Ireland: Tax proposals in Finance bill 2023 include implementation of Pillar Two global minimum tax
Finance (No.2) Bill 2023 includes measures concerning income tax, business tax, capital gains tax, and indirect taxes
Tax proposals in Finance bill 2023 include implementation of Pillar Two global minimum tax
Finance (No.2) Bill 2023, published on 19 October 2023, includes many of the measures concerning income tax, business tax, capital gains tax, and indirect taxes already announced by the Minister for Finance in his 2024 budget speech on 10 October 2023. Read TaxNewsFlash
The following additional measures were also included in the bill.
Income tax
- Reporting of gains in respect of share-based payments
- Time limit for raising assessments
- Pension amendments
- Reporting obligation in respect of foreign accounts
Business tax
- Implementation of 15% Pillar Two global minimum tax
- Amendments to dividend withholding tax
- Taxation of outbound payments
- Introduction of qualifying finance companies
- Amendments to controlled foreign company (CFC) and anti-hybrid provisions
- Amendments to taxation of leases
- Pre-trading expenditure and group relief provisions
- Changes to research & development (R&D) tax credit
Property
- Rent payable to non-resident landlords
- Help to buy scheme
- Tax deduction for retrofitting expenditure
- Amendment to capital gains tax relief on disposal of certain land and buildings
Indirect tax
- Value added tax (VAT) treatment of certain deposits received under planned deposit return scheme
- Provision of emergency accommodation as VAT-exempt activity
- Increased excise duty on certain cider and perry products
- Increased stamp duty exemption on certain short-term leases of residential property
- Exemption from stamp duty on shares traded on a recognized stock exchange in the US or Canada
Capital acquisitions tax
- Return requirement in relation to interest free loans
- Agricultural property relief and business property relief
Miscellaneous
- Provisions affecting charities
Read more on Finance (No.2) Act 2023 on the dedicated webpage prepared by the KPMG member firm in Ireland
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