As a part of Ireland’s commitment to implement the EU Anti-Tax Avoidance Directive, Ireland’s Finance Bill will provide for new exit tax and controlled foreign company (CFC) rules, Irish budget documents released today said.
The exit tax charge will come into effect on October 10, 2018, at a 12.5 percent rate; the CFC rules will take effect for accounting periods of controlling companies beginning on or after January 1, 2019, Ireland’s 2019 budget said.
Both measures are anti-abuse rules that aim to tax multinational firms that transfer assets out of Ireland. Finance Bill 2018 will be presented on October 18.
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