Pearse Trust Blog

Budget 2017 - Ireland Remains An Ideal Location For Business

Posted by Pearse Trust on Monday, Oct 17, 2016

On 11 October 2016, the Minister for Finance Michael Noonan, delivered Ireland’s Budget for 2017 and also provided an “Update on Ireland’s International Tax Strategy”.

The favourable provisions introduced in the Budget and as outlined in the Update on Ireland’s International Tax Strategy:

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Tags: Ireland, Tax, Economy

The Sharing Economy – Why Are Tax Authorities Getting Interested?

Posted by Pearse Trust on Wednesday, Sep 14, 2016

The “sharing economy” may sound like one of those modern buzzwords, relevant only to those spending unhealthy amounts of time on their smartphones.

But it is turning out to be big business – but also potentially risky from a tax perspective.

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Tags: Tax, Economy

Tax in a Virtual World: Taxing Virtual Currencies

Posted by Pearse Trust on Monday, Aug 08, 2016

A growing number of companies, large and small, are now accepting bitcoins as payment for their goods and services.

Despite being almost completely unregulated, virtual currencies, of which bitcoin is the most prominent example, are being accepted as a legitimate monetary medium by an increasing number of countries.

Tax authorities however are struggling to fit virtual currencies into tax systems still largely built on the physical economy of the 20th century.

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Tags: Tax, Economy, Banking

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