Dáil Éireann Debate, Tuesday - 27 July 2021
366. Deputy Ged Nash asked the Minister for Finance the yield accrued from the standard rate of the section 627 exit tax charge of 12.5% in 2019 and 2020 respectively in tabular form; and if he will make a statement on the matter. [39929/21]
View answerAs the Deputy may be aware, the current Exit Tax charge contained in section 627 of the Taxes Consolidation Act, 1997 (TCA 1997) was introduced as part of the transposition of the EU Anti-Tax Avoidance Directives (ATAD). The ATAD Exit Tax completely replaced the old exit tax regime, which was designed to counter a specific type of avoidance, and took effect from October 2018. Information in respect of any exit tax payable under the new regime is required to be be separately recorded on corporation tax returns for 2019 and subsequent years.
I am advised by Revenue that the available data for 2019 does not show any disposals giving rise to a charge to exit tax under section 627 TCA 1997. Information in respect of 2020 corporation tax returns is not yet available because all the returns are not yet filed and analysed. As the Deputy is aware, a company's corporation tax return filing date is determined by its accounting period end date. Companies with an accounting period end date of 31 December 2020 are not required to file their 2020 corporation tax return until 23 September 2021.
