Ireland today updated its Tax and Duty Manual in Part 35b-01-01 providing addtional guidance on the controlled foreign company (CFC) rules.
These tax rules were introduced by Finance Act 2018 and take effect from 1 January 2019.
The manual revisions provides an overview of what the CFC rules mean and how they operate. It sets out information in relation to what a CFC is, the meaning of ‘control’ and ‘associated companies’, how a CFC charge can arise, and the relevant exemptions and reliefs.
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