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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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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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Another year of record tax receipts
Tax receipts for December rounded off what was another strong year for the Exchequer on the tax receipts front.
All three of the main tax heads, income tax, corporation tax and VAT, posted individual record receipts.
Income tax receipts finished 7.1% ahead of 2022, reflecting greater numbers in employment and, likely to a lesser extent, wage inflation. Income tax receipts are now 44% ahead of 2019 equivalent, which is a remarkable performance.
VAT receipts ended the year 9.4% ahead of 2022. Given the impact of rising interest rates in particular on disposable income, this is a very strong performance and demonstrates the ongoing resilience of the Irish economy. Consumers have continued to spend despite the gloomy global economic outlook.
Despite a moderation in growth, corporation tax remains a star performer, with receipts for the year over 5% ahead of what was a stellar 2022. After a series of weak months, November saw a remarkable turnaround in corporation tax receipts, likely boosted by the technology sector in particular.
The strong November corporation tax figures will fuel hope that these numbers can be maintained in 2024. If so, the projected large Budget surpluses in the coming years look realistic.
Overall, tax receipts finished the year 6% ahead of 2022. Given the relatively weak global economic backdrop, this is a very strong performance.
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