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ARTICLE · 26 OCTOBER 2020

Finance Bill 2020

Arthur Cox
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While Finance Bill 2020 ("the Bill") includes measures to support the domestic economy during the COVID-19 crisis and in the context of Brexit, the Bill includes no fundamental changes to Ireland's...

IrelandFinance and Banking
Fintan Clancy
Fintan Clancy
Ailish Finnerty
Ailish Finnerty
David Kilty
David Kilty
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While Finance Bill 2020 ("the Bill") includes measures to support the domestic economy during the COVID-19 crisis and in the context of Brexit, the Bill includes no fundamental changes to Ireland's international tax regime. A number of the provisions announced in the Bill offer helpful clarification in relation to measures introduced last year.

Key Points on Ireland's tax regime

Corporation tax rate

The Minister for Finance reaffirmed Ireland's commitment to the 12.5% corporation tax rate for trading activities in his recent Budget speech.

Interest Limitation

As expected the ATAD interest limitation rules were not included in this Finance Bill and are expected to be introduced with effect from 1 January 2022. A consultation on the rules is expected next year.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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