Section 891H is amended to bring the Irish legislation in the area of filing country-by-country reports for large multinationals in line with the EU Directive on Administration Cooperation (DAC 4) which requires all Member States to implement CbCR. Under the CbCR rules in Ireland, an Irish resident parent company of a large multinational group is required to provide a CbCR to Revenue annually where its annual consolidated revenue in the preceding year was €750 million or more.

The Bill confirms among other matters that a CbCR can be filed for a period of less than 12 months if the parent of the group prepares its financial statements for a shorter period. The changes also give Revenue additional powers in making certain regulations and there are some small amendments to administrative provisions. The amendments will apply as respects accounting periods ending on or after the date of the passing of the Finance Act.