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Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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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.
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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.
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Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
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Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
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Risk Advisory
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Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
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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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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.
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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.
Income tax figures for 2022 were robust. Wage inflation trumped what seems to have been relatively modest job losses in the technology sector, leaving income tax receipts buoyant and over 15% ahead of 2021.
Perhaps surprisingly, VAT receipts also remain strong, with full year figures almost 21% ahead of 2021. It’s worth noting however that it will be next month before we see the returns for the crucial Christmas period.
The higher VAT receipts are driven by a combination of factors, including price inflation, higher disposable incomes and a slight dip in savings levels as the year progressed. Looking ahead, it’s likely that higher mortgage interest bills will impact adversely on disposable income and consumer spending, resulting in some pressure on VAT receipts in 2023.
Once again bumper corporation tax receipts are the highlight of the Exchequer figures, despite a small drop in December, with full year returns €7.3bn ahead of 2021. While there will be concern as to our dependence on a very small number of foreign multinational companies for an increasingly significant portion of our overall tax revenues, these figures represent a remarkable turnout for the Exchequer.
Underpinning the strong corporate tax returns are very positive results by large MNCs based here, in both the pharma and technology sectors in particular.
Looking ahead, an increase in our corporate tax rate to 15% (from 2024), together with the expiry of valuable intellectual property allowances, could see our corporate tax take grow further. It’s certainly not a given that we will see a drop in corporate tax revenues. However, corporate tax revenues will be hugely influenced by the global economic environment and the results of certain large MNCs based here, thus uncertainty remains high.
Overall, 2022 was a remarkable year for the Irish Exchequer on the tax receipts front, with record receipts of €83.1bn collected. While the global economic outlook remains uncertain, at this point there should be cautious optimism that we can see these figures maintained in 2023.