1. Irish Financial Services Law
  2. Legislation (IE)
  3. Acts
  4. 1997
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  1. Taxes Consolidation Act, 1997 (No. 39)
  2. Interpretation and basic charging provisions (ss. 1-31)
  3. Part 2 The Charge to Tax (ss. 12-31)
  4. Chapter 2 Corporation tax (ss. 21-27)
  5. 21. The charge to corporation tax and exclusion of income tax and capital gains tax.
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 March 2003 - onwards
  Version 5 of 5    

21. The charge to corporation tax and exclusion of income tax and capital gains tax.

(1) Corporation tax shall be charged on the profits of companies at the rate of -

(a) 32 per cent for the financial year 1998,

(b) 28 per cent for the financial year 1999,

(c) 32 per cent for the financial year 1998 and each subsequent financial year.

(d) 20 per cent for the financial year 2001,

(e) 16 per cent for the financial year 2002,

(f) 12½ per cent for the financial year 2003 and each subsequent financial year.

(1A)

(a) In this subsection -

"qualifying shipping activities" and "qualifying shipping trade" have the same meanings respectively as in section 407;

(b) Notwithstanding subsection (1), for the financial year 2001 and 2002, in relation to a company carrying on a qualifying shipping trade, profits from qualifying shipping activities carried on in the course of the qualifying shipping trade shall be charged to corporation tax at the rate of 12½ per cent.

(c) Notwithstanding subsection (1), for the financial year 2002, in relation to a tonnage tax company (within the mean

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