-
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.
While April is a relatively quiet month on the tax receipts front, the income tax figures again stood out.
Income tax receipts for the month were 13% ahead of April 2020 and perhaps of more significance, 6.5% ahead of April 2019. With the economy gradually reopening, we can expect income tax receipts to remain resilient for the rest of the year. Indeed income tax looks set to provide an unexpected surplus by year end.
April is a non-month for VAT but receipts for the year to date have stabilised at circa 10% behind the pre-COVID periods, with consumers fully adjusted to new ways of spending. The reopening of the economy may seek an initial spike in spending and then a levelling off to something approaching pre COVID levels. This should result in VAT receipts for the year significantly ahead of 2020. However consumers are likely to remain cautious for a period of time and savings levels may remain high.
The importance of government supports in propping up VAT receipts cannot be understated. The fact that there will be no “cliff edge” moment in terms of the end of these supports should help maintain spending and resultant VAT receipts.
Despite the relatively weak numbers, it will be next month before we get any firm indication of where corporation tax receipts will land for the year. At this point it looks like receipts will hold up well, with key sectors such as technology and pharma relatively unscathed from COVID.
Longer term, further changes to global tax rules look inevitable. These changes will reduce Ireland’s relative attractiveness from a tax perspective and could see corporation tax receipts fall in the medium to long term, with an annual reduction of circa €2bn suggested by the Department. In summary, the short term position looks positive but longer term uncertainty prevails.
Overall, this was another good set of tax numbers, up over 20% or €519m on April 2020. Indications are that 2021 full year figures will see a substantial increase in tax revenues compared to 2020.