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Flexible People Solutions
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Grant Thornton Financial Counselling (GTFC) comprises a team of highly qualified professionals who offer financial advice to individuals and corporates across a range of areas including savings, investments, pension planning, and inheritance and succession planning.
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Inheritance Planning
Our services on Inheritance Planning mirror those on Succession Planning whereby the foundations of the plan are derived from meaningful conversations with those that wish to pass on or protect their asset base.
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Personal Tax Compliance & Planning
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Succession Planning
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Employer Solutions
Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
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Financial Services Tax
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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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Tax Advisory
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Tax Incentives
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VAT
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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Real Estate Tax Advisory
The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
VAT and Relevant Contracts Tax (“RCT”) in light of current landscape
Jarlath O'Keefe
31 Mar 2020
Irish and Global Assistance
Given the unprecedented situation facing taxpayers and the Irish economy as a result of the worldwide COVID-19 pandemic, the Irish Revenue Commissioners (“Revenue”) has been required to consider how it can assist taxpayers, and their agents, that are inevitably experiencing difficulties caused by the impacts of the COVID-19 virus. This also follows advice from the EU Commission suggesting that countries provide VAT payment delays and act in unison where possible.
Assistance to SME’s
On Friday, 13 March 2020, the Revenue announced a number measures to assist small and medium enterprises (‘SMEs’) experiencing cash-flow difficulties arising from COVID-19:
- Suspension of Interest: the application of interest on late payments is suspended for January/February VAT and both February and March PAYE (Employers) liabilities.
- Debt Enforcement: All debt enforcement activity is suspended until further notice.
- Tax Clearance: current tax clearance status will remain in place for all businesses over the coming months.
Importantly, Revenue still requires all businesses experiencing temporary cash flow difficulties to continue to send in tax returns on time.
Taxpayers, other than SMEs, which are experiencing temporary cash-flow or trading difficulties should contact the Collector-General’s office. Alternatively, such businesses can engage directly with their branch contacts in Revenue.
Suspension of RCT rate review
Revenue has also suspended the Relevant Contracts Tax (“RCT”) rate review that was scheduled to take place in March 2020 on the basis that a subcontractor’s RCT rate may increase due to changes in their compliance position as a result of this review. Despite the RCT rate review being suspended to prevent any increase in a subcontractor’s RCT rate, subcontractors can still check if their rate should be lower on the Revenue Online Service (‘ROS’) and can then ‘self-review’ to avail of a lower deduction rate.
“Green routing” status
Revenue have also announced that critical pharmaceutical products and medication will be given Customs ‘green routing’ status. The effect of this is that the normal checks of the goods and supporting documentation will not be required to facilitate uninterrupted importation and supply.
Worldwide response – Global VAT measures
Given the global nature of the COVID-19 pandemic, countries across the world have been forced to consider emergency tax breaks to support their threatened economies.
The table below summaries the global VAT measures already announced, as of Friday, 27 March 2020.
