Pearse Trust Blog

Background to FATCA

The Foreign Account Tax Compliance Act (FATCA) is U.S. tax legislation which comes into legal force on 1^st January, 2013. This new legislation was enacted by the Hiring Incentives to Restore Employment ("HIRE") Act 2010.

Ireland has recorded tax revenues of €20,313 million for the first seven months of 2012. These tax revenues are €500 million (2.5%) ahead of budgetary target and are €1,680 million (9%) ahead of the tax revenues collected for the first seven months of 2011. This represents very positive news for the Irish Government and is mainly due to the robust tax collection in the areas of income tax, VAT and corporation tax.

23 March 2012 saw the enactment in Cyprus of the International Trust (Amendment) Law 2012 (“the Amendment Law”). 

Shareholders elect a Board of Directors to run the company on their behalf. Thus the Directors need to ensure that the Shareholders understand how the company is being run, and why. A break down in communications can result in the Shareholders losing faith in Directors and removing them from the Board.

Even though the UK joined the EU about 40 years ago, its membership has always been a well debated issue.  Since the start of Euro crisis, the UK has seen increased scepticism of its membership in the EU and over the recent months there has been a growing number of Conservative MPs joining the anti-EU Better Off Out campaign. Recently George Osborne wrote in the Telegraph, "Our recovery, already facing powerful headwinds from high oil prices and the debt burden left behind by the boom years - is being killed off by the crisis on our doorstep." His quote clearly highlights the close link between the health and wellbeing of the UK and that of the EU.

On 6 June last, the Irish Government published the Heads of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2012 (“the Bill”).  The purpose of this Bill is to refine interpretations of the underlying EU Third AML Directive which was transposed into Irish Law by way of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (“the Act”).

The Tax Transparent Fund (TTF) is a new authorised collective investment scheme structure introduced in the United Kingdom on 17 July 2012.

The Irish Companies Act requires Directors to disclose their interests in contracts made by the company for recording in a Register of Directors’ Interests.  

22 June 2012 saw the publication of the Microenterprise Loan Fund Bill 2012 by Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D.