1038 Merchanting profit

Where a non-resident is assessable and chargeable in respect of profits or gains in the name of an Irish resident agent arising from the sale of goods manufactured outside the State, the resident person may apply to —

• the inspector, or
• on appeal, to the Appeal Commissioners,

to have the assessment amended.

This amendment is to reflect the fact that in normal circumstances the true profits of the non-resident would have had to be reduced to take account of a margin paid to a merchant or retailer if such an agent had acted on their behalf. The amount of this margin must be agreed by the inspector or on appeal with the Appeal Commissioners.

Relevant Date: Finance Act 2021