Irish Revenue has issued eBrief No. 026/23 concerning updates to Tax and Duty Manual Part 35D-01-01 - Guidance on the Interest Limitation Rule. The rule, introduced by Finance Act 2021, is in line with the EU Anti-Tax Avoidance Directive (ATAD), limiting deductible interest expense to 30% of EBITDA, with disallowed interest allowed to be carried forward and deducted in future years.
The guidance is updated to reflect amendments made by the Finance Act 2022 in relation to:
- Section 4.1 - In…