Revenue has updated the Tax and Duty Manual that provides guidance on the payment and receipt of interest and royalties without deduction of income tax.
The updated guidance clarifies Revenue’s interpretation of the meaning of bona fide banking business in the State, and, in certain circumstances, modifies the Self-Certification process in relation to the application of withholding tax on certain payments of interest and royalties at the applicable DTA rate under the terms of a double taxation agreement.