Wednesday, 20 January 2021

Questions (131)

Neale Richmond

Question:

131. Deputy Neale Richmond asked the Minister for Finance if he has considered requesting that the Revenue Commissioners examine the finances of an organisation (details supplied) following its move from the UK to Waterford to ensure it is compliant with all the rules of this jurisdiction; and if he will make a statement on the matter. [2211/21]

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Written answers (Question to Finance)

As the Deputy is aware, the tax affairs of identified individual taxpayers, including companies, cannot be disclosed due to the obligation to protect taxpayer confidentiality as provided for by section 851A of the Taxes Consolidation Act, 1997. It is an offence for a Revenue official to directly or indirectly disclose taxpayer information to third parties, including the Minister for Finance, unless this is specifically provided for in legislation. Therefore, neither Revenue nor I can comment on the tax affairs of any individual or company.

However, I can assure you that Ireland has a transparent tax code, with the liability to Irish corporation tax being primarily determined by a company’s tax residence. In general, Irish tax resident companies pay tax on their worldwide income and chargeable gains. Non-resident companies pay Irish corporation tax on their Irish source income. Non-residents also pay tax in Ireland in respect of chargeable gains accruing to them from the disposal of Irish assets (for example, land, buildings and minerals in Ireland). Where tax reliefs or credits exist to reduce a company’s Irish tax liability, they are provided for in legislation and may only be availed of where the legislative criteria for relief are satisfied. Compliance with these tax obligations and eligibility for tax reliefs are monitored by Revenue on an ongoing basis.