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Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
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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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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.
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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.
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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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Private Client
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
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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.
Overall, 2017 was a good year for tax receipts, with revenues coming in broadly on target and 6% ahead of 2016.
When you look into the figures more closely, it's a mix of the good and the more moderate.
On the positive side, corporation tax receipts continue to impress, coming in over 11% ahead of what was a strong 2016. Our view is that the corporation tax numbers are sustainable, notwithstanding the recent US tax reform package and the contribution made by large US multinationals to the corporate tax take.
In the absence of US tax reform, there was a general view that Ireland was well placed to benefit from recent changes in the global tax landscape. That would augur well for future corporate tax receipts.
The US tax reform package, with its "carrot and stick" approach to luring jobs back to the US, creates some uncertainty for Ireland. While we believe that both countries can benefit from the changes, it will be some time before the full impact is known.
On the income tax front, while receipts are 4% ahead of last year, they continue to lag behind target despite an outperforming labour market. It's not clear why this is the case, with a suggestion that lower paid part time roles might explain the discrepancy.
VAT figures are well ahead of last year, reflecting increased domestic spending despite the attractiveness of a weak sterling and the increased spending power of the euro in the U.K. Lower income taxes in 2018 and positive consumer sentiment should help fuel additional spending and support further VAT growth.
There are no great surprises elsewhere, with the lower than expected excise duty and stamp duty receipts already well flagged. Of some note is the strong capital gains tax performance for the month of December, a reflection of both increased asset values and an increase in the volume of transactions, with investors keen to find a home for cash in an environment of low interest rates.
So overall a good set of numbers but an increasing reliance on corporation tax receipts to fuel the strong growth.