Pearse Trust Blog

Ireland’s Double Tax Treaty Network - An Update in 2 Minutes

Posted by Pearse Trust on Monday, Jul 25, 2016

Ireland’s network of treaties to eliminate and minimise double taxation continues to grow. Ireland has signed tax treaties with 72 countries; of these treaties 70 are in effect.

A full list of Ireland’s tax treaties can be found on the Revenue Commissioner's website. The treaties cover corporation tax, capital gains tax and income tax.

The information set out below provides an overview of the treaties recently signed by Ireland, including a summary of any updates to existing agreements and the developments in relation to new treaties.

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Tags: Ireland, Tax

Written Resolutions of Members and the Companies Act 2014

Posted by Pearse Trust on Monday, Jul 18, 2016

We considered Irish company resolutions in a previous Pearse Trust blog. However, the Companies Act 2014 brought about changes to the area of shareholder resolutions.

The changes intend to simplify the way that shareholders and directors resolve matters and are focused on resolutions made in writing.

Previously, members of a private company limited by shares could only pass resolutions by way of unanimous written resolution, when the articles of association of the company permitted them to do so. The Companies Act 2014 now permits all LTD companies to pass written resolutions.  DACs are also permitted to do so unless their Constitution provides otherwise.

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Tags: Ireland, Legal, Corporate Governance

Summary Approval Procedure

Posted by Pearse Trust on Wednesday, Jul 13, 2016

The Summary Approval Procedure (SAP) was introduced by the Companies Act 2014. SAP is a new process which allows particular restricted activities which would otherwise be forbidden.

The procedure is available to private companies limited by shares, designated activity companies, companies limited by guarantee and unlimited companies.

However, a private company that is a subsidiary of a plc cannot avail of the procedure and a plc itself can only use the procedure for 3 of the 7 restricted activities.

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Tags: Ireland, Legal, Corporate Governance

Statutory Records and Registers under the Companies Act 2014

Posted by Pearse Trust on Monday, Jul 11, 2016

In Ireland, Private Companies are required to maintain a minute book and certain statutory records and registers. These records are usually kept at the Company’s registered office address and the task of updating and maintaining the registers belongs to the Company Secretary. It is essential that those involved in a Company ensure that the entity maintains a correct and up to date record of the activities undertaken and events that have occurred. 

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Tags: Ireland, Directors, Corporate Governance

Irish Company Conversion Deadlines

Posted by Pearse Trust on Wednesday, Jul 06, 2016

Following decades of multiple pieces of legislation governing Irish Companies, we now finally have a single piece of legislation, The Companies Act 2014.

The Act does not only consolidate all existing pieces of legislation under one umbrella, but also creates two completely new company types and erases the existing Private Company Limited by Shares under the Companies Acts 1963 to 2013. 

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Tags: Ireland, Legal, Incorporation, Limited Companies

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

Voluntary Strike Off in Ireland – An Overview

Posted by Pearse Trust on Monday, Jun 20, 2016

If and when the lifespan of a corporate entity has come to an end, the members and directors have a number of options available to them to formally wind up the company and have it removed from the Register. 

One such option is ‘voluntary strike off’, the procedure for which is outlined in section 731 of the Companies Act 2014. 

To avail of this this type of dissolution, a number of statutory requirements must be fulfilled.

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Tags: Ireland, Corporate Governance

Tax Deductions For Irish Trading Companies

Posted by Pearse Trust on Monday, May 09, 2016

An Irish trading company is entitled to claim tax deductions for expenses incurred “wholly and exclusively” for the purposes of its trade. 

The following expenses are generally tax deductible for Irish trading companies:

  • Professional expenses incurred such as accountancy fees, consultancy fees, etc.
  • Advertising costs incurred with regard to promoting the business.
  • Operating expenses such as payroll, rent, insurance and office supplies.
  • Repairs not involving material improvement.
  • Certain pre-trading expenses.

Where an expense is not incurred wholly and exclusively for trading purposes, the expense is disallowed when calculating the Irish corporation tax liability.

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Tags: Ireland, Accounting, Tax

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

Regulatory Enforcement and Corporate Offences in Ireland

Posted by Pearse Trust on Monday, Apr 25, 2016

Ireland’s Law Reform Commission (LRC) has published an Issues Paper addressing regulatory questions arising from the international financial collapse of 2008.

Part 1 of the Issues Paper considers whether the supervisory and enforcement powers of Ireland’s main financial and economic regulators are adequate or need to be bolstered by civil financial sanctions and more effective co-ordination between regulators. 

Part 2 concerns gaps in the Irish criminal law and considers whether the law deals sufficiently with serious wrongdoing by corporate bodies, in particular current fraud legislation and the general rules for attributing criminal liability to corporate bodies. 

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Tags: Ireland, Legal