Insights

The European Commission has been revising the Securing Activity Framework of Enablers (SAFE) Directive, with intentions to implement the Directive in due course. The proposed policy carries a number of implications for tax intermediaries, which the Commission refers to as “enablers”.

The European Financial Reporting Advisory Group (“EFRAG”) submitted to the European Commission its technical advice on the first set (“set 1”) of draft European Sustainability Reporting Standards (“ESRSs”) on the 22 November 2022. This included 2 “cross cutting” ESRSs (General Requirements and General Disclosures) and 10 “topical” standards across Environmental, Social and Governance topics.

In August 2022, the Irish Government approved the Climate Action Framework (“the Framework”) for the commercial semi-State sector. Developed by the New Economy and Recovery Authority (NewERA) in collaboration with the Department of Public Expenditure and Reform and the Department of Environment, Climate and Communications, the Framework applies to all commercial semi-State (CSS) companies.

Working with clients to collaboratively set the future direction for their business and solve their most challenging problems.

The Revenue Commissioners (“Revenue”) first introduced the Special Assignee Relief Programme (SARP) in 2012 as a method for encouraging companies to relocate or assign their key employees to work in Ireland. Where certain conditions are satisfied, 30 percent of taxable employment income over €100,000 is disregarded for income tax purposes. This programme can result in significant tax savings for key employees.

The Temporary Business Energy Support Scheme (TBESS) is extended until the end of April 2023. The monthly limit on payments that can be made under the scheme is enhanced. These changes featured in the Government’s Cost of Living package of supports announced in February 2023.

Cybersecurity attacks on the supply chain have increased dramatically particularly during the COVID-19 pandemic period. The European Union Agency for Cybersecurity (ENISA)’s annual Threat Landscape report showed a significantly growing threat targeting suppliers of critical services which accounts for more than 16% increase in attacks between 2020 and 2021 and continues to increase up to this day. Clearly, cybersecurity best practices must be applied right at the earliest time possible when acquiring technology and related services.

Climate change is considered the biggest global challenge of our generation. Some of the biggest hazards for human health are directly associated with climate change.

Why the ECB and EIOPA Are Exploring Actions to Reduce the Climate Insurance Protection Gap

Throughout the past year, as severe challenges have continued to arise across the globe, the asset management industry has demonstrated its resilience in a variety of ways.

Mid-market firms using international supply chains have faced significant disruption and headwinds as a consequence of the war in Ukraine, the long tail of COVID disruption and wider geo-political tensions. However, despite ongoing economic uncertainty, many international business leaders continue to see international trade, and particularly exports, as a key driver for growth. According to data from the IBR, Grant Thornton’s global survey of mid-market companies, 45% of mid-market firms expect to increase their volume of exports over the course of 2023. This represents a slight increase from the first half of 2022 (+1%) and continues the trend that expectations have been rebounding strongly from the lows of the pandemic.

At Grant Thornton, we understand that the key to a successful offering to the aviation sector is the ability to provide cross-functional specialist services through an integrated team. Our aviation team consists of experienced aviation professionals, from industry as well as practice, who can provide you with specialised and tailor-made services.