ARTICLE · 08 DECEMBER 2023

Tax Update - October 2023

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Ireland published Finance (No.2) Bill 2023 (the "Bill") on 19 October 2023 to implement the changes announced by the Minister for Finance...

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Finance (No.2) Bill 2023 and Budget 2024

Ireland published Finance (No.2) Bill 2023 (the "Bill") on 19 October 2023 to implement the changes announced by the Minister for Finance (the "Minister") in Budget 2024 on 10 October 2023, in addition to other amendments to the Irish tax code.

Most notably, following the two feedback statements issued by the Department of Finance earlier this year and in order to transpose the EU Minimum Tax Directive, the Bill implements the OECD Pillar Two rules to ensure a 15% minimum effective tax rate for multinational groups with an annual global turnover exceeding €750 million in at least two of the preceding four years.

The Bill includes the amendments announced in the Budget to the research and development ("R&D") tax credit and also an amendment to the digital games tax credit to ensure that the credit will align with the definition of a qualified refundable tax credit under the Pillar Two rules. Following a public

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