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CEA conferred with powers of investigation and enforcement in tax reporting Regulations

The Minister for Enterprise, Trade and Employment, Simon Coveney, TD, has signed into law the European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023 (S.I. No 322 of 2023) (the Regulations).

The public country-by-country tax reporting regulations, which require for the first time that non-EU multinationals with significant turnover, doing business in the EU must comply with the same tax reporting obligations as EU multinationals.

In summary, the regulations require European Union (EU) based ultimate parent undertakings or standalone undertakings to publish a report on income tax information once their net turnover is above €750 million, for each of the last two consecutive financial years. EU based medium and large subsidiaries of a non-EU ultimate parent undertaking are required to publish a report on income tax information of the parent undertaking.

Regulations 12, 18, 19, and 20 are relevant to the CEA’s functions and, amongst other things, confer certain powers of investigation and enforcement on the CEA in respect of aspects of the Regulations.

The associated Regulations can be accessed at https://www.irishstatutebook.ie/eli/2023/si/322/made/en/pdf