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CT RESIDENCY WEEK 4 - Coggle Diagram
CT RESIDENCY WEEK 4
CT RESIDENCE
DETERMINE
Central Management & Control
Trading Exemption/Stateless Company
Treaty Exemption
Incorporation Test
ESTABLISH LIABILITY
Irish Tax resident Co
Non-Resident Co
2 TESTS in IRELAND
INCORPORATED IN IRELAND
(Statement of Fact)
PRIMARY/DEFAULT
FROM 1999
US - ONLY THIS TEST
:star:
MANAGED & CONTROLLED IN THE STATE
(Several factors to consider)
UK CASE LAW
DE BEERS CONSOLIDATED MINES
KEY FACTORS
1 WHERE are the
QUESTIONS OF IMPORTANT POLICY
made :question:
2 Where are the
DIRECTORS MEETINGS
held :question:
3 Where do the
MAJORITY OF DIRECTORS RESIDE
:question:
4 Where are the
SHAREHOLDERS MEETINGS
held :question:
5 Where is the
NEGOTIATION of MAJOR CONTRACTS
undertaken :question:
6 Where are the
BOOKS OF ACCOUNT & CO BOOKS
kept :question:
7 Where are
BANK ACCOUNTS
:question:
:warning:
WHERE ARE THE REAL DECISIONS AFFECTING THE COMPANY MADE
:question:
MATERIAL
things that affect
STRATEGY
LIMITATIONS
Variety of responses
Very subjective
Open to interpretation/
take advantage
DECISION TREES
PRE 01/01/2015
POST 1/01/2015
TREATY EXEMPTION
Company
WILL
be resident in another country
Under terms of
DOUBLE TAX TREATY
TAXING RIGHTS
BOTH TAX (1 GET CREDIT)
1 TAX & THE OTHER WONT (TREATY EXEMPTION)
2 JURISDICTIONS, :forbidden: get taxed
TWICE
TRADING EXEMPTION
Carries on trade in the State
AND either
QUOTED COMPANY
OR
CONTROLLED by persons
RESIDENT in an EU STATE
or
DTT
STATELESS COMPANY
INCORPORATED
AFTER 24 OCTOBER 2013
If
NOT RESIDENT in EU or DTA country
Then deemed
RESIDENT in IRELAND
IMPLICATIONS
CT ON WORLDWIDE PROFITS & GAINS
CREDIT for
FOREIGN TAX PAID
CGT on
DISPOSAL of LAND
Certain TAX RELIEFS
only available to RESIDENT companies EIIS R&D
:red_cross:
NON RESIDENT
:check:
IRISH BRANCH/AGENCY
CT ON INCOME arising from BRANCH/AGENCY
CT on GAINS
from
DISPOSAL of ASSETS USED IN IRISH TRADE
CGT on DISPOSAL of NON-BRANCH ASSETS and any
DISPOSAL OF SPECIFIED AMOUNTS
:red_cross:
IRSH BRANCH/AGENCY
:warning:
INCOME TAX
on Irish Source income & Capital Gains Tax on specified assets. :red_cross: CT