Tax Time - Tax Developments

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Business Risk Services The changing face of fraud risk means businesses have to be on guard more now than ever

Businesses and organisations here have become a greater target for fraudulent activity by criminals looking to exploit the vast amounts of data that is created, shared and uploaded every second of the day. The challenge now is how to identify, monitor and manage that risk.

Sara McAllister

| 4 min read | 06 Dec 2023

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Insurance Central Bank's Expectations on Outsourcing

The Central Bank of Ireland has reminded firms of their obligations to align the governance and oversight of MGA arrangements with the outsourcing requirements set out in Solvency II for Critical or Important Functions or Activities.

| 4 min read | 13 Mar 2023

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Financial Accounting and Advisory Services (FAAS)
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Conduct Risk CBI publishes final IAF guidance

It was broadly agreed that the implementation of the IAF will provide clarity of responsibilities, which will underpin sound governance across the financial sector, enhancing the culture of accountability in firms, and bringing clarity to individuals in respect of the standards of conduct they are expected to meet.

| 6 min read | 16 Nov 2023

Tax

Grant Thornton Ireland has a team of over 100 tax professionals providing advice to a diverse range of clients, including sole traders, small and medium sized...

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Corporate Tax
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
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.
Private Client Services
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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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Employer Solutions Share Options: New employer PAYE reporting requirements from 1 January 2024

Finance Bill (No. 2) 2023 introduced an amendment to the collection and reporting requirements of share option related taxes. The taxation of a gain realised on the exercise, assignment or release of share options has moved from an individual self-assessment system to a PAYE real-time payroll withholding system.

Jane Quirke

| 4 min read | 30 Nov 2023

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Grant Thornton Ireland · Tax Time - Episode 18

This podcast was recorded on 12 January 2023

Kim Doyle, Tax Director, speaks with Mary Moran, Tax Director, about changes to the personal tax credits and rate bands for 2023, the new rent tax credit and the main tax credits individuals can claim to reduce their tax liability or claim a tax refund.

Finance Act 2022

Finance Bill 2022 was signed into law by the president on 15 December 2022. Finance Act 2022 provides for the measures announced as part of Budget 2023 as well as additional tax provisions introduced during the legislative process.

Revenue Headline Results 2022

Revenue published their Headline Results for 2022 at the beginning of January. A prelude to their Annual Report which is expected early Spring.

Earlier in the month, the Exchequer returns for December 2022 were published and make for some interesting reading. Read our commentary.

Temporary Business Energy Support Scheme (TBESS) – Update

The claims portal opened on 5 December 2022 and the first payments under the scheme have been made by Revenue.

Statistics from Revenue this month on the scheme tell us that:

8,849 registered for the scheme
3,975 have commenced the claim process (with 2,803 having completed the process fully)
Value of approved claims - €64m (€5.9m paid)
The vast majority of completed claims have been approved by Revenue
There are still a large number of eligible businesses yet to claim

More details are available in our insights article.

Pillar 2 – OECD Update

During December 2022, the OECD released its long-anticipated implementation package for Pillar 2, which includes three key documents covering:

Guidance on safe harbours and penalty relief;
A Public consultation document on the Global Anti-Base Erosion (GloBE) information return; and
A Public consultation document on tax certainty for the GloBE Rules

Read our insight on the analysis and summary of the actions businesses should take.

VAT

The reduced 9% rate of VAT for the tourism and hospitality industry is due to end on 28 February next and return to 13.5%.

Income Tax for 2023

Mary Moran, Tax Director, discusses the changes to income tax credits for 2023, including the new rent tax credit, and how tenants can claim this rent tax credit for 2022 and 2023 tax years. Mary also speaks about the common additional tax credits and reliefs available to individuals and the amount of possible tax refunds.