Pearse Trust Blog

The aim of the Irish draft Companies Bill is to consolidate and reform existing provisions of Company Law. When enacted, it will simplify the process of incorporating and maintaining a private company. Some of the practical benefits are outlined below.

Introduction

The extent of Ireland’s network of treaties to eliminate and minimise double taxation has been increasing rapidly. Ireland has signed double taxation agreements with 63 countries. A total of 55 treaties are ratified and in effect. The treaties cover income tax, corporation tax and capital gains tax.

Mandatory E-Payments Of Tax

Since 1 June 2011, any company making an Irish tax payment (of whatever tax type) must effect the payment via the Revenue Commissioners' Online Service ("ROS").  The company must have an Irish bank account from which the payment will be taken.  Where the company does not have an Irish bank account, the payment may be made by the tax agent but again through an Irish bank account.

Section 311 of the Companies Act 1963 (as amended) empowers the Registrar of Companies to strike Companies off the Register.

In recent years, in an effort to crack down on international money laundering and tax evasion, nations like the United States, Germany and the UK began investigating just how widespread the practice was. With the assistance of international organisations like the Financial Action Task Force (FATF) and the Organization for Economic Co-operation and Development (OECD), US and European Governments began putting pressure on not only the Swiss, but also tiny Liechtenstein and small Caribbean island nations.

As mentioned in our blog on 4th July, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was enacted in July 2010. 

The Seychelles Government is currently proposing to enact a new Companies Act which will unify and replace the existing dual system consisting of the Companies Act 1972 and the International Business Companies Act 1994.

Since the establishment of the EU single market in 1993 the VAT treatment of trade  between EU and Non-EU countries is subject to different rules to intra-community and domestic trade.

In a recent speech delivered at the Institute of Directors Annual Convention, Chancellor George Osborne reiterated the UK Government’s serious attitude to achieving economic recovery.