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Provision to modify agreements for relief from double taxation
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80. (1) Section 826 of the Principal Act is amended by inserting after subsection (1D) the following:
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“(1E) Where—
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(a) the Government by order declare—
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(i) that it has become a signatory to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (in this section referred to as the ‘Multilateral Convention’) which was done at Paris on the 24th day of November 2016, for the purposes of the modification of arrangements of the type specified in subsection (1), such that—
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(I) the extent to which the Government wishes to modify each such arrangement is specified in full in the reservations and notifications made to the Secretary-General of the Organisation for Economic Co-operation and Development (in this section referred to as ‘the Depository’) in accordance with the Multilateral Convention,
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(II) any such arrangement may only be modified where the government of the territory outside the State with which the arrangement has been made has completed its own internal ratification procedures in relation to the Multilateral Convention and has notified that arrangement to the Depository, and
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(III) a provision of any such arrangement may only be modified to the extent that the government of the territory outside the State with which the arrangement has been made has specified the provision in its notifications made to the Depository in accordance with the Multilateral Convention and there is no incompatibility between the specification of that government and the specification made under clause (I),
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and
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(ii) that it is expedient that the Multilateral Convention should have the force of law,
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and
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(b) the order so made is referred to in Part 5 of Schedule 24A,
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then, this section shall apply with any modifications necessary to give effect to this subsection, and notwithstanding any other enactment, the Multilateral Convention shall have the force of law as if the order were an Act of the Oireachtas on and from the date of the insertion of a reference to the order into Part 5 of Schedule 24A.”.
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(2) Schedule 24A to the Principal Act is amended by inserting after Part 4 the following:
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“PART 5
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Orders Pursuant to Section 826(1E) in Relation to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting”.
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(3) This section comes into operation on the passing of this Act.
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