Pearse Trust Blog



CRS and Trusts

Posted by Pearse Trust on Wednesday, Jul 20, 2016

What is CRS?

The OECD’s new Common Reporting Standard mandates that financial institutions must report information to their own domestic authorities relating to account holders that are tax resident in any of the over 90 jurisdictions, that have signed agreements to implement Common Reporting Standard into domestic legislation.  

In addition to the CRS, the OECD has published the CRS Implementation Handbook and also maintains and regularly updates a list of CRS-related Frequently Asked Questions.

For the earliest adopters, which include Ireland, Mexico, and the UK, the Common Reporting Standard commenced on 1 January 2016. New Zealand, Panama and Switzerland will start to report in 2018.  The US is not a party to the CRS. 

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Tags: Tax, Economy, Trusts

Irish Film & TV Production New Tax Incentives

Posted by Pearse Trust on Wednesday, Jun 29, 2016

Investors in film and television productions located in Ireland now have access to an improved system of new tax incentives thanks to a recent change to the scheme by the Irish Government.

Ireland has had an impact on the world of film and television disproportionate to its relatively small geographical stature.

According to the Irish Film Board, the audio visual content production sector in Ireland is estimated to be worth over €550m and employs over 6,000 individuals, with over 560 small and medium enterprises operating in the sector. Irish film and TV productions are also thought to contribute substantially to the country’s tourism industry.

It is also argued that the presence of tax incentives for investors and producers in Ireland has helped to drive investment in the motion picture industry.

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Tags: Ireland, Tax, Economy

Base Erosion and Profit Shifting - An Irish Perspective

Posted by Pearse Trust on Monday, May 02, 2016

The Organisation for Economic Co-operation and Development describe Base Erosion and Profit Shifting as tax planning strategies that either –

  1. exploit loopholes in tax rules to make profits disappear for tax purposes, or
  2. shift profits to low tax jurisdictions where there is little or no real activity resulting in low or no corporate tax being paid.

The OECD explain that when multinational companies are involved in cross border activities,  the interaction of domestic tax systems can lead to gaps which result in income not being taxed anywhere.  BEPS strategies abuse the gaps between the different tax systems in order to achieve double non-taxation.

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Tags: Ireland, Tax, EU, Economy

Doing Business in Ireland: Uncomplicated Corporate Compliance

Posted by Pearse Trust on Wednesday, Mar 30, 2016

Ireland has emerged as the least complicated country in the world for businesses to stay compliant with corporate regulations and undertake commercial operations, according to a new study.

In a recent report ranking 95 countries according to compliance requirements, Ireland was ranked to be the least complicated country in the world in terms of compliance requirements when doing business.

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Tags: Ireland, Legal, Corporate Governance, Economy, Investment

Ireland’s New Tax Relief Scheme For Entrepreneurs

Posted by Pearse Trust on Wednesday, Jan 20, 2016

Under the National Policy Statement on Entrepreneurship in Ireland  2014 it was identified that the business and tax environment for entrepreneurs and investors had become more challenging and that the right conditions must be implemented, with both tax rates and incentives supporting entrepreneurship.

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Tags: Ireland, Tax, Economy

Trans-Pacific Partnership To Boost New Zealand Economy

Posted by Pearse Trust on Monday, Nov 02, 2015

Negotiations on the Trans-Pacific Partnership have concluded between the 12 participating Asia-Pacific countries, as announced in Atlanta on 5 October 2015. 

The agreement will bring big changes to global trade and will deepen economic ties between the Pacific-rim countries of New Zealand, Mexico, United States, Canada, Singapore, Australia, Brunei Darussalam, Chile, Japan, Malaysia, Peru and Vietnam.

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Tags: Tax, Economy, New Zealand, Partnerships

Choose Ireland For Business: A Hotspot For Foreign Direct Investment

Posted by Pearse Trust on Wednesday, Aug 19, 2015


Ireland’s tax system is sometimes criticised by those campaigning against corporate tax avoidance. However, what is often overlooked is the fact that Ireland’s low rate of corporate tax attracts high volumes of physical investment.

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Tags: Ireland, Economy, Investment

UK Summer Budget: Britain “Open For Business”

Posted by Pearse Trust on Wednesday, Aug 05, 2015


For employers and investors, Chancellor of the Exchequer George Osborne’s Summer Budget contained quite a few surprises. Some of the more interesting measures are summarised here.

Corporate Tax To Fall Below 20%

At 20%, the UK already has the joint-lowest rate of corporate tax in the G20. However, Osborne was clear that "the country cannot afford to stand still while others rush ahead." So in something of an unexpected move, the Chancellor announced that corporation tax will fall to 19% in April 2017 and 18% in 2020. Osborne said the new rates will send out "loud and clear the message around the world: Britain is open for business."

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Tags: United Kingdom, Tax, Economy

New Zealand’s Business Growth Agenda

Posted by Pearse Trust on Wednesday, Jul 15, 2015


New Zealand’s Budget 2015 announced by Minister of Finance, Hon Bill English on 21 May 2015,  is being called “a plan that’s working”. The budget highlighted a positive outlook for the economy and included a range of tax-related measures and investment initiatives.Some of these initiatives are aimed at New Zealand businesses and are being referred to as the “Business Growth Agenda”.

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Tags: Tax, Economy, New Zealand

UK & Mexico Relations Celebrated

Posted by Pearse Trust on Wednesday, May 13, 2015


You may not be aware of this, but, further to a joint declaration signed in 2013, a ‘Dual Year’ celebration between the UK and Mexico, designed to enhance cultural and economic relations between the two countries is currently underway.

More specifically, the Governments of both countries have designated 2015 as the year of Mexico in the UK and vice versa the year of the UK in Mexico.

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Tags: United Kingdom, Economy, Mexico