Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I move amendment No. 157:

In page 142, between lines 14 and 15, to insert the following:“Amendment of Part 5 of Schedule 24A to Principal Act (orders pursuant to section 826(1E) in relation to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting)

59.Part 5 of Schedule 24A to the Principal Act is amended by inserting the following:

“The Multilateral Convention to Implement Tax Treaty Related Measures Order 2018 (S.I. No. 440 of 2018).”.”.

This amendment seeks to introduce a legislative provision to amend the Taxes Consolidation Act 1997 by inserting a reference to the Government order that ratifies the OECD multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting, BEPS, into Part 5 of Schedule 24A.

The multilateral convention is an OECD and BEPS action which seeks to implement a series of tax treaty measures to update international tax rules and to lessen the opportunity for tax avoidance by multinational enterprises. The Government order which gives effect to the multilateral convention has been discussed primarily in this committee and has been approved by both Dáil Éireann and the Government. The additional reference to the order in Part 5 of Schedule 24A to the Taxes Consolidation Act 1997 is the final legislative step in the process which will ensure that the multilateral convention will have the force of law. Once the Bill becomes law, Ireland can then deposit our instrument of ratification together with the list of reservations and notifications to the OECD depository.