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The Strategic Banking Corporation of Ireland: Helping Irish SMEs (Irish Tax Review 2019 Issue 1)

Irish Tax Review Julie Burke Nick Ashmore John Madigan
2019-04-01
the Brexit Loan Scheme and … The Brexit Loan Scheme … The €300m Brexit Loan Scheme (BLS) provides low-cost funding (at 4% interest or less), with the support of the European Investment Fund, to eligible Irish businesses that are innovating in response to the challenges posed by Brexit. The scheme covers loans ranging from €25,000 to €1.5m, with loans of up to €500,000 being unsecured. The maximum interest rate for this scheme is significantly lower than those currently available to businesses on loans of less than €250,000. … The SBCI engages directly with Brexit-impacted businesses to assist them with the eligibility process and applying for the BLS. SMEs can start the process by visiting the SBCI website (sbci.gov.ie) and completing a straightforward form to establish their eligibility for the scheme. The SBCI will give them a quick decision and...
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Setting up in Ireland: A Practical Guide for Financial Service Companies (Irish Tax Review 2019 Issue 4)

Irish Tax Review Julie Burke John Perry
2019-12-09
The success of the international funds management business in Ireland is evidence of the effectiveness of successive governments’ strategy in this regard, and the advent of Brexit has served to accelerate the number of new entrants. This article does not attempt to provide a comprehensive list of the tax registration and other obligations that arise when establishing a company in Ireland; rather, it seeks to highlight some of the more pertinent practical tax considerations for...
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Tax Representations Update (Irish Tax Review 2019 Issue 3)

Irish Tax Review Julie Burke Mary Healy
2019-09-24
joined us to outline the financial supports available to SMEs to help with the potential challenges of Brexit.
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Ireland’s Legislature and Its Ability to Deliver Swift Policy and Legislative Response (Irish Tax Review 2019 Issue 4)

Irish Tax Review Julie Burke Brian Hunt
2019-12-09
With the prospect of a no-deal, crash-out Brexit now seeming unlikely, the air of impending doom has eased, for now at least. As we lived through each news bulletin revealing the day’s twists and turns of Brexit, it was easy to forget that we were in the midst of what the late Professor Ronan Fanning described as “Ireland’s biggest policy test since World War II”. Although, as he said, there was no threat of war, Professor Fanning saw Brexit as a great European crisis with global ramifications. … In Ireland, the threat of a no-deal Brexit forced the Government, businesses and wider society to assess the likely impact that a Brexit crash-out scenario would have had. In one sense, the prospect of Brexit was a real-life rehearsal of the State’s ability to adapt to and cope with a very significant crisis situation. … From a policy and legislative perspective, the Government’s response to Brexit has been multi-faceted. Brexit preparations were underpinned by two Contingency Action Plans, which provided focus and impetus to many of the preparatory steps that had to be taken. Legislative measures are a core part of the State’s response to Brexit. … However, in fairness to the current Government, the approach to tackling Brexit has had many dimensions – with legislation forming only part of the response.
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Social Welfare, Pensions and Civil Registration Act 2018 (Irish Tax Review 2019 Issue 2)

Irish Tax Review Julie Burke Olive O’Donoghue
2019-06-20
Impact of Brexit on Reciprocal Social Security Arrangements … ...of the EU, individuals moving between Ireland and the UK and vice versa are covered under these regulations. However, with the UK’s exit from the EU looming, it was unclear what this would mean from a social security perspective, particularly in the case of a “hard” Brexit. … “the Minister for Employment Affairs and Social Protection shall, when complete, share the analysis being conducted by her Department on the impact of Brexit on the reciprocal arrangements for social insurance schemes, social assistance schemes and child benefit between Great Britain, Northern Ireland and the Republic of Ireland”. … ...separate social security agreement was entered into between Ireland and the UK covering those parts of the UK that are outside the EU, i.e. the Isle of Man and the Channel Islands (“SW 123”). It was unclear whether, in the event of a “no-deal Brexit” or a “hard Brexit”, the provisions of the CTA would prevail or the existing bilateral social security agreement would/could be extended to include mainland UK and Northern Ireland.
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VAT Compliance 2019 Filings: Types of Returns and Other Considerations (Irish Tax Review 2019 Issue 2)

Irish Tax Review Julie Burke Conor Walsh
2019-06-20
In the event of a “no-deal” Brexit, businesses that are registered for either the Union or the non-Union MOSS scheme in the UK can expect to be automatically de-registered immediately. As part of Brexit preparations, businesses that are registered for the non-Union scheme in the UK have been “moving early”, and Ireland seems to be the destination of choice in most cases. Businesses registered for the Union scheme in the UK (i.e. those established there) cannot move their... MOSS registration before Brexit, in accordance with EU law. After Brexit, if a deal is not agreed, UK businesses will be able to register for the non-Union MOSS scheme in Ireland. … Businesses established in Ireland that currently declare and pay the UK VAT due on supplies of telecommunications, broadcasting and electronically supplied services under the Union MOSS scheme would likely be required to register for UK VAT in the event of a no-deal Brexit.
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Farm Taxation: Finance Act 2018 Changes (Irish Tax Review 2019 Issue 1)

Irish Tax Review Julie Burke Joan Hearne Jim McCleane
2019-04-01
It was reassuring to see that the Minister for Finance, Paschal Donohoe TD, did not introduce any measures in the Finance Act 2018 that will disadvantage the farming sector further in light of the current uncertainties faced by this sector due to Brexit. There were the usual extensions of deadlines for stock relief, some relaxation of the rules on income averaging and some changes to the relief from stamp duty for transfers to young trained farmers. But, other than these items, no taxation changes were introduced in the Finance Act... … Brexit … ...the deal negotiated between the EU and Mrs May’s Government and, at the time of writing, it looks doubtful that this position will be reversed before 29 March. Unless there is a dramatic change by either side, the risk that we are facing into a no-deal Brexit appears to be increasing on a daily basis. … Whether or not a deal is agreed, the expected departure of the UK from the EU on 29 March presents a clear threat to the competiveness of Irish agricultural exports, with the potential to undermine the viability of many small businesses. In the face of Brexit, the Minister for Finance announced the launch of the Future Growth Loan Scheme for small and medium-sized enterprises (SMEs) and the agriculture and food sector, which is worth €300m. SMEs provide most of the country’s employment, and additional Government support for this sector is... crucial in preparing for Brexit.
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Revenue’s R&D Guidelines: What’s New? (Irish Tax Review 2019 Issue 2)

Irish Tax Review Julie Burke Laura King Ian Collins
2019-06-20
...’s approach on audit. As per the recommendations above, there are areas where the R&D tax credit could be made more attractive, and the results of the Department of Finance review will be important to assess where Ireland currently sits. In light of the uncertainties presented by Brexit and the political landscape in other European countries and the United States, a robust, transparent and competitive regime must be the key objective in order to incentivise companies to continue to invest in Ireland and to retain their highly skilled roles in this country.
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