Finance Dublin - The Irish Tax Monitor | August 2024

In the August edition of Finance Dublin's The Irish Tax Monitor, Lee Kavanagh, Manager, Financial Services Tax, delves into the "FASTER" Directive, recently agreed upon by EU Ministers of Finance. The directive aims to streamline and secure withholding tax procedures across the EU by introducing a digital tax residence certificate (eTRC) and implementing fast-track tax relief procedures. It also sets standardized reporting obligations for financial intermediaries, with Member States required to adopt these measures by 2030.

In addition, Michelle Adams, Senior Manager, Financial Services Tax,  discusses updates to the Double Tax Treaty between Ireland and the UK, driven by the Multilateral Convention to Prevent Base Erosion and Profit Shifting (BEPS). Her article highlights the new modified tie-breaker rule for determining tax residency in dual-resident entities, emphasizing the importance of the place of effective management, especially for trusts and estates. These updates have significant implications for taxpayers potentially considered dual-resident.

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