Pearse Trust Blog

A Refresher on Irish Tax Filing and Payment Deadlines

Posted by Pearse Trust on Wednesday, Aug 24, 2016

The main purpose of this material is to give a general update of the more important Irish tax filing and payment deadlines under the Irish self-assessment tax system.

Corporation Tax

Irish tax resident companies are required to file its Corporation Tax (“CT”) return via Revenue’s Online Service (“ROS”). The CT return and balancing tax payment are generally due by the ninth month after the accounting period (“AP”) end but no later than the 23rd day of that month.

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Tags: Ireland, Tax, VAT

Solicitors' Fee Agreements: Case Study

Posted by Pearse Trust on Monday, Aug 22, 2016

The recently decided UK case of Rosenblatt v Man Oil Group SA [2016] EWHC 1382 (QB) highlights the importance of clarity of wording in solicitor’s retainer / engagement letters with regards to revising fee agreements.

In this case, the High Court considered an appeal in a dispute surrounding the interpretation and application of a fixed fee structure in a solicitor’s retainer.

More specifically, it was considered whether the solicitor was to be held to a fixed fee structure which had been agreed with his client, or whether that structure had been superseded thereby entitling the solicitor to charge fees, on an hourly rate, subject to assessment, that were higher than those agreed by the fixed fee structure.

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Tags: Legal, United Kingdom

New CbC Transfer Pricing Regulations for the US

Posted by Pearse Trust on Wednesday, Aug 17, 2016

Recently, the United States Treasury put a key piece in place in the BEPS jigsaw, by unveiling final country-by-country (CbC) transfer pricing reporting regulations for certain companies in the United States.

The OECD’s BEPS project is intended to give governments "comprehensive, coherent and coordinated" solutions for closing gaps that allow corporate profits to "disappear" or be artificially shifted to low- or no-tax jurisdictions.

The final package of recommendations is divided into 15 action areas, including new standards of transparency in the area of transfer pricing.

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Tags: Tax, USA, Anti-Money Laundering

Assigning Receivables: Minimising the Potential Tax Implications

Posted by Pearse Trust on Monday, Aug 15, 2016

Under Irish tax law, a debt receivable is an asset for Irish Capital Gains Tax (CGT) purposes. Therefore, the assignment by an Irish company of a receivable would be a disposal by that company of an asset. 

By structuring the transaction and documentation in a tax efficient manner, it is possible to minimise the potential Irish tax implications where an Irish company assigns its receivable, i.e. a debt or loan that someone owes to the Irish company.

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Tags: Ireland, Legal, Tax, Finance

Consequences of Breaching Statutory Compliance Requirements

Posted by Pearse Trust on Wednesday, Aug 10, 2016

With the introduction of the Companies Act 2014 “the Act” in Ireland, failure to meet corporate compliance requirements and the offences for breaching one’s obligationsunder Irish company law have been codified and can be found under Part 14 of the Act.

The Act provides considerable consequences for breaching company law and has categorised the offences by a four-tier system based upon the seriousness of the offence. As a consequence, the offences are easier to identify.  

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Tags: Ireland, Legal, Directors

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

Charitable Tax Status & Name Exemption For Irish Companies

Posted by Pearse Trust on Wednesday, Aug 03, 2016

This blog will look at the requirements for qualifying for charitable tax status and name exemption for Irish registered companies.

It will also discuss the statutory obligations placed on charities by the Charities Act 2009, the Companies Registration Office, the Revenue Commissioners and the Charities Regulatory Authority.

The 2009 Act was introduced in order to reform how charities are governed, to ensure that they comply with their legal obligations and to enhance transparency and governance standards in the charity sector.


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Tags: Ireland, Legal, Incorporation, Tax

Irish Private Companies - The Business of the AGM

Posted by Pearse Trust on Wednesday, Jul 27, 2016

The Annual General Meeting is a key event for a Company and it is important for the directors, secretary and shareholders to understand the business which is to be transacted at the AGM each year.

Pursuant to section 175 of the Companies Act 2014, an AGM must be held within 18 months from incorporation of a company and then on an annual basis, without 15 months elapsing from one AGM to another.

Unless consent to short notice is granted, notice of the AGM is to be issued to members 21 days before the meeting. In addition to providing the date, time, location and proxy details, the notice should detail the general nature of the business to be transacted at the meeting.   

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Tags: Ireland, Directors, Corporate Governance

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

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