Finance Bill 2020 published on 22 October includes the legislative provisions for the tax measures announced as part of Budget 2021 as well as introducing new measures and amendments to the Irish tax code. Here we focus on the measures not announced as part of Budget 2021 and the more significant measures contained in the Bill and proposed amendments introduced at Committee Stage and Report Stage of the Bill.
Finance Bill was signed into law on 19 December 2020 and enacted as Finance Act 2020 (Act No. 26 of 2020).
This is to take effect for accounting periods commencing on or after 1 January 2021.
The procedures to be followed when a Tax Appeals Commissioner vacates the offices are provided for in the Bill.
There is a technical change to the domestic mandatory disclosure regime to confirm the application of penalties. There are several amendments to the EU mandatory disclosure regime to clarify operational aspects of the regime.
The Bill is scheduled to be debated in the Dáil from early November and is due to pass to the Seanad in early December. A common budgetary timeline applies to all EU Member States which means that this Bill will be enacted by the end of the year. In recent years the president has signed the Bill into law close to Christmas Day.