Insights

The European Commission held a public consultation in respect of a new proposed corporate tax system referred to as Business in Europe: Framework for Income Taxation (“BEFIT”). According to the Commission, the initiative aims to introduce a single corporate tax rulebook for the EU, based on a common tax base and allocation of taxable profits to Member States based on a pre-defined formula. Once allocated, the taxable profits would be subject to the corporate income tax rates of the relevant Member States.

The purpose of the R&D tax credit regime is to encourage both foreign and indigenous companies to undertake new or additional R&D activity in Ireland. It is a very valuable relief for qualifying companies.

Capital allowances are a form of tax relief for capital expenditure incurred on certain assets. Similar to depreciation, the relief is a write off of the expenditure over a certain period for certain assets in use for the purposes of the trade or rental business. Capital allowances reduce the income subject to tax. They are the only means of providing tax relief for capital expenditure incurred on both residential and commercial properties.

Incorporating change management into your strategy can enable an organisation to pivot from a prescribed strategy to an emergent strategy and increases the likelihood that you will achieve your strategic objectives.

The Court of Justice of the European Union (“CJEU”) recently handed down a judgement in the case of GE Aircraft Engine Services Ltd (C-607/20), concerning the VAT treatment of vouchers, offered to employees as incentives, as part of a rewards scheme.

The European Commission recently issued a proposal to amend the Directive on Administrative Cooperation (DAC) in the form of DAC8. The proposal extends the reporting obligations under the Directive to cover income or revenue streams generated from crypto-assets.

There have been a number of updates to the Temporary Business Energy Support Scheme (“TBESS”) in recent weeks. The updates mainly concern the administration of the scheme and are therefore the focus of this insight.

Residential Zoned Land Tax (RZLT) was introduced by Finance Act 2021 as part of the Government’s Housing for All plan. RZLT is intended to act as a stimulus to induce residential development on land earmarked by local authorities as suitably serviced and zoned wholly or partly for residential purposes.

The Irish Revenue (“Revenue”) published updates to their tax and duty manual (“TDM”) containing guidelines for correlative adjustment (“CA”) claims under Ireland’s double tax treaty network. Read summary of the Revenue guidelines.

In May 2022 the European Commission issued a public consultation to gather evidence for its review of the second EU Payment Services Directive (2015/2366), and to inform its continuing work on open finance. The consultation forms part of the Digital Finance Strategy and the Retail Payments Strategy which aims to conduct a comprehensive review of the application and impact of PSD2 to assess whether legislation remains fit for purpose.

The Irish Government has introduced the Temporary Business Energy Support Scheme (“TBESS”) to provide support to businesses with their energy costs. This scheme, will be administered by the Irish Revenue, and intends to alleviate the pressures faced by businesses that are experiencing unprecedented increases in their electricity and gas costs.

This article is a continuation of a series from Grant Thornton Financial Services Advisory that focuses on key aspects of the Individual Accountability Framework (“IAF”). In this article, we discuss the recently released Regulatory Impact Analysis (“RIA”) conducted by the Department of Finance (the “Department”) on the IAF.