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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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While February is generally a relatively quiet month on the tax receipts front, figures for the month were 15% ahead of February 2021, continuing the positive trend witnessed throughout 2021.
Income tax was particularly strong, with receipts for the month 21% ahead of February 2021. With a tight labour market and wage inflation, it’s hard to see income tax receipts not maintaining this momentum.
February is a “non month” for VAT receipts but with consumer spending now running well ahead of pre-COVID levels it’s equally hard to see VAT returns not staying ahead for the rest of the year.
Boosting both of the above tax heads will be the receipt of any taxes warehoused during COVID, with those taxes likely to hit the coffers in the short to medium term, on the assumption that there is no blanket forgiveness of outstanding debts.
While February is also a quiet month on the corporation tax front, there’s no reason to believe that we’ll see any dip in receipts this year. Indeed, the corporation tax figures last year continued to trend upwards, driven by strong profitability in the pharma and technology sectors, in particular. While further global tax reform looms closer, there’s reason to believe that our corporate tax receipts can remain at current levels.
Whether the positive tax receipts result in tax reductions later in the year remains to be seen. In summary, another good month for Exchequer and nothing at the moment to suggest any deviation from this trend.