As you are aware, Finance Act 2017 increased the rate of stamp duty on the transfer of non-residential property from 2% to 6% with effect from midnight on Budget Day.
The change applied to instruments executed on or after 11th October 2017.
This dramatic increase will, most likely, reduce the number of commercial property transactions carried out in Ireland in 2018. Read More
The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget on 10th October 2017 which concentrated more on expenditure than on tax changes. The Minister announced a number of positive measures to assist small and medium sized enterprises prepare for “Brexit” as well as confirming Ireland’s commitment to the 12½% corporation tax rate. We are pleased to bring you our summary of the tax measures set out in Budget 2018.
The tax residence of the trustees is what determines the extent of their liability to Irish income tax. When reading an exam question, always pay attention to the residency of the individuals named as trustees. If you are told that all the trustees in the exam question are Irish resident then they are liable to Irish income tax on the worldwide income of the trust from all sources.
Apart from a highly skilled, English speaking workforce; membership of the E.U.; an excellent standard of living for employees seconded to Ireland; a large network of international routes and a successful track record of investment, research and development from United States corporations there are many advantages to setting up Intellectual Property Trading companies in Ireland.
The main focus of this article is the tax advantages which can be summarized under the following headings and viewed in Parts 1 through 4 on TaxConnections Worldwide Tax Blogs:
1. Corporation Tax – Part 1
2. Capital Allowances – Part 2
3. Research & Development Relief – Part 3
4. Withholding Tax – Part 4
5. Stamp Duty and Summary – Part 4
In general, Irish resident companies must deduct 20% withholding tax on dividends and other profit distributions.
There are, however, a number of situations where shareholders can receive dividends free from withholding tax from an Irish resident company providing certain documentation is filed. For example: Read More
Apart from a highly skilled, English speaking workforce; membership of the E.U.; an excellent standard of living for employees seconded to Ireland; a large network of international routes and a successful track record of investment, research and development from United States corporations there are many advantages to setting up Intellectual Property Trading companies in Ireland.
The main focus of this article is the tax advantages which can be summarized under the following headings and viewed in Parts 1 through 4 on TaxConnections Worldwide Tax Blogs:
1. Corporation Tax – Part 1
2. Capital Allowances – Part 2
3. Research & Development Relief – Part 3
4. Withholding Tax – Part 4
5. Stamp Duty and Summary – Part 4
The 2012 Finance Act introduced a new tax relief which allowed a company to surrender a portion of its R&D tax credit to key employees engaged in research and development activities.
This relief reduced the employee’s Income Tax (but not Universal Social Charge) on relevant emoluments providing the employee’s effective income tax rate didn’t fall below 23% in any tax year.
To be eligible for this relief: Read More
Apart from a highly skilled, English speaking workforce; membership of the E.U.; an excellent standard of living for employees seconded to Ireland; a large network of international routes and a successful track record of investment, research and development from United States corporations there are many advantages to setting up Intellectual Property Trading companies in Ireland.
The main focus of this article is the tax advantages which can be summarized under the following headings and viewed in Parts 1 through 4 on TaxConnections Worldwide Tax Blogs:
1. Corporation Tax – Part 1
2. Capital Allowances – Part 2
3. Research & Development Relief – Part 3
4. Withholding Tax – Part 4
5. Stamp Duty and Summary – Part 4
Capital Allowances are available for capital expenditure on the creation, acquisition and/or licence to use certain “specified intangible assets” which includes:
1. Copyrights
2. Patents and registered designs
3. Trademarks, brands, domain names and service marks Read More
Apart from a highly skilled, English speaking workforce; membership of the E.U.; an excellent standard of living for employees seconded to Ireland; a large network of international routes and a successful track record of investment, research and development from United States corporations there are many advantages to setting up Intellectual Property Trading companies in Ireland.
The main focus of this article is the tax advantages which can be summarized under the following headings and viewed in Parts 1 through 4 on TaxConnections Worldwide Tax Blogs:
1. Corporation Tax – Part 1
2. Capital Allowances – Part 2
3. Research & Development Relief – Part 3
4. Withholding Tax – Part 4
5. Stamp Duty and Summary – Part 4
Ireland has one of the lowest corporation tax rates on trading income in the world. The standard rate is 12½% on trading profits.
A 25% rate is charged on non-trading and foreign source income. It is the rate applied to “passive income.”
To be eligible for the 12½% Corporation Tax rate the following criteria must apply: Read More
This is the final post in a ten-part Worldwide Tax Blog Series. Due to the amount of changes it is not possible to detail each individual provision so I decided to focus on a cross section of amendments to give a general overview. The legislative provisions I have selected will have an affect on most if not all Irish individuals whether resident and domiciled or resident and non-domiciled; employed or unemployed; retired or still working; self employed or PAYE workers; corporate structures or individuals, etc.
Finance Act 2013 contains the legislative provisions for a number of changes to the Irish tax system under all the main tax heads including Income Tax, Corporation Tax, Capital Gains Tax, Excise, Value Added Tax, Stamp Duty and Capital Acquisitions Tax.
Universal Social Charge – Part 1
The Remittance Basis for Income Tax – Part 2
The Remittance Basis for Capital Gains Tax – Part 3
Taxation of Certain Social Welfare Benefits – Part 4
Mortgage Interest Relief – Part 5
Donations To Approved Bodies – Part 6
Farm Restructuring Relief – Part 7
FATCA – The US Foreign Account Tax Compliance Act – Part 8
Close Company Surcharge – Part 9
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Finance Act 2013 introduced anti-avoidance measures to target “resting in contract” and other structures used in relation to certain land transactions.
The main points are as follows: Read More
Finance Act 2013 contains the legislative provisions for a number of changes to the Irish tax system under all the main tax heads including Income Tax, Corporation Tax, Capital Gains Tax, Excise, Value Added Tax, Stamp Duty and Capital Acquisitions Tax.
Due to the amount of changes it is not possible to detail each individual provision so I decided to focus on a cross section of amendments to give a general overview. The legislative provisions I have selected will have an affect on most if not all Irish individuals whether resident and domiciled or resident and non-domiciled; employed or unemployed; retired or still working; self employed or PAYE workers; corporate structures or individuals, etc. This is a ten-part Worldwide Tax Blog Series:
Universal Social Charge – Part 1
The Remittance Basis for Income Tax – Part 2
The Remittance Basis for Capital Gains Tax – Part 3
Taxation of Certain Social Welfare Benefits – Part 4
Mortgage Interest Relief – Part 5
Donations To Approved Bodies – Part 6
Farm Restructuring Relief – Part 7
FATCA – The US Foreign Account Tax Compliance Act – Part 8
Close Company Surcharge – Part 9
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1. UNIVERSAL SOCIAL CHARGE
Finance Act 2013 introduced legislation to eliminate the 4% rate of Universal Social Charge applicable to individuals aged seventy years and over where their aggregate or combined income exceeds €60,000.00. Read More
If you’re planning to move to Ireland, it is essential that you’re aware of the tax implications at this point so that you don’t incur hefty and unnecessary tax liabilities and penalties at a later stage.
The first point to draw your attention to is that there is no wealth tax in Ireland.The main taxes are Income Tax, PRSI (Pay Related Social Insurance), USC (Universal Social Charge), C.G.T. (Capital Gains Tax), C.A.T. (Capital Acquisitions Tax), V.A.T. (Value Added Tax) and Stamp Duty.
In your first year, it is most likely that your charge to tax will be limited to Irish source income (i.e. Irish salaries, profits from a business operated in Ireland, rental income from properties situated in Ireland, etc.) and gains (i.e. from the sale of assets located in Ireland).If you have income and gains arising from outside Ireland you will not accrue any liability to Irish tax providing you don’t remit these funds into Ireland. Read More
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