Mairéad Farrell (Galway West, Sinn Fein) | Oireachtas source

Section 16 proposes an increase in the rate of the encashment tax from 20% to 25%. That change would bring the rate of encashment tax in line with the rate of the dividend withholding tax, which was increased to 25% last year. It also includes an exemption from encashment tax for Irish companies and a requirement that they make certain returns of information to Revenue. Can the Minister advise whether this exemption applies to holding companies or companies that have largely been established for the purpose of tax minimisation? What are the details companies will be required to submit to Revenue?