Pearse Trust Blog



Budget 2015 Reinforces Ireland As An Attractive Location For Business

Posted by Pearse Trust on Wednesday, Oct 22, 2014

On 14 October 2014, the Minister for Finance Michael Noonan, delivered Ireland’s Budget for 2015. As part of the Budget package, the Minister also published a Road Mapto secure Ireland’s place as the destination for the best and most successful companies in the world”.

The favourable provisions introduced in the Budget increase the attractiveness of Ireland as a location to carry on business and also improve the transparency of Ireland’s tax regime.

A summary of the advantageous measures incorporated in the Budget are as follows:

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Tags: Ireland, Tax

Creditors & Their Powers: Part II

Posted by Pearse Trust on Wednesday, Sep 24, 2014

In our previous blog ‘Creditors and their Powers: An Introduction’, we established some of the facts about creditors and looked at their involvement in High Court Liquidations, Creditors Voluntary Liquidation and also their powers to appoint receivers or examiners. This blog will examine further situations where creditors can exercise their powers in respect of debts owed to them.

Creditors’ Powers To Seek Court Judgments & Where Default Exists

Creditors have the power to seek a Court Judgment against a company if they fail to pay a debt owing to the creditor. This judgment may be enforced by registration in the High Court or collection by the Sheriff.

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Tags: Ireland, Legal, Finance

Creditors & Their Powers: An Introduction

Posted by Pearse Trust on Wednesday, Sep 17, 2014

A creditor is a person or company to whom money is owing, creditors can be divided into two types; secured creditors and unsecured creditors.

Secured creditors have their debt secured against the borrower’s assets. The security provided with a registered charge could be over property, a ship, piece of machinery, shares, intellectual property such as copyrights, patents, trade marks and other such assets.

Many security documents have clauses reserving the right for the secured creditor to appoint a receiver in the event of the debt remaining unpaid. The receiver will sell the secured asset in an attempt to recover the creditor’s debt.

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Tags: Ireland, Legal, Finance

FATCA – An Update For The UK & Ireland

Posted by Pearse Trust on Wednesday, Aug 27, 2014

 

Further to our previous blog on FATCA wherein we observed the postponement of the implementation dates for FATCA, the regime has now been implemented since July 2014.

Jurisdictions across the world are producing local legislation and guidance in order to implement FATCA on their home soil. 

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Tags: Ireland, Legal, United Kingdom, Tax, USA

Filing Financial Statements For Irish Companies Through ROS In iXBRL

Posted by Pearse Trust on Wednesday, Jul 09, 2014

What Is iXBRL Filing All About?

Legislative changes in the Finance Acts 2012 and 2013 extended the definition of a Corporate Tax Return to encompass financial statements. Revenue requires mandated companies to submit these financial statements through ROS in iXBRL.

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Tags: Ireland, Tax

4 Important Tax Issues To Remember For Irish Close Companies

Posted by Pearse Trust on Monday, Jun 30, 2014

Almost all companies in Ireland are “close companies”. The provisions concerning close companies were introduced in an attempt to counter the tax advantage that could be obtained by the retention of profits in closely held companies, where they attracted tax at a lower rate than the higher rates of personal tax to which those profits would be subject if distributed as dividends to shareholders.

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Tags: Ireland, Tax

Irish Corporation Tax Payment & Filing Deadlines

Posted by Pearse Trust on Wednesday, Jun 11, 2014

Corporation Tax Payments - Preliminary Corporation Tax

Preliminary Corporation Tax (“PCT”) for “large companies" i.e. companies with a liability greater than €200,000 in the preceding accounting period (“AP”), is due in two instalments:

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Tags: Ireland, Tax

Restoration In Ireland – The Key Facts

Posted by Pearse Trust on Wednesday, May 21, 2014

In Ireland, there are two restoration methods available once a company has been struck off. The two methods are restoration by administrative action and restoration by court order, each of which is dependant on certain conditions.

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Tags: Ireland, Legal

Handling Insider Information In Ireland

Posted by Pearse Trust on Monday, May 19, 2014

“Insider information” is confidential information on the affairs, functions, or financial status of a company listed on a stock exchange which can influence the market price of its shares traded on a regulated market. such as the Main Securities Market of the Irish Stock Exchange.

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Tags: Ireland, Legal, Shares

Home Renovation Incentive Scheme

Posted by Pearse Trust on Monday, May 05, 2014

The Home Renovation Incentive (“HRI”) scheme was introduced for individuals in Finance (No.2) Act 2013. It provides tax relief by way of income tax credit at 13.5% of qualifying expenditure incurred in the period from 25 October 2013 to 31 December 2015. Qualifying expenditure includes repair, renovation or improvement works on an individual’s principal private residence in Ireland using the services of a tax-registered and tax compliant builder/ contractor.

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Tags: Ireland, Tax