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ARTICLE · 15 MARCH 2010

Introduction Of Transfer Pricing Rules - Perception Is Everything!

Dillon Eustace
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The Irish Finance Bill 2010 (the "Bill") which was recently published proposes the insertion of a new Part 35A into the Taxes Consolidation Act 1997 ("TCA 97") which provides for the introduction of limited transfer pricing ("TP") measures.

IrelandTax
David Lawless
David Lawless
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Introduction

The Irish Finance Bill 2010 (the "Bill") which was recently published proposes the insertion of a new Part 35A into the Taxes Consolidation Act 1997 ("TCA 97") which provides for the introduction of limited transfer pricing ("TP") measures. The Bill is due to be enacted by 9th April 2010.

The principle of arm's length pricing, which is central to the concept of TP, has been part of Irish tax law for many years despite the absence of specific TP measures (with the exception of manufacturing relief). For example the "wholly and exclusively" test contained in Section 81 TCA 97 would operate to deny a tax deduction for an amount of a payment between connected parties in excess of the arm's length amount. In addition tax law as interpreted by the courts has permitted an upward adjustment to profits to reflect the arm's length price in certain cases.

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