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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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Probably the figure most eagerly awaited in today’s Exchequer figures was that for income tax. We saw a surprising dip in income tax receipts in March, something that was hard to rationalise against the strong labour market, evidenced this week by the lowest unemployment figures since 2008.
The Department of Finance previously blamed a dip in returns from the self-employed sector as the reason for the weaker than expected income tax figures.
The good news is that the April income tax receipts were healthier, with the monthly figure on target and ahead of April last year, although figures for the year to date still lag forecast by 1.1%.
April isn’t a key month for VAT receipts although it is worth noting that figures for the year to date, although ahead of last year, are below expectations. This is slightly surprising given the strength of the domestic economy. Imports of second hand cars could be one of the reasons for this dip.
Corporation tax receipts have got some coverage this week, with Revenue predicting that the EU’s digital tax proposals, if implemented, could hit corporation tax receipts by a net figure of circa €100m per annum.
It’s still too early to read much into the corporation tax figures, with the significant payments not yet received. There are many threats to the sustainability of the corporation tax base, including not just the digital tax proposals but also developments such as US tax reform.
However, at this point there is no indication that we will see a significant fall off in corporation tax receipts and indeed it’s possible that the recent trend of Intellectual Property “onshoring” will see further increases in Irish corporate tax receipts. That said, threats and uncertainty exist, with the picture not likely to become clearer until later in the year.
So overall a reasonable set of figures for April and tax receipts lagging only slightly behind target and over €500m ahead of the same period last year, which bodes well for some more significant tax cuts in October.