Ireland Tax Agency Updates Guide on Exit Tax

The Irish Revenue Commissioners July 11 updated the Tax and Duty Manual by replacing the existing targeted anti-avoidance exit tax provisions with the EU Anti-Tax Avoidance Directive (ATAD). Topics covered include: 1) the imposition of an exit tax rate of 12.5 percent on unrealized capital gains related to offshore asset transfers; 2) assets to be excluded from exit tax charges; 3) an anti-avoidance tax rate of 33 percent; 4) a deferment option to pay exit tax in installments for five years; and 5) the requirement for electronic tax return and annual statements. The provisions are effective retroactively from Oct. 10, ...