-
Aviation Advisory
Our dedicated Aviation Advisory team bring best-in-class expertise across modelling, lease management, financial accounting and transaction execution as well as technical services completed by certified engineers.
-
Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
-
Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
-
Deal Advisory
Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
-
Forensic Accounting
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
-
Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
-
Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
-
Risk Advisory
Our Risk Advisory team delivers innovative solutions and strategic insights for the Financial Services sector, addressing disruptive forces, regulatory changes, and emerging trends to enhance risk management and foster competitive advantage.
-
Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
-
Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
-
Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
-
Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
-
Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
-
Corporate Tax
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
-
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
-
Indirect Tax Advisory & Compliance
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
-
International Tax
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
-
Private Client
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
The decision last month by the US to drop its safe harbour proposals in relation to OECD digital tax plans means that talks at the OECD can progress on reaching a consensus on reforming digital tax rules, with an agreement possible as early as summer 2021.
Notwithstanding the renewed impetus at OECD level, the EU has announced plans to examine the possibility of a new “digital levy”. While details are vague, the EU is clearly concerned that reaching consensus at OECD level will prove problematic, even with the US back at the table.
The EU had previously proposed a simple turnover based digital tax based as an interim solution pending the development of a more sustainable and appropriate longer term proposal. The new digital levy discussions supersede the turnover based tax proposals, although ultimately a levy based on turnover may be the outcome.
The OECD’s ambitious plans are known as Pillar One and Pillar Two, first outlined in 2019. These follow on from the original BEPS anti-avoidance package previously agreed, which has fundamentally rewritten the global tax rulebook.
Pillar One considers the allocation of a greater share of companies’ profits to market/user jurisdictions, as opposed to the location of residency or control.
Pillar Two looks at the introduction of a new global minimum effective tax rate.
Work on Pillar One and Pillar Two is taking place despite the fact that the impact of the original BEPS proposals has not been properly assessed. Notwithstanding the complexity of the proposals and the likely challenges in reaching a global consensus, there is a determination at OECD level for further changes that leads many to believe that change is inevitable.
What does it mean for Ireland?
Any changes at EU or OECD level that either introduce a tax on digital income or reallocate taxable profits to market jurisdictions will dilute the benefit of Ireland’s low corporation tax rate.
However, an even worse scenario for Ireland is that no agreement is reached at OECD or EU level. That increases the risk of individual countries introducing or retaining their own digital taxes in an un-coordinated manner, increasing both the tax and administrative cost for groups.
It is in Ireland’s interest for agreement to be reached, ideally at OCED level, thus providing much needed certainty for foreign investors. While ultimately Ireland may be a relatively less attractive proposition following these changes, we will remain arguably the most compelling location in Europe for foreign investors, with a full suite of tax reliefs in addition to many non-tax benefits.
It’s worth noting that the EU has not yet dropped its long standing plans for some form of corporate tax harmonisation in Europe. In our view, the likelihood of these plans coming to fruition is low. However, the failure to reach consensus at either OECD or EU level on digital tax reform may increase focus on wider harmonization plans.
Corporation tax receipts in Ireland remain high. The government has forecast a drop in corporation tax receipts of circa €2bn per annum once the OCED reforms are in place, although it is very difficult to calculate this figure. Longer term, the migration of valuable Intellectual Property to Ireland should drive corporation tax receipts here higher.
What is next? Some key dates:
What has happened already?
Summary of key steps in the OECD work