Finance Act, 1970

Treatment for double taxation relief purposes of foreign tax incentive reliefs.

57.—(1) In this section “Corporation Profits Tax Acts” means Part V of the Finance Act, 1920 , and the enactments amending or extending that Part.

(2) For the purposes of section 361 of and Schedule 10 to the Income Tax Act, 1967 , and of the definition of “double taxation relief” in section 363 of the said Act, any amount of tax under the law of a territory outside the State which would have been payable but for a relief to which this section applies given under the said law (being a relief with respect to which provision is made in arrangements for double taxation relief which are the subject of an order under the said section 361) shall be treated as having been payable; and references in the said sections and Schedule to double taxation, tax payable or chargeable or tax not chargeable directly or by deduction shall be construed accordingly.

(3) The Revenue Commissioners may make regulations generally for carrying out the provisions of this section or any arrangements having the force of law under the said section 361 and may, in particular, but without prejudice to the generality of the foregoing, provide in the regulations—

(a) for the purposes of this section or of the regulations, for the application (with or without modifications) of any provision of the Income Tax Acts or any regulations made thereunder or the Corporation Profits Tax Acts or any regulations made thereunder, including the provisions relating to the rehearing of an appeal and the statement of a case for the opinion of the High Court on a point of law, and

(b) that the whole or any part of a dividend paid out of profits or gains which consist of or include profits or gains in relation to which double taxation relief is given by virtue of this section is not to be regarded as income or profits for any purpose of the Income Tax Acts or of the Corporation Profits Tax Acts.

(4) This section applies to any relief given with a view to promoting industrial, commercial, scientific, educational or other development in a territory outside the State.

(5) For the purposes of any arrangements having the force of law under the said section 361 which apply to any period before the passing of this Act, this section shall have effect as respects that period.