Taxes Consolidation Act 1997 section 267T

Reporting

Section 267T applies the interest reporting provisions of Part 38 to Islamic finance returns, treating deposit returns, credit returns and investment returns as if they were interest payments.

• Revenue's reporting powers under Part 38 (relating to interest payments) are extended to cover Islamic finance returns.
• A deposit return, a credit return or an investment return is treated as if it were an interest payment for reporting purposes.
• Financial institutions must report these Islamic finance returns in the same way as they would report conventional interest payments.
• Revenue have confirmed that a non-resident customer entering into a Wakala or Mudaraba arrangement with an Irish financial institution will not be regarded as having a permanent establishment in the State merely by virtue of that arrangement.