Factsheets

The Minister for Finance Michael McGrath has announced a plan to exempt foreign-sourced dividends from Irish corporate tax in a move toward the territorial regime of taxation. The proposed exemption will take shape over the coming months before being introduced in Finance Bill 2024, with effect from 2025.

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.

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.

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”) 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.

Anti-Money Laundering legislation requires each EU Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT).