The double-Irish will not be available to new companies from January and will be phased out for existing taxpayers between now and 2020 The Irish government announced in its 2015 Budget the abolition of the so-called double-Irish structure and its intention to introduce an income-based system for the taxation of intellectual property, which it is calling a Knowledge Development Box. In a well-flagged move, Michael Noonan, the Irish Minister of Finance, said in his speech that the double-Irish would be not be available to new companies from January 1 next year. A transition period for existing taxpayers will last until the end of 2020. Noonan said the change means that companies incorporated in Ireland would have to be tax resident there too.
Fifty one jurisdictions signed a multilateral competent authority agreement at the seventh meeting of the OECD's Global Forum on Transparency and the Exchange of Information for Tax Purposes in Berlin this afternoon.
The Tax Justice Network (TJN) has described the Common Reporting Standard (CRS) and the signing this week of the multilateral competent authority agreement to implement it as “progress” and “a good first step” towards automatic information exchange (AIE) and the elimination of illicit financial flows, but has refused to give them its unqualified support.
The heads of tax administration from 38 countries have agreed to implement three actions which they say will help them to work closer together, coordinate their actions, share knowledge and deal with any tax administration aspects arising from the base erosion and profit shifting (BEPS) project.
The Irish government announced in its 2015 Budget the abolition of the double-Irish structure and its intention to introduce an income-based system for the taxation of intellectual property, which it is calling a Knowledge Development Box.
The Irish government announced in its 2015 Budget today the abolition of the so-called double-Irish structure and its intention to introduce an income-based system for the taxation of intellectual property, which it is calling a Knowledge Development Box.
