In September, 2016, we discussed that the European Commission’s probe into Apple, which resulted in an order for the tech giant to pay up to €13 billion ($14.5 billion) in back taxes to Ireland, was prompted by a U.S. Senate investigation, European Union Competition Commissioner Margrethe Vestager said on Friday.
Tag Archive for Ireland
Everyone is aware that significant changes were introduced in the 2016 Irish Budget but have you thought what they might mean for you?
Prior to 25th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free manner.
The High Court decision in Revenue Commissioners v Thomas Collins has just been published.
It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.
Corporation Tax Returns
The Irish corporation tax system operates on a self-assessment basis. Therefore, it is solely the responsibility of the company to calculate and pay its corporation tax liability within deadline.
Any company liable to corporation tax must submit a CT1 Form which is a Tax Return containing details of profits, chargeable gains and other relevant information as outlined in Section 884 TCA 1997.
If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form:
Today, the Minister for Finance Michael Noonan T.D. delivered Budget 2017.
Until the Brexit negotiations begin, it is impossible to know the impact for Ireland. However today’s budget gave Minister Noonan the opportunity to affirm the stability of Ireland’s tax policies while at the same time introducing measures to promote economic growth.
The background for the European Union (EU) assessing a $14.5 billion tax on Apple for its sales in Ireland is a rather complex maze of laws, treaties, and politics. It is not my purpose here to delve into those complexities. I am attempting a simple explanation of the issues involved and why the EU levied the tax, even though Apple and Ireland were both very content with thing the way there were.
The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid.
I am not sure, if I were asked to, which one I would put my money on in this battle. While both are mammoth forces to be reckoned with, social media giant Facebook might be smarter. However, the IRS has been indomitable for decades.
According to the IRS, Facebook owes them billions – roughly $3 to $5 billion!
For all those individuals currently preparing his/her own 2015 Tax Return, please be aware of the significant changes in Finance Act 2014, especially in the areas of:
1. Research & Development Tax Credits
2. Capital Allowances for the Provision of Specified Intangible Assets
3. Three Year Relief for Start-up Companies
5. Company Residence
R&D Tax Credit
Up to 1st January 2015, Section 766 TCA 1997 provided that the Read more
We originally posted we originally posted Ireland’s plan to close a “Double Irish” tax loophole could cost Apple and Google Billions of Dollars which discussed that following pressure from the United States and EU, the Dublin government said it planned to change a rule underpinning this system which allows a company to be registered in Ireland but not resident there for tax purposes.
In his budget, Ireland’s Finance Minister Michael Noonan has also announced changes to the intellectual property tax regime in the hope of keeping Ireland an attractive destination for business.
Ireland’s plan to close a “Double Irish” tax loophole could cost U.S. companies including Read more
Ireland’s Plan To Close A “Double Irish” Tax Loophole Could Cost Google And Apple Billions of Dollars
Following pressure from the United States and EU, the Dublin government said it planned to change a rule underpinning this system which allows a company to be registered in Ireland but not resident there for tax purposes. In his budget, Ireland’s Finance Minister Michael Noonan has also announced changes to the intellectual property tax regime in the hope of keeping Ireland an attractive destination for business.
Ireland’s plan to close a “Double Irish” tax loophole could cost U.S. companies including Apple and Google billions of dollars. Analysts and tax advisers predict that corporations which need access to the EU’s 500 million consumers will find it difficult to set up equally effective schemes in other member states. Read more