EU

Ireland signs up to new EU withholding tax rules

Bloc hopes the changes will prevent fraud like the cum-cum and cum-ex trading scandals

One tax consultant has warned the measures will add a “significant” administrative burden for large investment banks and other firms that have to register with the Revenue as “certified financial intermediaries”. Picture: Getty

Ireland has backed an EU directive designed to prevent white collar criminals from exploiting a patchwork of national tax reliefs on foreign dividends and interest payments.

The rules will not apply until 2030, three years later than the deadline proposed by the European Commission, after governments made a plea for more time.

Michael McGrath, the minister for finance, said Ireland was supportive of the so-called ‘faster’ directive.

“It would result in an improvement in the ...