Factsheets

The European Parliament has published its approval of the European Commission’s draft proposal for Anti-Tax Avoidance Directive III (ATAD III) with recommended amendments.

The Digital Games Tax Credit aims to capitalise on the synergies with the established Irish film and animation sectors, and to support quality employment in creative and digital arts in Ireland.

With an increasing focus by Revenue on the correct operation of the Pay-As-You-Earn (PAYE) system, now is the time for businesses to review payroll and employment related taxes. By performing required regular check-ups on processes and systems, businesses can ensure that any potential risks are identified before problems arise and a PAYE risk review can help with this.

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.

A new rent tax credit was introduced in Budget 2023. This new tax credit is available for the tax years 2022 to 2025 inclusive – so take note, a back claim can be made for the year 2022! Key details pertaining to the new credit and how to claim as a PAYE employee are outlined in this article.

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.

All taxpayers who took part in the Debt Warehousing Scheme (“DWS”) as well as those for whom the DWS was automatically made available (taxpayers in Revenue’s Business and Personal Divisions) but who did not avail of the scheme, have the opportunity to self-review their tax returns, make an unprompted qualifying disclosure and avail of favourable treatment. The deadline for making such unprompted qualifying disclosure is 31 January 2023.

Ireland represents a strategic European base due to our pro-business, low corporate tax environment and skilled workforce. As a result of these and other factors, more than 1,600 multinational companies have chosen Ireland as their investment platform.

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.

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.

Finance Bill 2022 (the Bill) published on 20 October includes the legislative provisions for the tax measures announced as part of Budget 2023 as well as introducing new measures and amendments to the Irish tax code. In this insight we outline the key measures which relate to the Financial Services industry.

Finance Bill 2022 (“the Bill”) was published on 20 October and includes the legislative provisions implementing the tax measures announced as part of Budget 2023, as well as introducing new measures and amendments to the Irish tax code. In this article, we outline the key changes which may impact international groups and companies operating in Ireland.