Insights

The Companies (Corporate Enforcement Authority) Act 2021 (the “Act”) has now been commenced. The orders for the commencement of the Act and the establishment of the Corporate Enforcement Authority were signed by the Tánaiste on 5 and 6 July 2022 respectively. The Act was previously passed by the Oireachtas and signed into law by the President on 22 December 2021.

SARP was first introduced in 2012 to encourage the relocation/assignment of key employees to Ireland. Where certain conditions are satisfied, 30% of taxable employment income over €75,000 will be disregarded for income tax purposes. Income which is disregarded for income tax purposes is not exempt from the Universal Social Charge (USC) or PRSI.

A company strike off is a process whereby a company is removed from the Register of Companies and ceases to exist. A company which has been struck off or dissolved can no longer trade, sell assets or make payments.

The Irish Transfer Pricing (TP) rules introduced by Finance Act (FA) 2019 apply to Accounting Periods starting on or after 1 January 2020.

On 14 April 2022, Revenue announced a concession in relation to the Irish tax treatment of Ukrainian citizens who continue to be employed by their Ukrainian employer and who perform their duties remotely from Ireland. We have outlined a summary of Revenue’s treatment of the Irish tax position of Ukrainian citizens who work remotely in Ireland below.

Two or more persons may decide to operate as a single VAT registered body for the purposes of VAT - known as a VAT group. To form a VAT group, an application must be made to Revenue and approval is at the discretion of the Revenue.

Revenue have updated the guidance material on the operation of the Section 56 authorisation system. Generally, a VAT registered entity is eligible to apply for a Section 56 authorisation where over 75% of their annual turnover is derived from qualifying sales, namely; intra-community supplies of goods, exports and certain contract work. Revenue will grant the trader a VAT56B authorisation.

Company registers are official books kept by a company relating to legal and statutory matters. They are also referred to as statutory registers, combined registers or company books.

In recent years offshore fund investments have become increasingly popular with investors and their brokers. While they can be an attractive alternative to traditional investment options, investors should be aware of additional tax implications and reporting obligations.

Revenue has published its new Code of Practice for Compliance interventions. The new Code which will be effective from 1 May 2022 sets out their revised framework for interventions from that date and provides for a new graduated response to taxpayer compliance behaviour and also makes significant changes to many of the rules around voluntary disclosure.

Is your business involved in both VAT exempt and VAT taxable activities with a 31 December accounting year end? If so, your annual VAT adjustment for 2021 is due to be submitted to Revenue on or before 23 July 2022.

It’s that time of year again. As income tax returns are filed, we keep seeing advertisements and notices telling us to top up our pensions and reduce our income tax liabilities. Yes, contributing to a pension is an effective way of reducing tax, but this is only one benefit of making a contribution.