Ireland bows to international pressure
February 05, 2010
Under pressure from countries who view Ireland as a soft touch for aggressive tax planning, Ireland has introduced new transfer pricing rules in its new Finance Bill.
Ireland will incorporate the OECD guidelines on transfer pricing into its tax code. At present, Ireland has limited arm’s-length provisions to deal with transfer pricing abuses.
“There were rules and case law previously but this modernises the system and brings it into line with international practice,” said Joan O’Connor, transfer pricing partner at Deloitte in Ireland.
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