Taxes Consolidation Act, 1997 (Number 39 of 1997)
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111AAB. Qualifying entities
(1) An entity or permanent establishment 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—
(a) a constituent entity to which this Part applies in accordance with section 111C,
(b) a joint venture or a joint venture affiliate in respect of which sections 111E to 111J apply 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), or would apply if that entity was located in the State, or
(c) an entity not referred to in paragraph (a) or (b), that—
(i) 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]>and<[2]
(ii) is not an excluded entity [3]>by virtue of section 111C(2),<[3][3]>by virtue of section 111C(2), and<[3]
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(iii) is not an investment undertaking (within the meaning of section 246),
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but shall not include an investment entity.
(2) For the purposes of subsection (1)(c)(i), the entity revenue threshold shall be calculated as follows:
€750,000,000 × A/365
where—
A is the number of days in the accounting period concerned.
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Deleted by FA24 s115(1)(q)(i). Applies in respect of a fiscal year (within the meaning of section 111A of the Principal Act) or an accounting period, as the case may be, commencing on or after 31 December 2023.
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Substituted by FA24 s115(1)(q)(ii). Applies in respect of a fiscal year (within the meaning of section 111A of the Principal Act) or an accounting period, as the case may be, commencing on or after 31 December 2023.
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Inserted by FA24 s115(1)(q)(iii). Applies in respect of a fiscal year (within the meaning of section 111A of the Principal Act) or an accounting period, as the case may be, commencing on or after 31 December 2023.