tax’ means a qualified domestic top-up tax arising under the laws of a territory, other than the State;
‘qualified domestic top-up tax’ has the meaning given to it in section 111A(1);”,
(b) in section 835S—
(i) in subsection (2)—
(I) in paragraph (a), by the substitution of “period,” for “period, and”,
(II) in paragraph (b), by the substitution of “period, and” for “period.”, and
(III) by the insertion of the following paragraph after paragraph (b):
“(c) the amount of foreign qualified domestic top-up tax payable or borne by the controlled foreign company for that accounting period.”,
(ii) by the substitution of the following subsection for subsection
(3): “(3) In subsection (2)—
(a) references to an amount paid, payable or borne do not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise, and
(b) references to an amount of foreign qualified domestic top-up tax payable or borne do not include so much of any amount of foreign qualified domestic top-up tax that is not paid within 4 years from the end of the fiscal year in which it becomes due.”,
and
(iii) by the insertion of the following subsection after subsection (4):
“(5) The amount of creditable tax to be allowed against corporation tax in respect of any controlled foreign company charge for an accounting period shall not include any amount in respect of:
(a) a qualified IIR (within the meaning of section 111A(1)), or
(b) a qualified UTPR (within the meaning of section 111A(1)).”,
and
(c) in section 835T—
(i) by the substitution of the following subsection for subsection (2):
“(2) This subsection applies where the aggregate of the amount of foreign tax and the foreign qualified domestic top-up tax, which is paid, payable or borne by a controlled foreign company for an accounting period, is not less than the difference between—
(a) the aggregate of—
(i) the corresponding corporation tax in the State for that accounting period, and
(ii) the corresponding qualified domestic top-up tax for that accounting period,
and
(b) the aggregate of—
(i) the amount of such foreign tax paid or borne for the accounting period, and
(ii) the amount of foreign qualified domestic top-up tax for the accounting period.”,
and
(ii) by the insertion of the following subsection after subsection (3):
“(4) In this section—
(a) references to the amount of foreign tax paid or borne do not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise, and
(b) references to the amount of foreign qualified domestic top-up tax, which is payable or borne do not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise or where payable is not paid or borne by the controlled foreign company.”.
99. Amendment of section 481A of Principal Act (relief for investment in digital games)
99. (1) Section 481A of the Principal Act is amended—
(a) in subsection (1)—
(i) in the definition of “undertaking in difficulty”, by the substitution of “Restructuring Guidelines;” for “Restructuring Guidelines.”,
(ii) by the insertion of the following definition:
“ ‘valid claim’ means a claim in relation to an interim digital games corporation tax credit or a digital games corporation tax credit, as the case may be, which is—
(a) made under and in accordance with this section, and
(b) in respect of which all information which the Revenue Commissioners may reasonably require to enable them to determine if, and to what extent, the credit is due to a digital games development company in respect of an accounting period, has been furnished by that company.”,
and
(iii) by the deletion of the definitions of “qualifying period” and “specified amount”,
(b) in subsection (13), by the substitution of the following paragraph for paragraph (h):
“(h) the digital games development company has been carrying on the trade referred to in paragraph (b) of the definition of ‘digital games development company’ for a period of less than 12 months prior to making a claim.”,
(c) in subsection (14), by the deletion of paragraphs (a) to (d),
(d) by the insertion of the following subsection after subsection (14):
“(14A) A claim by a digital games development company for an interim digital games corporation tax credit under subsection (19) or a digital games corporation tax credit under subsection (20) shall not include expenditure—
(a) where it would be reasonable to consider that the amount of such expenditure or any particular item of such expenditure has been inflated,
(b) in respect of which the company has obtained relief under Part 29,
(c) in respect of which the company has obtained relief under section 481, and
(d) that has been or is to be met directly or indirectly by grant assistance or any other assistance which is granted by or through—
(i) the State or another Member State of the European Union,
(ii) any board established by statute, any public or local authority or any other agency of the State or another Member State or an institution, office, agency or other body of the European Union, or
(iii) a state, other than the State or a Member State referred to in subparagraph (i), and any board, authority, institution, office, agency or other body in such state.”,
(e) in paragraph (e) of subsection (16), by the deletion of “, within the time referred to in paragraph (d),”,
(f) in subsection (17)—
(i) in paragraph (i), by the substitution of “qualifying digital game, and” for “qualifying digital game,”,
(ii) in paragraph (j), by the substitution of “subsection (16)(a).” for “subsection (16)(a), and”, and
(iii) by the deletion of paragraph (k),
(g) in subsection (19), by the deletion of paragraph (a),
(h) by the insertion of the following subsection after subsection (19):
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