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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
Exchequer tax receipts for August were surprisingly poor, reversing a sustained period of positive results.
The biggest drop was in corporation tax, with figures for the month 36% (€1 billion) behind August last year. Given the strength of the corporation tax receipts in the critical month of June, this was a surprise and underlines the volatility in corporation tax receipts.
The weak corporation tax figures also reflect our dependence on a very small number of companies for a significant portion of corporation tax revenues. Poor results for one large company can have a significant adverse impact on overall corporation tax revenues.
After today’s figures, the risk of weaker corporation tax receipts in the key month of November increases. Poor November figures could erode much of this year’s planned Budget surplus.
August also saw the rate of increase in income tax receipts continue to level off, although year to date receipts are still circa 8% ahead of last year. The figures suggest that a greater number of people in employment is now driving year-on-year growth as opposed to wage inflation.
August is a quiet month on the VAT front but there is evidence of a levelling off in these figures too. This isn’t surprising given the combined effect of ongoing higher energy costs and the impact on borrowers of higher interest rates. Less disposable income translates into less discretionary spending and lower VAT receipts.
Overall, this was not a good month for the Exchequer, with the dip in corporation tax receipts of particular concern.