111AAB Qualifying entities

Details

(1) An entity or permanent establishment, other than an investment entity, shall be a qualifying entity for a fiscal year (or an accounting period where paragraph (c) applies) if it is located in the State in accordance with section 111D, or would be if it was a constituent entity, and it is:

• (1)(a) a constituent entity to which this Part applies in accordance with section 111C (scope of Part 4A),
• (1)(b) a joint venture or a joint venture affiliate in respect of which sections 111E to 111J apply (the IIR charging provisions) to an entity with respect to its allocable share of the top-up tax of that joint venture or joint venture affiliate for a fiscal year in accordance with section 111AO(3) (joint ventures), or would apply if that entity was located in the State, or
• (1)(c) an entity not referred to in paragraph (a) or (b), that:
  1. has revenue that exceeds the entity revenue threshold, as determined in accordance with subsection (2), for an accounting period in at least 2 previous accounting periods of the immediately previous 4 accounting periods determined by reference to its standalone financial statements,
  2. is not an excluded entity by virtue of section 111C(2), and
  3. is not an investment undertaking (within the meaning of section 246).

(2) The entity revenue threshold is calculated as €750,000,000 multiplied by the number of days in the accounting period concerned divided 365.

Relevant Date: Finance Act 2024