Reduced VAT rates & Excise Duties relief extension
This article highlights the extension and changes to the most recent cost of living support measures recently published and broader VAT developments about digital reporting.
Tax newsletter Q1 2023
In this newsletter, we provide you with updates on the reduced VAT rates & Excise Duties relief extension, information on whether you need to submit an Income Tax/Capital Gains Tax return, Interest Limitation Rules (ILR) in Ireland, the digital games tax credit, the Temporary Business Energy Support Scheme (TBESS) and the taxation of income and gains on offshore funds.
This series of articles will provide an update on tax developments that impact organisations in Ireland and those that do business with Ireland.
Do you need to submit an Income Tax/CGT return?
Throughout the year, we receive reminders through the national media that we may be required to file a tax return (Form 11) by 31 October. Many of us will dismiss the reminders on the basis that we do not fall into the category of individuals who are required to file the income tax/capital gains tax return.
Employer share returns
Did your company provide share-based remuneration during 2023? Employers who operate share reward plans have an obligation to submit an annual return to Revenue providing details of certain share awards in the previous year. The deadline for the 2023 returns is 31 March 2024.
Interest Limitation Rules
Finance Act 2021 introduced new Interest Limitation Rules (ILR) in Ireland under the EU’s Anti-Tax Avoidance Directive (ATAD). These rules are effective for accounting periods commencing on or after 1 January 2022.
Digital games tax credit
The digital games tax credit (“DGTC”) aims to emulate the success of the Section 481 film tax credit, which has helped Ireland establish itself as a leader in the film industry.
TBESS claims - upcoming deadlines
The TBESS was introduced by Irish Revenue to provide support to businesses impacted by the unprecedented increase in energy costs suffered between September 2022 and February 2023.
Offshore Funds – What are you investing in?
Income and gains on offshore funds are taxed differently than say ordinary equity shares. Offshore funds fall into different categories which have unique tax treatments. These, along with the tax treatment of offshore funds held at death, are discussed below from the perspective of an individual investor.
20 November 2024
Climate finance at COP29
COP, short for Conference of the Parties, refers to a series of official gatherings where governments evaluate global progress in implementing the Paris Agreement and the Convention, with the aim of limiting global warming to 1.5°C based on the most recent scientific findings. During COP meetings, leaders from around the world come together to assess advancements and negotiate effective strategies...
18 November 2024
CBI Flood Protection Gap report
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
15 November 2024
Token redemption plan guidelines under MiCAR
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
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Frank Greene Partner, Tax - Dublin
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