asked the Minister for Finance if he will indicate whether tax on profits earned by the sale of stout in this country, by firms whose companies are registered in England are paid to the British Exchequer; and, if so, the approximate average amount per annum lost to this State for the past ten years, due to these companies being so registered.
Ceisteanna—Questions. Oral Answers. - Tax on Stout.
A company registered in England and trading in Ireland is liable to Irish corporation profits tax on any profits arising here. The liability to income-tax depends on where it is managed and controlled. Under the residence agreement of 1926 (as amended by later agreements in 1928 and 1947) a company managed and controlled in Great Britain is exempt from Irish income-tax. Conversely, a company managed and controlled in Ireland is exempt from British income-tax.
Owing to the obligations as regards secrecy imposed by the law, it is not possible to supply figures relating to tax of individual concerns.