Ireland Creates Tax and Duty Manual on Islamic Finance Transactions

Irish Revenue has issued eBrief No. 200/18, announcing the creation of Tax and Duty Manual Part 08A-01-01 to incorporate Revenue's guidance notes on Islamic finance transactions. The guidance covers several areas, including:

• The concepts and common structures in Islamic finance;
• An overview of the tax treatment of Islamic financial transactions; and
• The specific treatment of:
  • Islamic Investment Funds;
  • Leasing and Hire Purchase (Ijarah) Arrangements;
  • Insurance (Takaful) and Reinsurance (Re-…