ARTICLE · 20 OCTOBER 2014

Irish Budget Statement – Key Points For Multinational Companies

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The Minister for Finance confirmed that Ireland would change its corporate tax residency rules to restrict the ability of Irish incorporated companies to be treated as non-Irish resident.

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Alan Connell

Catherine Galvin

Catherine O’Meara

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Today, the Minister for Finance (the "Minister") announced the Irish budget statement for 2015 (the "Budget"). Following much speculation, he confirmed that Ireland would change its corporate tax residency rules to restrict the ability of Irish incorporated companies to be treated as non-Irish resident. This change will affect certain companies that have implemented the so-called "double Irish" arrangements. For existing companies, the Minister has confirmed that a grandfathering period will apply until the end of 2020 (ie, for six years) allowing companies considerable time to revisit their current arrangements. The change will be applied to all new companies from 1 January 2015.

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