Factsheets

As required by the EU Anti-Tax Avoidance Directive (ATAD), Finance Act 2019 introduced wide ranging anti-hybrid mismatch rules into Irish domestic tax legislation. These provisions apply in respect of all payments made or arising on or after 1 January 2020. These rules present some of the most complex tax provisions introduced in recent times introducing unique definitions, terminology and concepts not previously referenced under any other piece of Irish tax legislation.

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.

Employers are obliged to submit a Form RSS1 in any year in which an option is granted, exercised, transferred or released to an employee. The RSS1 for 2020 should be completed and submitted online via Revenue Online Service (ROS) on or before 31 March 2021.

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.

Subsidy payments by Revenue to employers under the Temporary Wage Subsidy Scheme (TWSS) and paid to employees are treated as part of the employees’ emoluments i.e. salary and wages, for tax purposes. The subsidy amount paid to employees via payroll was not subject to tax under the PAYE system however, the amount received by the employee is liable to income tax and Universal Social Charge (USC).

Understand directors' compliance obligations under the Companies Act 2014 and ensure your policies reflect current tax and legal requirements.

The Mini One Stop Shop, better known as MOSS, is a simplification measure to reduce the administrative burden and costs for businesses should they be in involved in supplying telecommunications, broadcasting and electronic (TBE) services to non-taxable persons i.e. typically private consumers.

The debt warehousing scheme now includes income tax liabilities which normally fall due on 31 October 2020. This means that payments of the balance of income tax due for 2019 and preliminary tax for 2020 may be deferred, or known as ‘warehoused’, for up to 12 months’, interest free. A lower 3% reduced interest rate will apply thereafter to any outstanding payments until they are paid in full.

Bernard Doherty discusses the July Job Stimulus.

All RTD’s for businesses with a 31 December 2017 year end must submit a RTD on or before 23 January 2018 via the Revenue Online System (“ROS”). Please contact a member of our indirect tax team if you require assistance with completion of your RTD.

This indirect tax update looks at VAT exemption on certain medical diagnostic services, VAT repayment offset changes with effect from 25 November 2019 and much more.

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.

On 20 February 2019, the ‘Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019’ was initiated by the government. This is a Brexit Omnibus Bill to prepare Ireland for a no deal withdrawal by the UK from the EU.

A restricted share scheme grants an employee “restricted” shares in their employer company. The shares are issued with restrictions requiring the shares to be retained on trust for the participant for a fixed period before they can be sold. The employee has beneficial ownership during this period. The fixed retention period is commonly called the ‘clog’ period.

As the holder of a VAT 56B Authorisation Certificate (VAT 56B), you will no doubt be aware that you are entitled to receive qualifying goods and services at the zero rate of VAT, regardless of the actual rate of VAT applicable to the good or service in question. This factsheet acts as a refresher to ensure that you are gaining the most from your VAT 56B, yet not availing of the zero rate of VAT where it would not be appropriate to do so.

Welcome to the first edition of our quarterly update on matters relating to financial advice and tax efficient financial planning.