Submission to Pillar Two Implementation, Second Feedback Statement
AmCham welcomes the opportunity to provide feedback on the second Pillar Two Implementation Feedback Statement. AmCham believes that Ireland’s Pillar Two regime needs to be competitive from an international perspective. To this end, the Department should approach the implementation of the Pillar Two directive with a view to providing maximum flexibility and minimum complexity for the taxpayer. As mentioned in previous consultations on this and other matters, the Irish Taxation system has become overly complex and unwieldly. Simplification of the Irish taxation system would, in itself, be a competitive advantage over other jurisdictions.
Read full submission here
Department of Finance Brief AmCham on Pillar II of OECD Global Corporate Tax Agreement
Earlier this week, the Department of Finance briefed AmCham’s Tax Network on the current standing of Pillar Two of the OECD agreement. During this briefing AmCham also raised the Research and Development Tax Credit and the Knowledge Development Box and the Territorial System of Taxation, building on AmCham responses to public consultations both in recent months.
Pillar Two Minimum Tax Rate Implementation
Ireland has an increasingly complex tax regime. The implementation of Pillar Two will increase the compliance burden on business and add additional complexity. There is an urgent need to use the implementation of Pillar Two as an opportunity to also simplify the overall tax code to ensure it is able to cater for the needs of 21st century business.