Irish holding company of US multinational wins €45m tax battle with Revenue

The Tax Appeals Commission found the unnamed company was overcharged €45 million by Revenue and has ordered that the tax assessments be reduced accordingly..An Irish-based holding company for a New York Stock Exchange-listed manufacturing firm has won a €45.03 million tax battle with Revenue concerning a disputed VAT bill.

The global business has revenues in excess of €1 billion. Tax appeals commissioner, Mark O’Mahony made the ruling after finding as the company here was fully engaged in economic activity at all times material to the appeal, it follows that the firm is entitled to a full deduction in respect of the VAT it incurred on the cost of the services.

Revenue submitted that the holding company was engaged in both economic activity and non-economic activity at the same time.

Source: News Formal (newsformal.com)

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