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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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The first set of exchequer figures post-Budget will make for pleasant reading for Minister Donohoe. They contain no great surprises, with figures for the month well ahead of target, albeit a Budget/tobacco related surplus in excise duties the main reason.
October was a strong month for income tax, with a 2% surplus against target. However, it is worth noting that up until now, exceptionally strong employment data has failed to translate into buoyant income tax receipts. The figures for the year to date are 1% below target; you would have expected stronger tax data given unemployment has plummeted to 6.3%.
If as speculated employment growth has been fuelled by lower paid or part time roles, thus explaining the more modest tax increases, it will be interesting to see the impact of Budget 2018 on income tax receipts next year, given that lower earners did relatively well in the Budget.
While October is a quiet month for VAT, overall the VAT figures for the year are broadly on target and well ahead of last year.
Corporation tax continues to prop up much of the growth in our tax receipts, with October again a strong month. While positive, we can't ignore the longer term threats to our corporate tax base, with the EU in particular seeking changes that would adversely impact smaller countries such as Ireland.
Longer term, an increase in tax revenues from wealth taxes, such as property tax, would act as a hedge against a fall in the corporate tax take. For the moment however, such a move looks unlikely and we have to hope that the proposed EU changes lose momentum so that corporation tax continues to outperform.
Given that we're so vulnerable to external factors, it's almost impossible to accurately predict the level of future tax receipts. However, at the moment, there's nothing to suggest that 2018 won't be another strong year on the tax collection front, with the possibility of even stronger than expected corporation tax receipts propping up any slippage elsewhere.