Taxes Consolidation Act, 1997 (Number 39 of 1997)
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Chapter 3
Exemptions
835T. Effective tax rate exemption
(1) Section 835R shall not apply in relation to an accounting period of a controlled foreign company where subsection (2) applies.
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(2) This subsection applies where the amount of foreign tax which is paid or borne by a controlled foreign company for an accounting period is not less than the difference between—
(a) the corresponding corporation tax in the State for that accounting period, and
(b) the amount of such foreign tax paid or borne for the accounting period.
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(2) This subsection applies where the aggregate of the amount of foreign tax and the foreign qualified domestic top-up tax, which is paid, payable or borne by a controlled foreign company for an accounting period, is not less than the difference between—
(a) the aggregate of—
(i) the corresponding corporation tax in the State for that accounting period, and
(ii) the corresponding qualified domestic top-up tax for that accounting period,
and
(b) the aggregate of—
(i) the amount of such foreign tax paid or borne for the accounting period, and
(ii) the amount of foreign qualified domestic top-up tax for the accounting period.
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(3) The amount of foreign tax which is paid or borne by a controlled foreign company for an accounting period shall be determined in accordance with section 835N.
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(4) In this section—
(a) references to the amount of foreign tax paid or borne do not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise, and
(b) references to the amount of foreign qualified domestic top-up tax, which is payable or borne do not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise or where payable is not paid or borne by the controlled foreign company.
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