Taxes Consolidation Act 1997 section 111AAA

Interpretation (Chapter 9)

Section 111AAA provides key definitions used in the operation of the domestic top-up tax provisions.

• A "foreign IIR election" is a choice made by an MNE group to apply a tax equivalent to the IIR or UTPR top-up tax in another country, notified either to that country's tax authority (with information shared with Revenue under a qualifying agreement) or directly to the Revenue Commissioners.
• A "local accounting standard" is a financial accounting standard permitted or required under Irish law for preparing financial accounts, being either an acceptable standard or an authorised standard adjusted to prevent material competitive distortions.
• "Standalone financial statements" are an entity's financial statements prepared under a local accounting standard, or where none were prepared, the statements that would have been prepared under such a standard regardless of whether the entity was obliged to prepare them.
• The administrative provisions in Chapter 10 apply to the charge to domestic top-up tax of a qualifying entity, which is defined by reference to section 111AAB.