An analysis by William Fry
Our Irish firm, William Fry, explores the implications of the successful appeal by a taxpayer against an assessment to corporation tax of €25m.
Ireland’s Revenue Commissioners raised the assessment on the basis that the proceeds from a waiver of an intercompany loan constituted profits or gains of the Appellant’s trade and was a taxable receipt for corporation tax purposes.
The Appellant successfully appealed Revenue’s assessment, arguing that the loan was capital in nature and that the waiver of the loan was a capital transaction and did not give rise to corporation tax.
Read the full article here.
For similar content to our Global Guide, subscribe to our mailing list and keep up to date.
