Irish Revenue, on May 7, updated its tax guidance to include its plan to implement an EU directive requiring governments to automatically exchange information with other EU States about the private cross-border tax rulings and advance pricing agreements they sign with multinational taxpayers.
Ireland’s Tax and Duy Manual now deals with both EU and OECD plans provide governments with information on these private tax rulings on cross-border transactions. The two plans overlap in part but also have a number of differences, such as differences in the timing of exchanges, Irish Revenue said.
The EU plan, set out in Council Directive 2011/16/EU, issued December 2015, requires mandatory automatic exchange of information on cross-border tax rulings issued by a Member State where the rulings may affect the tax base of another Member State. A subset of this information must also be shared with the EU Commission.
The Irish guidance addresses topics such as the type of information that must be exchanged and taxpayer notifications.
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