Ireland has to a large extent, a light touch transfer pricing regime. Irish legislation governing transfer pricing is to be found in Sections 835A to 835H Taxes Consolidated Act 1997. Under Irish legislation the following is excluded from transfer pricing regulation: Small and medium enterprises with staff of less than 250 and either has turnover…
Read MoreAs and from the 1st of May a taxpayer, both individuals and corporates, will be unable to obtain the benefits of a qualifying disclosure in respect of offshore matters. What are offshore matters? Offshore matters relate to any asset outside the State and would include such items as; Rental income arising from property situated outside…
Read MoreBackground 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…
Read MorePart 10- Key Judgements & Estimates Preparation of financial statements requires management to make certain estimations, assumptions and judgements that affect the reported profits, assets and liabilities. To recognise this, FRS 102 will introduce a disclosure that most SME’s will not be familiar with- Key Judgements & Key Estimates. These will appear in the financial…
Read MoreAn auditor’s responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing. The opinion will be based on tests carried out on the information disclosed in the financial statements. In addition to this, auditors are required to read the director’s report to identify…
Read MorePart 11- Disclosure of key management personnel compensation A new requirement under FRS 102 is that key management personnel compensation should be disclosed in the financial statements. The definition of “Key Management” is open to interpretation and is defined in the standard as follows; “Key management personnel are those persons having authority and responsibility for…
Read MoreAs we all know there are not many ways to get salary without paying the appropriate taxes, but here are two ideas that may work in your organisation. 1. Tax free vouchers An employer can give vouchers with a value up to €500 to each employee tax free annually. There are no taxes for the employee…
Read MoreWhen should a deferred tax asset or liability be recognised? A deferred tax asset or liability should be recognised as an asset or liability in the accounts if the transactions or events that give the entity an obligation to pay more tax in future or a right to pay less tax in future have occurred…
Read MoreThe 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…
Read MoreAs part of the annual tax compliance it is important that taxpayers ensure that the 46G return is filed each year. The 46G includes details of all payments made in the course of the trade during the period in question. The return is an information return only and a payment is not required to be…
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