If you are an Irish resident company, you are chargeable to corporation tax on your worldwide profits and capital gains (s 21). Any development land gains you make are chargeable to capital gains tax (s 649A).

Corporation tax is charged for each financial year, i.e., calendar year. Corporation tax assessments are made by reference to your accounting period, and if your accounting period straddles two financial years, the profit is apportioned accordingly, to be charged at the appropriate rates (s 26).

Corporation tax is charged on the full amount of your profits arising in the accounting period, whether or not such profits are received in the Republic of Ireland. In computing your corporation tax liability, only legitimate deductions may be made (s 27).