CHAPTER 9

Domestic Top-up Tax

111AAA.   Interpretation (Chapter 9)

In this Chapter—

“foreign IIR election” means an election made in respect of an MNE group in connection with a tax equivalent to IIR top-up tax or UTPR top-up tax in another jurisdiction that is contained in a top-up tax information return submitted to—

(a) a tax authority in that jurisdiction, and in relation to which information in the return about the election has been provided to the Revenue Commissioners under a qualifying competent authority agreement, or

(b) the Revenue Commissioners;

“local accounting standard” means a financial accounting standard permitted or required to be used in the preparation of financial accounts under the law of the State that is an—

(a) acceptable financial accounting standard, or

(b) authorised financial accounting standard adjusted to prevent material competitive distortions;

“qualifying entity” shall be construed in accordance with section 111AAB;

“standalone financial statements” means—

(a) financial statements of an entity prepared in accordance with a local accounting standard, or

(b) where no such statements were prepared, the statements that would have been prepared (whether or not the entity was required to prepare such statements) in accordance with a local accounting standard.