Revenue has published a Statement of Practice in relation to Foreign Branch Double Taxation Relief which may be of particular interest to members with clients in the insurance sector.
The statement addresses an issue that particularly affects the insurance industry, relating to double tax relief for foreign tax paid by foreign branches of Irish companies and will come into effect as respects foreign tax paid for periods commencing on or after 1 January 2013.
The statement is now available on the Revenue Website at Tax Practitioners – Legislation – Statements of Practice.
This article first appeared on charteredaccountants.ie
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.