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Ireland Updates Tax Legislation

Ireland
From the end of 2012, and continued into 2013, the Government of Ireland has been looking at and updating the country's legislation to reflect initiatives moving forward. Taxand Ireland discusses the key tax legislation introduced at a national and an international level.

National Level

Guidance on the Consumer Protection Code 2012 published

The primary clarification in the Guidance for insurers relates to rebates. The CBI considers that the inclusion of a policy condition that rebates will not be refunded to the consumer and additional premiums will not be sought from a consumer (under specified levels), is not prohibited under the Code. The Guidance further clarifies that any insurance intermediary must obtain prior written agreement from the consumer every time it intends to deduct any charges from a premium rebate.

International Level
FATCA
Ireland is one of the first countries to agree a new Inter-Governmental Agreement (IGA) with the US in relation to the US's FATCA. The IGA will provide for automatic reporting and the exchange of information between the Irish and US tax authorities in relation to financial accounts held in Irish financial institutions by US persons. The IGA will significantly lessen the compliance burden that might otherwise apply and is therefore a welcome development for the Irish insurance industry.

Discover more: Taxand Ireland provides key legislation updates


 

Your Taxand contact for further queries is:
Martin Phelan
T. +353 1 639 5139
E. martin.phelan@williamfry.ie

 

Taxand's Take


The Government of Ireland, like many Governments, is having to look at both home and abroad when taking tax legislation into consideration. Naturally the Government will want to make revenue, however they will also want content nationals and eager foreign investors. Corporations should keep afresh of all relevant tax updates in order to remain compliant.

Taxand's Take Author

Martin Phelan
Taxand Board member
Ireland