The Economy

The Economy


Revenue have recently announced as part of the July Stimulus package a temporary reduction in the standard rate of VAT from 23% to 21%.  All other VAT rates will remain unchanged. This is due to take effect from the 1st of September and will remain in place until the 28th of February 2021.  While this…

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The Companies (Miscellaneous Provisions (Covid-19) Act 2020 which has now been signed into law makes, temporary amendments to the Companies Act 2014 for an interim period up until the 31st December 2020 in response to the challenges Companies may experience as a result of the Covid-19 pandemic. This interim period can be extended further under…

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A No-Deal Brexit Remains Very Much On The Cards

Overview Forecasting what turn Brexit is going to take next, remains extremely difficult – when so much remains unknown. However, the possibility of a no deal Brexit remains very likely outcome, even considering the most recent extension in departure date from 29th March to 12th April. Below are some scenarios that could occur in the…

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Budget 2019: Entrepreneurs seek improvement in tax relief to support investment in Irish economy

With Brexit, international market and general economic risks looming the role of the Irish entrepreneur is more important than ever to maintain Ireland’s economy. As Irish entrepreneurs invest the economy grows, employment numbers are maintained and increased, and the driver of Irish economic activity is diversified to compliment multinational investors. When entrepreneurs invest they take…

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Mortgage Interest Relief For Landlords

From the 7th of April 2009 the tax relief for landlords on mortgage interest paid on debt used to purchase, improve or repair a residential property has been restricted to 75% of the interest incurred in the year. With effect from 1 January 2017 the amount restricted increases to 80%. The restriction will increase by…

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EU Tax Decision In Relation To Apple

  Background When considering this EU decision to the effect that APPLE owes €13 Billion in taxes, two over-riding factors need to be borne in mind: There is in effect a trade war going on between EU and US. The EU Commission is of the opinion that by not imposing US taxation on un-remitted profits…

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Default Interest – Ireland Revisits the Test for Penalty Clauses

Default interest and penalty clauses were revisited by the Irish High Court recently in two connected cases. Both cases taken by the plaintiff, Breccia, related to loans that which were initially granted by Anglo Irish Bank Plc and were since sold to a third party fund. The loan agreements provided for the application of surcharge…

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How Can Non-EEA Nationals Invest and Start a Business in Ireland? Part 1 of 3

Immigrant Investor Programme The Immigrant Investor Programme was established by the Irish Government in 2012 to stimulate productive investment in Ireland and to offer residency in Ireland. Purpose of the programme The programme provides non-EEA nationals (together with their immediate families) with secure residency status in Ireland subject to

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How Can Non-EEA Nationals Invest And Start A Business In Ireland? An Overview

There are three schemes overseen by the Department of Justice and Law Reform that match inward investment with the entitlement to live/ work in Ireland: 1) Immigrant Investor Programme 2) Start-up Entrepreneur Programme (“STEP”) 3) Business Permission These schemes are overseen and managed directly by the Irish Naturalisation and Immigration Service. Purpose of initiatives The…

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Public Consultation On Development Land

The Minister of Finance invited interested parties to make submissions regarding: 1) Views on the extent of undeveloped zoned and serviced lands; 2) Reasons for their non-development; 3) Possible corrective tax measures to encourage development. The context to the Public Consultation is as follows: A) The Minister of Finance in his 2015 Budget made reference…

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