In the last eight years a surge of new regulations has emerged across the Global Financial Sector, as has been seen with the introduction of legislation such as the 2010 Foreign Account Tax Compliance Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, and the impending enhanced cross border scrutiny and controls that will accompany the European Union’s Regulation on Markets in Financial Instruments (MiFIR).Read More
Pearse Trust Blog
Accepting a request to act as the trustee of a trust is an important decision, one which requires careful review of the duties and responsibilities a trustee will take on.
A decision to accept the trusteeship of a trust should not be accepted blindly. Under the case law of most jurisdictions, no one can be compelled to act as a trustee.
This blog examines some of the factors that should be considered before accepting a trusteeship.Read More
Dividends are voluntary in the sense that there is no legal obligation for a company to pay a dividend, unless otherwise stated in the company’s constitution.
A dividend must be paid from the distributable profits of the company and depending on the type of dividend it will be declared at a general meeting of the company or by a resolution of the directors. Once a dividend has been declared it is due and payable.Read More
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.Read More
Under normal circumstances, an Irish company will purchase commercial property to use for the purposes of its business.
The purchase of residential property by an Irish company may not necessarily be for business reasons.
Where an Irish company decides to acquire either a commercial or residential property, it is important to consider the Irish taxation implications.Read More
Yet, amid the verbal barbs of an increasingly acrimonious Trump vs Clinton election campaign, they do find some common ground on tax.
Unsurprisingly, both candidates claim that their respective policies are a recipe for economic growth. Also, both claim that their plans will reintroduce fairness into the tax system.
Yet, in the main, their proposals are predictably partisan. Ergo, Trump has proposed a substantial tax cut for entrepreneurs, while Clinton’s spending programs are paid for by increasing taxes on the wealthy.Read More
Meetings are an integral part of how companies can make effective decisions and offer a platform for discussions on major strategic decisions.
They may be held for a specific reason or to discuss a host of issues affecting the mechanics and success of the firm.
In this blog, we will focus on the holding of effective board meetings and how to improve board meetings in general.
Previously we discussed Conflicts of Interests and the importance of declaring a suspected conflict to your fellow directors.
In this blog we will discuss how the remaining board members should deal with a declaration of conflict of interest.
When a board of directors is informed of a potential conflict, all reasonable steps must be followed to ensure that the company and its action are beyond reproach.
This includes discussing the issue, taking a vote and having the whole discussion is included in the minutes.Read More
As an officer of a Company, a director must endeavour to recognise and avoid instances when their own interest may conflict with the interests of the Company.
While avoiding conflicts had historically been a director's duty covered by Common Law, formal legislation was added to the UK Companies Act on 1 October 2008.
Section 175 of the Companies Act 2006 states that a director has a duty to avoid any “situation in which he has, or can have, a direct or indirect interest that conflict, or possibly may conflict, with the interests of the company”. An example of an indirect interest would be if the Company you act on behalf of is considering buying land which is owned by a relative.
The Companies Act makes specific reference to the importance of acknowledging conflicts specific to property, information or opportunity, for example meeting a potential new client through your role as director of ABC Limited, but forming a business relationship through another company you act for.Read More
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.
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.Read More