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EATLP ANNUAL CONGRESS 2018

TAX TRANSPARENCY

QUESTIONNAIRE: Ireland

Associate Professor Gerardine Doyle, University College Dublin

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1. Concept of Tax Transparency and new tendencies

The Government of Ireland published its tax strategy, Ireland’s Corporation Tax Strategy in

2012, promulgating the three principles of ‘Rate, Regime and Reputation’ (known as the 3

R’s).1 This strategy highlights how Ireland’s industrial policy for the previous five decades had

focussed on attracting and retaining Foreign Direct Investment (FDI). Rate reflects

Government policy of a 12.5% corporate tax rate providing certainty for corporate tax

payors. Regime refers to the design of a competitive corporate tax regime incorporating

reliefs for expenditure on research and development activities and reliefs for the creation of

intangible assets through certified intellectual property. Reputation represents Ireland’s

‘transparent corporation tax regime accompanied by a rapidly growing network of

international tax treaties with full exchange of tax information’.2 Ireland was one of the first

countries to sign an Intergovernmental Agreement with the United States of America to

Improve International Tax Compliance and Implement FATCA (US Foreign Account Tax

Compliance Act), aimed to combat tax evasion by providing for the automatic exchange of

financial account information.

Since the publication of this strategy the OECD BEPS Action Plan commenced with Ireland

seeking to ensure that its tax legislation be OECD compliant. For example Ireland’s

corporation tax relief on certified intellectual property, known as the ‘Knowledge

Development Box’ was the first such provision to be OECD compliant, published in October

20153 immediately following the publication of the OECD Modified Nexus Approach.

Furthermore, the corporation tax legislation was amended with effect from 1 January 2015

to include an anti-avoidance provision4 to ensure that ‘stateless’ companies could no longer

exist under Irish tax law..

For Ireland the tax transparency journey commenced in 1989 with the enactment of a

General Anti-Avoidance Rule (GAAR)5 as a mechanism to address aggressive tax planning.

This legislation was further strengthened over time and includes a Mandatory Disclosure

provision6 (since 2011) where the onus is placed on the tax adviser to disclose aggressive tax

planning of clients. The purpose of this legislation is to ‘create an early warning system for

the Revenue Commissioners of tax schemes that may be potentailly damaging to tax

revenues’. 7 The discourse surrounding the collection of information by tax authorities in the

public interest intensified in the early 21st century with the discovery of offshore accounts

1 Ireland’s Corporation Tax Strategy, Department of Finance 2012 2 Ireland’s Corporation Tax Strategy, page 2, Department of Finance 2012 3 Section 30 Finance Bill 2015, Chapter 5 Part 29 Taxes Consolidation Act 1997 4 Section 23A Taxes Consolidation Act 1997 5 Section 811 Taxes Consolidation Act 1997 6 Section 817D Taxes Consolidation Act 1997 7 Revenue (2010) Press Release – Possible Tax Avoidance Schemes: Revenue Consultation on Madatory Disclosure of Certain Transactions

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held by Irish residents and published in the Ansbacher Report.8 The attached appendix

offers a summary of the Tax Transparency Timeline for Ireland from 2001 to 2020.

Ireland’s commitment to improving international tax compliance and Ireland’s reputation as

a place to do business is reflected in its endeavours to be both EU and OECD compliant. For

example Ireland was an early adopter of the US Foreign Account Tax Compliance Act (FATCA)

being the 4th country in the world to sign an agreement with the US in 2012, EU automatic

exchange of interest on savings prior to 2013, EU exchange on request of financial account

information to remove bank secrecy (2013), Ireland has been an active participator in the EU

Code of Conduct Group and the OECD Forum on Harmful Tax Practices since 2013. Ireland is

compliant with automatic exchange of financial account information (2017) (AEOI),

automatic exchange of non-financial information (2015), EU automatic exchange of cross

border tax rulings (2017), automatic exchange of financial account information globally with

59 countries outside the EU and the US.9 A portal page on the OECD website illustrates the

critical role of digitalization to enhance international tax transparency. 10

As an EU Member State Ireland is compliant with the requirement to establish a Central

Beneficial Ownership Register (2017). Since 2016 Irish companies and trusts are required to

keep a register of their own benefcial ownership. Ireland is an early adopter of Country by

Country Reporting under the OECD BEPS Action 13, which was enacted into Irish law from

2016.11

Enhanced public awareness of international best practice in tax law in reflected in the

appointment in October 2016 of an independent expert (Seamus Coffey) to review Ireland’s

corporation tax code. The terms of reference for the review included tax transparency,

avoiding preferential treatment, further implementing Ireland’s international commitments,

delivering tax certainty and maintaining competitiveness. A consequent report entitled

Review of Ireland’s Corporate Tax Code (2017) was published which concluded that the Irish

corporation tax code is fair, competitive, sustainable and certain, whilst making a number

of recommendations setting out a roadmap and timeframe for implementation of these

recommendations to ensure that Ireland continues to meet the highest international

standards. These recommendations focus on proposed measures to meet OECD and EU

standards on preferential treatment; supporting the EU Directive on mandatory disclosure in

line with OECD recommendations; facilitation of the Taxation and Certain Other Matters

(International Mutual Assistance) Bill through Dáil and Seanad Éireann; updating and

8 The Ansbacher Report, Office of the Director of Corporate Enforcement, 2002 9 Tax and Duty Manual, Part 35.01.01A Guide to Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation Agreements and Tax Information Exchange Agreements and the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters: Role of the International Tax Division, Revenue Commissioners, updated July 2017 10 www.oecd.org/tax/transparency/automatic-exchange-of-information 11 Section 891H Taxes Consolidation Act 1997

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expanding the scope of Ireland’s transfer pricing regime; consideration of whether to change

to a territorial tax system; enhancement of the resources of the Revenue Commissioners to

deal with international dispute resolution and the introduction of a – cap on capital

allowances claims with respect to intangible assets as a way of smoothing corporation tax

revenues over time. This cap was reintroduced into law in the Finance Act 2017. OECD’s

Global Forum (2017) awarded Ireland the highest international rating on tax transparency

and exchange of information which was acknowledged in the ‘Coffey Report’.

2. Information procurement and data usage by the tax authorities

The tax system in Ireland is based on the principle of self-assessment, for individuals and for

corporate entities. The key features of the self-assessment system are that the onus is on

the taxpayer to pay the tax liability without receiving a demand for payment from the Office

of the Revenue Commissioners, the onus is placed on the taxpayer to prepare and submit an

accurate annual tax return without receiving a request to do so and penalties are

automatically imposed if the taxpayer fails to meet these responsbilities.

All chargeable persons liable to income tax for a year of assessment are obliged to submit

their tax return by 31 October in the tax year following the year of assessment12. As an

incentive to submit electronic tax returns, this deadline is extended by approximately ten

days when both the taxpayer’s return and the taxpayer’s liabilities are filed and paid

electronically, using the ‘Revenue On-Line Service’ (ROS). Paper tax returns are only

acceptable where the taxpayer can demonstrate that they are unable to file returns

electronically e.g. where the taxpayer has no access to a computer. The tax return will

include the taxpayer’s income for the preceding tax year and a claim for deductible reliefs,

and personal tax credit relief. In addition details of capital asset acquisitions and disposals

should be included in the tax return. Since 2013 all chargeable persons are required to

submit their own tax computations. Note that a taxpayer is not permitted to lodge an appeal

against any figures contained in a self-assessment tax computation.

For corporate taxpayers, the self-assessment legislation13 provides that corporate tax

retruns and computations must be filed no later than nine months after the end of the

relevant accounting period, subject to the filing date being no later than the 21st day of the

ninth month. Payment deadlines are likewise set for the 21st day of the relevant month for

which a payment is due. Where filing and payment take place electronically this is extended

by two days, to the 23rd day of the relevant month. As with individuals a self-assessment

computation cannot be appealed by the taxpayer.

12 Section 959I Taxes Consolidation Act 1997 13 Part 41 Taxes Consolidation Act 1997

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Where a tax return contains matters about which there are doubts, the taxpayer is obliged

to draw attention to the particular matters by making a formal ‘expression of doubt’ claim.

Such a claim prevents the Revenue Commissioners declaring the tax return to be an invalid

return. This therefore protects the taxpayer from the imposition of a late filing penalty,

interest charges and publication should it transpire that the taxpayer has underpaid tax as a

result of treating the ‘doubtful matter’ incorrectly.

The Office of the Revenue Commissioners publishes an Annual Report that is publicly

available.14 This report presents the main results from the collection of taxes, analysis of

voluntary compliance, confrontation of non-compliance, details of prosecutions and

penalties, seizures of illegal products and counterfeit items, a summary of international

engagement at EU and global fora alongside benchmarking performance. In addition, a

section of the report is devoted to ‘Data, Analytics and Risk Assessment’ along with a

summary of activities carried out in support of the Department of Finance surrounding tax

policy and drafting legislation. From time to time ancillary reports may be prepared by the

Office of the Revenue Commissioners on a particular topic of public interest15. The auditor

for the State, the Comptroller and Auditor General, prepares an independent annual audit of

the Office of the Revenue Commissioners, reporting to Government through the Public

Accounts Committee.

Mandatory disclosure of aggressive tax avoidance schemes was introduced in the Finance

Act 201016 where the onus lies with the promoter of the scheme (tax accountant, tax lawyer

or financial institution) to report ‘disclosable transactions’. A disclosable transaction is any

transaction or any proposal of any transaction which falls within any specified description,

enables or might be expected to enable any person obtain a tax advantage and is such that

the main benefit, or one of the main benefits, that might be expected to arise from the

transaction or the proposal is the obtaining of a tax advantage. The transaction must fall

within any of the specified descriptions or hallmarks as they are referred to in the UK

equivalent to mandatory disclosure17.

A Co-operative compliance framework operates in Ireland and was relaunched in February

2017. It provides an opportunity for the Office of the Revenue Commissioners and large

businesses that are dealt with by a “Large Cases Division” to work together to achieve the

highest possible level of tax compliance. It is a voluntary system where businesses can opt

out at any time. The Revenue Commissioners can equally decide to cease co-operative

compliance with any business that does not abide by the agreed plan. Formal agreements

are not necessary as the system depends on a high degree of trust. A letter can confirm the

14 https://www.revenue.ie/en/corporate/press-office/annual-report/2016/ar-2016.pdf 15 https://www.revenue.ie/en/tax-professionals/.../work-guide-ancillary-state-support.pdf 16 Section 817D-817R Taxes Consolidation Act 1997 17 Disclosure of Tax Avoidance Schemes (DOTAS)

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willingness of both sides to engage and the actions that each side plans to take to be tax

compliant.

A dedicated case manager is assigned for each company/group with an annual meeting with

the Revenue Commissioners taking place. A self-review voluntary disclosure will be

verified/checked and no revenue audit will be undertaken except in exceptional

circumstances. Customs and transfer pricing staff may attend the annual meeting as

required and companies participating in the Co-operative Compliance framework are offered

a streamlined process to refund corporation tax and VAT claims. From the tax authority

perspective, the taxpayer meets all tax obligations in accordance with legal requirements,

the taxpayer commits to self-reviews and where risks, under-declarations, or errors are

identified they inform Revenue. The annual meeting with the Group enables areas of

concern to be raised and explored and an agreed risk review plan examined. In addition, the

taxpayer advises and consults with Revenue in advance of undertaking any restructurings,

reorganisations, or major transactions and the Revenue Commissioners are kept informed of

economic and sectoral changes/insights. It is understood that approximately 25% of those

who were invited by Revenue to join the co-operative compliance are opting to participate

in the framework, which is broadly in line with expectations.

The Office of the Revenue Commissioners may procure information about taxpayer’s income

from other sources (e.g. by automatic exchange of information, Third-party reporting

obligations from banks, employers, health insurers, Department of Employment Affairs and

Social Protection, Landlords, Criminal Assets Bureau, International Consortium Journalist

Group). Information may also be gathered by the Revenue Commissioners as a consequence

of prevention of money laundering. The Fourth EU Anti- Money Laundering

Directive (AMLD4), was transposed into Irish law in June 2017. A major part of this is the

creation of a 'Beneficial Owners Register'.18 Under Irish Law there is no tax whistle-blower

legislation, there is however general legislation to protect whistle-blowers within the

Protected Disclosures Act 2014.

As mentioned earlier in this report Ireland has been an early adopter of the transformation

of the new international standards surrounding international exchange of information into

domestic law including FATCA, AEOI, MCAA, CbCR.

In Ireland there is no bank secrecy. The tax legislation grants powers of Information to

officers of the Revenue Commissioners,19 known as Revenue Information Powers. Such

powers range from production of books, information etc. from the taxpayer, from third

parties and financial institutions, application to the High Court for information from the

18 At the time of writing proposals for a Fifth Anti-Money Laundering Directive (5 AMLD) which will amend 4

AMLD are at an advanced stage 19 Chapter 4 Part 38, Sections 899-912B Taxes Consolidation Act 1997

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taxpayer, third party or financial institution, District Court Search Warrant for civil

proceedings, ‘privileged legal material, power to inspect computer documents, records and

equipment and to require reasonable assistance. Furthermore, questioning suspects in

police custody in certain circumstances is an additional power granted to the Revenue

Commissioners.

The Revenue Commissioners utilise sophisticated technology and data analytics techniques

to interrogate their extensive data banks. This allows Revenue to better direct their

compliance activities and to develop customer service initiatives, for example, pre-

population of taxpayers’ online income tax returns with income received from employments.

To this end, there is a significant focus on requiring and encouraging taxpayers to use

Revenue’s online services to, for example file tax returns and claim tax reliefs. An overview

of Revenue’s use of technology and data analytics is provided in Revenue’s published Annual

Reports. The Revenue Commissioners have a Code of Practice20 outlining the procedures for

processing and holding taxpayer’s personal data. This Code was approved by the Data

Protection Commissioner in 2012.

20 Protection of Personal Data, Code of Practice – Revenue Commissioners

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3. Protection of the taxpayer

The Constitution of Ireland does not explicitly guarantee a right to privacy but the courts

have recognised an unenumerated right to privacy as one of the personal rights within the

Constitution. Within the Revenue Customer Service Charter21, a customer charter which sets

out mutual expectations for the taxpayer and officers of the Revenue Commissioners, the

right to privacy of a taxpayer’s tax information is upheld under the principles of ‘consistency,

equity and confidentiality’ where Revenue commit to treating taxpayer information in

confidence and ensure that it will not be used or disclosed except as provided for by law. Tax

returns are therefore not made public and remain private unless a taxpayer is non-compliant

with the tax laws in which case their tax information and penalties may be published on the

List of Tax Defaulters. This list is published in Iris Oifigiúil in two parts.

Subject to certain criteria, Revenue publishes details of persons in whose case the Court has

determined a penalty relating to a settlement, or has imposed a fine, imprisonment or other

penalty in respect of a tax or duty offence (Part 1), and where Revenue has accepted a

settlement offer instead of initiating court proceedings, or a settlement has been paid in full

(Part 2) and reflects the amount of a settlement that remained unpaid at the end of the

reporting period. Such unpaid amounts are subject to Revenue’s normal debt collection and

enforcement procedures.

General data protection provisions apply to tax procedures. Irish law provides a statutory

right to data protection in the Data Protection Acts 1988 and 2003, implementing the

Council of Europe Convention for the Protection of Individuals with regard to Automatic

Processing of Personal Data and the EU Data Protection Directive 95/46/EC. The ePrivacy

Regulation 2011

addresses data protection for phone, email and internet use and gives

effect to the EU ePrivacy Directive 2002/58/EC.

Furthermore, the European Convention on Human Rights has been brought into force in

Ireland with the adoption of the European Convention on Human Rights Act 2003. That Act

gives effect to Article 8 of the European Convention on Human Rights.

For compensation for damages and judicial protection general rules of law apply with no

special provisions within tax law.

21 https://www.revenue.ie/en/corporate/information-about-revenue/customer-service/customer-charter/index.aspx#

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4. Transparency of the tax administration

Within the Revenue Customer Service Charter22 the tax authority commits to providing the

‘necessary information and all reasonable assistance’ to enable the taxpayer to clearly

understand and meet their tax obligations and to claim entitlements to deductions and tax

credits. An integral element of such ‘necessary information and all reasonable assistance’ is

the variety of guidance documents published on the Revenue Commissioners website.23

These publications range from Statements of Revenue Practice, Tax Briefings (eBriefs) and a

‘Tax and Duty Manual’ where the scope of guidance is broad and in-depth.

The process of risk management within the self-assessment system is documented in the

Code of Practice for Revenue Audit and other Compliance Interventions 24 which explains to

the taxpayer the objective of Revenue Audit, the process of regularising tax and duty

defaults, how a Revenue Audit is conducted, publication of the Revenue Audit settlement 25

and provides an explanation of prosecutable offences. The Revenue Commissioners

approach risk management through the adoption of a risk analysis system known as ‘Risk

Evaluation Analysis and Profiling’ (REAP). It risk-rates Revenue’s customer base providing

coverage across all the main taxes and duties. ‘Risk’ in this context means the risk posed to

Revenue’s core business of ‘collecting the right tax and duty at the right time’. REAP has

been designed to analyse a vast amount of data (including third party data) that Revenue

has on tax and duty cases and to attribute scores based on the level of risk they pose. It

prioritises cases based on risk, enabling Revenue to target its attention and minimising

contact with compliant customers. It focuses on a customer’s track record rather than single

returns; it ensures fairness by applying the same rules to all cases.

The Revenue Commissioners do not provide advance tax rulings but may provide an opinion

or confirmation on Revenue’s interpretation of the tax legislation, in certain limited

circumstances. Opinions and confirmations are subject to review by the Revenue

Commissioners every five years 26 and the Tax and Duty Manuals are updated on an ongoing

basis to reflect Revenue’s interpretation of tax legislation. This approach is in compliance

with EU Council Directives and the OECD framework (as part of Action 5 of the OECD/G20

Base Erosion and Profit Shifting project)27. The tax authority has published a manual which

sets out Revenue’s arrangements for implementing the Council Directive (EU) 2015/2376 of

8 December 2015 regarding mandatory automatic exchange of information in the field of

22 Ibid 23 www.revenue.ie 24 https://www.revenue.ie/en/tax-professionals/codes-of-practice/index.aspx, Revenue eBrief

No.13/11, June 2017 25 Section 1086 Taxes Consolidation Act 1997 26 Revenue eBrief No.8 of 2017

27 https://www.revenue.ie/en/tax-professionals/tdm/...tax...tax...tax/part.../35-00-01.pdf

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taxation and the OECD framework for the compulsory spontaneous exchange of information

in respect of rulings that was adopted. The results of mutual agreement and arbitration

procedures, including negotiation of Double Tax Treaties and multi-lateral instruments, are

published each year in the Annual Report of the Revenue Commissioners.28

Taxpayers, persons and companies, may access their own tax file where they have registered

electronically such that taxpayer’s liabilities have been filed and paid electronically using the

‘Revenue On-Line Service’ (ROS). Due to the confidentiality nature of tax information under

the Revenue Customer Service Charter and the right to privacy implicit within constitutional

law, only taxpayers can access their tax file on request.

Regarding the notification of a criminal investigation by the tax authority, normally a

taxpayer will be informed in writing if their tax affairs are under investigation. They will

receive a ‘Notification of a Revenue Investigation’ letter. There are some exceptions to this

for example, Revenue auditors investigating serious tax evasion, may visit a taxpayer’s place

of business without notice. Taxpayers receiving this type of notification may be aware that

an investigation could potentially result in a criminal prosecution but the point at which it

tips from an investigation into a prosecution case may not always be clear to the taxpayer. If

an intervention starts as an audit, there are certain protections under the Audit Code i.e. the

auditor will caution the taxpayer and withdraw from the audit if offences consistent with

prosecution are identified. However, it is not quite as clear cut for those who receive an

investigation letter from the outset.

For each quarter (January - March, April – June, etc.) a List of Tax Defaulters is published by

the Revenue Commissioners which is available to the public on the revenue website29, in the

national press and Iris Oifigiúil. This summarises the number of cases where there has been a

failure to file a tax return, offences of excise, licences and vehicle registration tax and

obstruction of Revenue Officers. The List of Tax Defaulters details persons in whose case the

Court has determined a penalty relating to a settlement, or has imposed a fine,

imprisonment or other penalty in respect of a tax or duty offence and where Revenue has

accepted a settlement offer instead of initiating court proceedings, or a settlement has been

paid in full and reflects the amount of a settlement that remained unpaid at the end of the

reporting period. A summary of the number of cases settled is analysed between those

exceeding €1m, >€500,000 and > €100,000 alongside the detailed list of defaulters which

specifies for each taxpayer their failure/offence, name, address, occupation, penalty/fine

and any additional sentence.

28 https://www.revenue.ie/en/corporate/press-office/annual-report/2016/ar-2016.pdf

29 www.revenue.ie

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The Revenue Commissioners holds data on all taxpayers either in manual files or

electronically. This data can be either personal data or non-personal data. All personal data

received is confidential and will be used only for tax liability determination

purposes. However, the tax authority may share data with other government departments

or agencies when permitted by a specific legislative provision for example the Department of

Social Welfare.

The Freedom of Information Act 2014 allows the taxpayer to make a request to access

records held by the Revenue Commissioners. It gives the taxpayer the right to have their

records corrected or updated, where such information is incomplete, incorrect or

misleading. It also allows the taxpayer to obtain reasons for decisions taken by Revenue that

affect you.

A subdivision of the Revenue Commissioners, the Statistics and Economic Research Branch,

performs tax research which is published on the revenue website30 comprising a series of

statistical reports, research reports, surveys and reviews. Access to this data is confined to

the Office of the Revenue Commissioners and in some instances in collaboration with the

Economic and Social Research Institute.

Appendix

Tax Transparency Timeline Ireland

15 Nov 2001 Revenue Commissioners disclosure deadline for bogus non-resident

accounts.

2003 EU Savings Directive agreed for automatic exchange of interest

payments from 1 July 2005.

28 May 2004 Revenue Commissioners disclosure deadline for offshore accounts.

15 Sept 2008 Revenue Commissioners disclosure deadline for undisclosed

income/funds in Irish bank accounts.

Sept 2009 OECD restructures Global Forum on Transparency and Exchange of

Information for Tax purposes to be the key body to ensure

implementation of internationally agreed standards for information

exchange on request.

> Now has 146 members.

30 www.revenue.ie/press

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31 Oct 2009 Revenue Commissioners investigation into trusts and offshore structures

disclosure deadline.

2010 OECD and the Council of Europe amend the Convention on Mutual

Administrative Assistance in Tax matters (2010 Protocol):

> Opened for signature on 1 June 2011 - Now has 114 jurisdictions.

> The Convention provides for exchange of information on request,

spontaneously or automatically.

2011 EU Directive on Administrative Co-operation (DAC1) is agreed:

> Removes bank secrecy and allows information exchange on request

and spontaneous exchanges between tax authorities from 1 January

2013.

> From 1 January 2015, DAC extended for the automatic exchange of

five types of non-financial information:

o Employment income, pensions, director fees, life insurance

products and interest in immovable property

2012 Revenue Commissioners investigation into the use of offshore credit and

debit cards by Irish residents.

Dec 2012 European Commission’s Action Plan to Strengthen Fight Against Tax

Fraud and Evasion proposes amendment to Directive on Administrative

Co-operation (DAC2).

Dec 2012 Ireland and US sign intergovernmental agreement to allow automatic

exchange of financial account information of US citizens and Irish tax

residents under the Foreign Account Tax Compliance Act (FATCA).

> First exchanges began in 2015.

Apr 2013 The OECD‘s Common Reporting Standard (CRS) on the automatic

exchange of financial account information is endorsed by the G20.

July 2013 OECD’s Base Erosion Profit Shifting (BEPS) Action Plan is published.

2014 Directive on Administrative Co-operation (DAC2) extended to include

automatic exchange of financial account information between EU

Member States, incorporating the OECD’s CRS into EU law.

Nov 2014 Lux Leaks.

Feb 2015 European Parliament establishes Special Committee on Tax Rulings and

Other Measures Similar in Nature or Effect (TAXE Committee).

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Mar 2015 European Commission publishes Tax Transparency Package proposing

extension to Directive on Administrative Co-operation (DAC3) for the

automatic exchange of tax rulings and Advance Pricing Arrangements

(APAs) from 1 January 2017.

May 2015 European Parliament’s TAXE Committee holds hearings across Europe.

Jun 2015 European Commission launches Action Plan for Fair and Efficient

Corporate Taxation including proposals for a pan-EU list of third

countries and territories blacklisted by EU Member States and public

country-by-country reporting.

Sept 2015 First exchanges of financial account information between the US and

Irish tax authorities take place under FATCA relating to 2014 data.

Oct 2015 OECD publishes BEPS Package.

Jan 2016 European Commission launches Anti-Tax Avoidance Package which

includes an extension to the Directive on Administrative Co-operation

(DAC4) for the automatic exchange of country by country reports

between EU Member States.

Feb 2016 OECD launches Inclusive Framework for BEPS implementation.

> Now includes 104 countries.

May 2016 Panama Papers released.

Jul 2016 European Commission announces proposals to amend the Anti-Money

Laundering Directive (AMLD) and extend the Directive on Administrative

Co-operation (DAC5) from 1 January 2018.

15 Nov 2016 Part implementation of 4th AML directive in Ireland

> Article 30 – Irish corporates must keep record of beneficial

ownership.

4 May 2017 Revenue Commissioners offshore disclosure regime deadline.

7 Jun 2017 Ireland signs the multilateral instrument (MLI) to amend its tax treaties

for tax treaty-related BEPS measures.

26 Jun 2017 Deadline to implement the EU 4th AML Directive to establish national

registers of beneficial ownership.

Sept 2017 > First exchanges of tax rulings and APAs between tax authorities

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under the EU framework take place.

> First exchanges of financial account information between tax

authorities under the OECD’s CRS take place. Ireland is participating

with 87 countries.

Nov 2017 Paradise Papers released.

Dec 2017 EU publishes its list of non-cooperative third countries (EU Blacklist). 17 countries are included on the list for failing to meet agreed tax good governance standards. In addition, 47 other countries have committed to addressing deficiencies in their tax systems and to meet the required criteria, following contacts with the EU.

Dec 2017 First country-by country reports due to be filed by multinationals with

the Irish Revenue Commissioners.

Dec 2017 > Regulations expected to be published in Ireland to formalise the

establishment of the new Central Registry of Beneficial Ownership of

Irish companies.

> 5th AMLD under discussion at EU Level to improve access to Central

Beneficial Ownership Registers.

Jan 2018 EU Directive on Administrative Co-operation (DAC5) may be extended to

allow tax authorities to access beneficial ownership information in EU

Member States.

Jan 2019 EU Directive on Administrative Co-operation (DAC5) to be extended to

provide for mandatory disclosure of cross-border schemes in the EU.

> Ireland has a domestic mandatory disclosure regime since 2011.

Jan 2019 Anti-Tax Avoidance Directive (ATAD) provisions relating to Controlled

Foreign Companies and General Anti-Avoidance Rule (GAAR) will come

into force.

> Ireland has a GAAR since 1989.

Jan 2020 Other ATAD provisions relating to hybrids and exit taxes will come into

force.

> Ireland has exit tax provisions since 1998.

2020 OECD will review BEPS Actions.

Source: Irish Tax Institute (2017)