Tax newsletter Q1 2023

TagsGlobal mobility & employment taxGlobal tax credits & incentivesInternational taxVAT & indirect tax+8

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.

Q1 Tax newsletter

Extension of reduced VAT rates and Excise Duties relief - Mazars in Ireland

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.

Do you need to submit an Income Tax/Capital Gains Tax return - Mazars in 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.

Temporary Business Energy Support Scheme (TBESS) - Mazars in ireland

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.

Frank Greene Partner, Tax Dublin

Detailed profile

VAT & indirect tax

VAT and indirect taxes need careful planning as they make up an ever-larger part of the tax take

Global mobility & employment tax

Ensuring the right skills are available when and where you need them

Transfer pricing

The increasingly complex regulatory and tax environments that multinational organisations are operating in have made transfer pricing a top tax priority for organisations.