Insights

The European Commission recently published a proposal for a new EU Directive creating a debt-equity bias reduction allowance (‘DEBRA’) and further limitation of the deductibility of interest for corporate tax purposes. This initiative is part of the “EU strategy on business taxation”.

In recent years, there has been a global movement towards increased tax transparency, particularly following a number of high profile financial crises and scandals. Coupled with the growth in the digital economy as well as crypto-assets and e-money in particular, the European Union (EU) has proposed a new Directive on Administrative Cooperation (DAC) known as “DAC8”.

A company strike off is a process whereby a company is removed from the Register of Companies and ceases to exist. A company which has been struck off or dissolved can no longer trade, sell assets or make payments.

Company registers are official books kept by a company relating to legal and statutory matters. They are also referred to as statutory registers, combined registers or company books.

Is your business involved in both VAT exempt and VAT taxable activities with a 31 December accounting year end? If so, your annual VAT adjustment for 2021 is due to be submitted to Revenue on or before 23 July 2022.

The deadline for filing IREF returns for years ending July – December 2020 is on or before 30 July 2021. In June 2021, Revenue released an updated Form IREF which requires taxpayers to disclose additional information this year in comparison to prior years.

Certain Financial Institutions (‘FIs’) in Ireland are obliged to file both Foreign Account Tax Compliance Act (‘FATCA’) and Common Reporting Standard (‘CRS’) reports by 30 June 2021 with Irish Revenue. Those with a reporting obligation, that is “Reporting Financial Institutions” (‘RFIs’) should compile and validate the reportable account information for inclusion on both the FATCA/CRS reports.

Irish transfer pricing rules apply to arrangements entered into between associated persons (companies) on or after 1 July 2010, involving the supply or acquisition of goods, services, money or intangible assets. Our transfer pricing guide provides an overview of the Irish Transfer Pricing rules.

The Irish Investment Limited Partnership (ILP) structure is a regulated partnership structure that is authorised as either a Qualifying Investor Alternative Investment Fund (QIAIF) or Retail Investor Alternative Investment Fund (RIAIF) that will appeal to global investments managers and promoters in particular for Private Equity, Private Credit, Real Estate, sustainable finance and infrastructure assets.

The Department of Public Expenditure and Reform have announced changes from 1 July 2019 to the standard rates of subsistence allowances in Ireland that apply to the Civil Service.

In order to be a ‘qualifying company’ for the purposes of section 110 TCA 1997, a company must meet certain conditions, one of which is that it must notify Revenue of its status as a qualifying company.

Under the Companies Act 2014 it is possible for an officer (being a director or secretary) of a company, to apply to be exempt from having their usual residential address appearing on the register, and available to the public for a nominal fee.