Pearse Trust Blog

The EU AML:  Beneficial Ownership of Corporate Entities Regulations 2016 – An Overview

Posted by Pearse Trust on Monday, Jan 16, 2017

The EU (Anti Money Laundering:  Beneficial Ownership of Corporate Entities) Regulations 2016 (SI 560 of 2016) (“the Regulations”) were commenced on 15 November 2016.  Their purpose was to transpose Article 30(1) of the EU Fourth Money Laundering Directive (MLD4) into Irish law. 

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Tags: EU, AML

The UK: Open For Business  –  Post Brexit

Posted by Pearse Trust on Wednesday, Dec 07, 2016

Further to June’s Brexit vote, the UK continues to strive towards showing that it remains a major economic player, remaining firmly open for business. 

Amidst the uncertainty, there have fortunately been a number of positive events which help reinforce the ‘open for business’ mantra, some of which are summarised in brief in today's blog post. 

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Tags: United Kingdom, EU, brexit

Public Transfer Pricing Reports: A Transparency Bridge Too Far?

Posted by Pearse Trust on Wednesday, Jun 01, 2016

Most countries, certainly within the OECD, have accepted the need for more stringent transfer pricing documentation requirements. Indeed, many have already legislated for country-by-country (CbC) reporting as recommended by the OECD in its final BEPS reports.

However, the debate now is focusing on whether information contained in company CbC reports should be made public, with some countries particularly hostile to the idea.

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Tags: Tax, EU, Anti-Money Laundering

Nowhere To Hide? The International Push For Corporate Transparency

Posted by Pearse Trust on Monday, May 30, 2016

Until recently, the United Kingdom was ploughing a lonely furrow as the only country to have followed through on a commitment by the G8 to increase transparency surrounding the ownership and control of corporate entities, with firms preparing for the imminent introduction of its “persons with significant interest” rules.

However, since the leak of the Panama Papers in early April 2016, several governments are now clamouring to get their hands on beneficial ownership information.

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Tags: United Kingdom, EU, Anti-Money Laundering, Panama Papers

Country by Country Reporting Becoming Mandatory in EU

Posted by Pearse Trust on Wednesday, May 18, 2016

The European Commission released a proposal on 12 April 2016 to introduce mandatory public country-by-country reporting for large multinational entities operating within the EU.

The intention is that this information would be made available for each company by way of a stand-alone report which should remain accessible by the public for a period of at least five years through the organisation’s website.

Furthermore, the EC suggests that this report would also have to be filed with a business register within the EU.

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Tags: EU, Anti-Money Laundering

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

OECD Guidance On CbC Reporting

Posted by Pearse Trust on Monday, Mar 21, 2016

Until recently, “transfer pricing” was a term used only by those involved in the complex world of international finance and corporate tax planning. Now, thanks to growing public anger about corporate tax avoidance, it has entered the public consciousness.

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Tags: United Kingdom, Tax, EU

The European Savings Tax Directive Mark Two

Posted by Pearse Trust on Monday, Mar 14, 2016

The European Savings Tax Directive (EUSTD) was a major feature of the tax landscape of the European Union and certain other jurisdictions for a decade. As of 1 January 2016, however, the EUSTD is no more. This blog looks at what has taken its place.

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Tags: Legal, Tax, EU

Brexit: Should The UK Leave The EU?

Posted by Pearse Trust on Wednesday, Feb 24, 2016

Leaders of the 28 nations in the EU met in Brussels on 18 February for a two day summit discussing numerous issues within Europe. However, while many issues continue to confront Europe, the negotiations centering on the referendum for the possible withdrawal of the United Kingdom, the EU’s second biggest economy, dominated proceedings. With recent polls indicating considerable uncertainty amongst the British public’s position, much of the summit was concerned with the negotiations between British Prime Minister David Cameron and other European Leaders and the deliverance of reform. Even with the secured reforms with regard to the UK’s relationship with Europe, much will still depend on what the British electorate want and the future referendum campaign. This subsequently raises a number of queries as to the potential fallout from a “Brexit”.  

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Tags: United Kingdom, EU

Cybersecurity In The EU – An Overview Of The NIS Directive

Posted by Pearse Trust on Wednesday, Feb 03, 2016

A high level of network and information security across the EU is essential to ensure consumer confidence and to keep the online economy running. This, in turn, preserves the proper functioning of the internal market and encourages economic growth.

Unfortunately, information and computing systems (which enable essential services, businesses and the internet to function), are increasingly affected by adverse security incidents.  These incidents can arise as a result of technical failures, unintentional mistakes, natural disasters or indeed deliberate and malicious attacks.  These incidents can disrupt the supply of essential services. 

In 2013, the European Commission published a strategy outlining its plans to ensure a common level of network and information security across the European Union.  This strategy aims to reduce cybercrime and to improve network resilience.  As part of this strategy, the European Commission recommended the introduction of a Network and Information Services (NIS) Directive. 

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Tags: Legal, EU, Website