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EisnerAmper Ireland | Latest News Archives - EisnerAmper Ireland Ireland

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Latest News Archives - EisnerAmper Ireland

11.10.2019

EisnerAmper hosts Pupcake Bake Sale in aid of Dogs Trust

Pupcake Bake Sale | CSR | Financial Services | EisnerAmper Ireland

On Friday, 11 October 2019, EisnerAmper Ireland hosted a Pupcake Bake Sale in aid of Dogs Trust. We were delighted to support such an excellent charity while enjoying some delicious cakes made and bought by our staff.

Pupcake Day aims to help Dogs Trust change the lives of abandoned and neglected dogs from all over Ireland – from rescue, through to the day they find their Forever Homes. Dogs Trust have hundreds of puppies and dogs looking for their special someone.

All puppies and dogs in their rehoming centre are neutered, microchipped, fully vaccinated and the charity offer a lifetime of training and behavioural support for all dogs and puppies rehomed from their centre. Last year, the charity rescued 2,025 dogs, therefore every pupcake bake sale helps in continuing the work of Dogs Trust Ireland.

To learn more about Dogs Trust and to find out how you can help, click here.

Pupcake Bake Sale | CSR | Financial Services | EisnerAmper Ireland

Pupcake Bake Sale | CSR | Financial Services | EisnerAmper Ireland

Pupcake Bake Sale | CSR | Financial Services | EisnerAmper Ireland

We care about business and we care about the people we work with in business.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

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Latest News
9.10.2019

Budget 2020

Budget 2020 Image

With Budget 2020 announced earlier this week, EisnerAmper Ireland examines its effect on Irish-based businesses across the following four areas:

  1. Corporation Tax;
  2. Indirect Tax;
  3. Employment and Personal Tax; and
  4. Other Taxes.

1. Corporation Tax

– Corporation tax rate on trading profits

There has been no change to the 12.5% corporation tax rate applicable to the trading profits of a company.

– Research and Development (R&D) Credit

The R&D credit is being revised for small and micro companies to increase the R&D credit from 25% to 30% and to improve the current method of calculating the limit(s) on the payable credit. New legislation is also being introduced to allow small companies carrying out pre-trading R&D to avail of the credit before trading starts – however the R&D offset in these circumstances is confined to VAT and payroll tax liabilities only. The new rules for small and micro companies are both subject to State aid approval.

With regard to all R&D claimants, the existing limit on outsourcing to third level institutes of education will be increased from 5% to 15%.

Anti-hybrid measures

Finance Bill 2019 will introduce new anti-hybrid rules which will apply to all corporate tax payers from 1 January 2020. The introduction of these new anti-hybrid rules forms part of Ireland’s promise to implement the Anti-Tax Avoidance Directive (ATAD) and the new rules will be ATAD compliant. The rationale behind the introduction of the anti-hybrid rules is to preclude arrangements that abuse variances in the tax treatment applied under the laws of multiple jurisdictions to generate a tax benefit.

– Transfer Pricing (TP)

The Minister confirmed that updated TP legislation will be included in Finance Bill 2019. These updates will include the formal adoption of the OECD’s 2017 TP Guidelines into Irish domestic legislation and also the extension of transfer pricing rules to cover material capital transactions and cross-border non trading transactions. Subject to Ministerial Commencement Order, the new measures to be introduced will also expand the application of transfer pricing rules to SME’s.

2. Indirect Tax

– VAT

The only change to VAT was the reduction in the qualifying CO2 threshold for reclaims on commercial vehicles.

– Other Indirect Tax considerations

The rate of carbon tax on fuel has increased from €20 to €26 per tonne of CO2. This has been applied to diesel and petrol as of midnight on 8 October 2019, with the increase to home heating oil being deferred until May 2020.

A Nitrous Oxide tax will replace the 1% VRT surcharge on new diesel engine passenger vehicles registered from 1 January 2020.

VRT reliefs for conventional and plug-in hybrid vehicles has been extended until the end of 2020.

Budget 2020 | Tax Services Insight | EisnerAmper Ireland

3. Employment and Personal Tax

– Income Tax, USC and PRSI

The Home Carer tax credit has increased by €100 to €1,600 and the Earned Income tax credit has increased by €150 to €1,500 for 2020. There was no other change to rate bands and credits.

The reduced rate of USC for medical card holders and people aged 70 and above whose income is €60,000 or less has been extended until 31 December 2020.

The rate of Employer’s PRSI will increase from 10.95% to 11.05% in 2020. Employee’s PRSI is unchanged.

– Benefit in Kind (BIK)

The 0% BIK rate for employers providing electric cars or vans has been extended to 31 December 2022.

– Special Assignee Relief Programme (SARP)

The SARP scheme has been extended until 31 December 2022.

– Key Employee Engagement Programme (KEEP)

Further amendments were announced to the KEEP scheme which was introduced in 2018. Under the new measures the scheme will also apply to:

  • Group corporate structures;
  • Part time employees; and
  • Existing shares.

4. Other Taxes

– Capital Acquisitions Tax (CAT)

The tax-free Group A threshold for gifts or inheritances from a parent to child has increased by €15,000 to €335,000.

– Stamp Duty (SD)

The rate of SD with regard to non-residential property has increased by 1.5% to 7.5% with effect from 9 October 2019. However, the old 6% rate will apply to instruments executed on or before 31 December 2019, where a binding contract was entered into prior to 9 October 2019 and is accompanied by a statement certifying this.

– Dividend Withholding Tax (DWT)

The rate of DWT will increase by 5% to 25% with effect from 1 January 2020.

How EisnerAmper Ireland Can Help

At EisnerAmper Ireland, we design and deliver business & compliance solutions to make trade happen. This is what we do every day.

EisnerAmper Ireland’s Tax Department provides support to the Firm’s Financial Services and International Business market groups. We advise corporates, their people and principals operating in the technology, life sciences, real estate, structured finance, aircraft leasing and investment funds industries. To find out more, visit our Tax Services page

Tax Services

Request a Callback from our Tax specialists now.

Authors

The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter. If you would like more information or would like to discuss any of the topics raised above, please contact the author(s).

Latest News
3.10.2019

EisnerAmper hosts Big Brunch in aid of the Irish Hospice Foundation

Rugby Match | Big Brunch | Irish Hospice Foundation | CSR | EisnerAmper Ireland

EisnerAmper was delighted to support Ireland in their match against Russia in the Japan Rugby World Cup this morning in the EAI office in aid of the Irish Hospice Foundation.

Rugby Match | Big Brunch | Irish Hospice Foundation | CSR | EisnerAmper Ireland

Staff enjoyed brunch during the match catered by The Food Crew Sandyford. At the end of the game a raffle was held and prizes included very kind donations from the local business community including, Union Café, La Dolce Vita, Sqaure One, Freshii, Silke Hair and Beauty and O’Briens Wines. We are proud to donate over €800 from the match viewing and raffle to the Irish Hospice Foundation.

Rugby Match | Big Brunch | Irish Hospice Foundation | CSR | EisnerAmper Ireland

The Irish Hospice Foundation strives for the best care at end of life for people and practical support for their loved ones. The foundation provides nurses for night care, hospice home care for children and palliative care for all, including many other facilities. The Irish Hospice Foundation is the only national organisation dedicated to dying, death and bereavement in Ireland. With state funding being less than 8% of their total income in 2017, the hospice relies on the public to fund the majority of their work. To read more about the foundation click here.

Rugby Match | Big Brunch | Irish Hospice Foundation | CSR | EisnerAmper Ireland

We care about business and we care about the people we work with in business.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

Contact Us

Latest News
30.9.2019

EisnerAmper participates in Sandyford 5k Run 2019

Sandyford 5k Run | CSR | Financial Services | EisnerAmper Ireland

EisnerAmper Ireland is proud to have been a participant in the 2019 Sandyford 5k Run, which took place on Thursday 26 September. The event is hosted by Dundrum South Dublin Athletic Club (DSDAC), in association with the Sandyford Business District and caters for walkers, joggers, fun runners and athletes.

Sandyford 5k Run | CSR | Financial Services | EisnerAmper Ireland

From L to R back: Brian Frawley, Claude Makiesse, Jonathon Squire, Cian Collins, Warren Bridge & Tony Keegan. From to L to R front: Aideen Conneely & Sarah Ryan

The event attracted it’s largest number of participants this year since its first race in 2015. The race is organised to raise funds for the exciting new Sports Campus for the DSDAC. It was a fantastic opportunity to get a team together within the Firm and meet local business people in the community. To learn more about the Sandyford 5k Run, click here.

We care about business and we care about the people we work with in business.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

Contact Us

Latest News
27.9.2019

Meet the Team!

Meet the Team | New Joiners | Finanical Services | EisnerAmper Ireland

Meet the Team! This month we welcomed 15 new joiners to the EisnerAmper Ireland office. Our new joiners will be working in the Financial Services, Tax and International Business Departments.

Our new colleagues have completed a two week induction programme, covering various topics ranging from technical, on the job and soft skills training, delivered by our HR Team.

To learn more about our staff, including our new joiners, click here.

Meet the Team | New Joiners | Finanical Services | EisnerAmper Ireland

From L to R: Dylan O’Neill, Jass Teh & Diana Ciubotariu

Meet the Team | New Joiners | Finanical Services | EisnerAmper Ireland

From L to R: David Molloy, Pearse OBrien, Robert Beverland, Sean Goodburn & Jennifer Thompson

Meet the Team | New Joiners | Finanical Services | EisnerAmper Ireland

L to R: Celina Dunne, Emma Hodgins, Agne Valinskyte & Hugh Kelly

We care about business and we care about the people we work with in business.

Our team includes people with multi-disciplinary backgrounds who bring fresh, candid and connected perspective to how we work. We strive to nurture and leverage the talent and unique ability of each individual member of our team. To read more about Life in EisnerAmper and about our career opportunities click here.

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Latest News
24.9.2019

VAT On Food Supplements

VAT on Food Supplements Graphic | Tax Services Insights

General VAT Treatment Of Food

The VAT treatment of food and drink in Ireland can vary depending on what is being sold and how it is being supplied to the customer. The majority of food sold in shops and supermarkets is at zero rate, while the reduced rate (13.5%) applies to certain baked items including crackers, bagels, cakes and plain biscuits, and the standard rate (23%) applies to various items, examples of which include ice-cream, chocolate biscuits, sweets and crisps. Hot food and food provided in the course of catering is liable to VAT at the reduced rate while food supplements are treated separately for VAT purposes.

More information on the VAT treatment of food can be found on the Revenue website here.

What Are Considered Food Supplements For VAT Purposes?

For VAT purposes, food supplements are items for human consumption which are not ordinarily considered to be food and which are marketed to the consumer as dietary supplements.

VAT On Food Supplements – Current Issues

As these items are not considered food they are subject to VAT at the standard rate, however, in 2011 Revenue issued guidance (eBrief No. 70/11) to the effect that vitamins and minerals, in either tablet or liquid form, and fish oils for human consumption are subject to zero rate VAT.

Tips and Gratuity Payroll Image | Payroll Services Insights

VAT On Food Supplements – Upcoming Change

In December 2018, Revenue issued new guidance which confirmed the removal of the zero rate concession for vitamins, minerals and fish oils. As of 1 November 2019, these items will be subject to the standard rate of VAT. Revenue also confirmed that as well as food supplements such as those defined above, the standard rate of VAT also applies to sports nutrition supplements, slimming aids, and liniments, ointments and rubs made from food ingredients.

Source: revenue.ie.

VAT On Food Supplements – Potential Impact of Upcoming Change?

With the vitamin and mineral market in Ireland currently worth circa €37 million annually (source: Statista), the overall increased cost of the new VAT measures to the Irish consumer will be approximately €8.5 million per year. This figure is set to rise, as the Irish vitamin and mineral market has an expected compound annual growth rate of 1%.

How EisnerAmper Ireland Can Help

At EisnerAmper Ireland, our dedicated team of Tax professionals possess the knowledge and experience required to provide technical guidance and specialist advice on this and all other VAT and Indirect Tax related matters. We tailor our offering to your needs, ensuring you receive the best advice at the appropriate time.

Learn more about our outsourced Tax Services here.

Request a Callback

Request a Callback from our Tax specialists now.

Authors

The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter. If you would like more information or would like to discuss any of the topics raised above, please contact the author(s).

Latest News
20.9.2019

Insurance Ireland INED Forum supported by EisnerAmper

Dave Montgomery | Insurance Ireland Event | Financial Services | EisnerAmper Ireland

On Thursday, 19 September, Insurance Ireland, supported by EisnerAmper Ireland, hosted the latest in the INED Forum series in the St. Stephens Green Club, Dublin.  The event was a great success and we were delighted to have the opportunity for members of our team to connect with the Insurance & Reinsurance INED community.

Dave Montgomery, Partner and Head of Risk & Regulatory at EisnerAmper Ireland moderated the event. The keynote speakers were Domhnall Cullinan, Director of Insurance Supervision at Central Bank of Ireland and Brendan McCarthy, a key member of the INED community and new Vice Chair of the Insurance Ireland INED Council.

Dave Montgomery | Insurance Ireland Event | Financial Services | EisnerAmper Ireland

(L to R): Brendan McCarthy, Domhnall Cullinan and Dave Montgomery

EisnerAmper Ireland is delighted to continue working with Insurance Ireland and their INED Council.  As the voice of insurance actively promoting the highest standards, Insurance Ireland represents 95% of the domestic market and more than 80% of Ireland’s international life insurance market.  The Insurance Ireland INED Council promotes best practice for insurance industry INEDs in addition to acting as a sounding board for entities, organising appropriate training and acting as a networking hub.

Dave Montgomery | Insurance Ireland Event | Financial Services | EisnerAmper Ireland

(L to R): Domhnall Cullinan and Vincent Sheridan

We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.

EisnerAmper Ireland is a firm of specialist accountants with a niche focus on the Financial Services, International Trade and Government sectors.  As Head of Risk & Regulatory at EisnerAmper Ireland, Dave Montgomery leads a team in the provision of regulatory, risk management, audit and advisory solutions to Insurers and Reinsurers operating in or through Ireland.  As a former regulator with the Central Bank of Ireland, Dave supervised insurance and reinsurance firms and also worked on the development and implementation of the PRISMTM framework.  If we can assist you or your business in any way, please contact Dave Montgomery.

Contact Dave

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18.9.2019

EisnerAmper Ireland attends launch of partnership between Chartered Accountants Ireland and leading software providers

Sarah Ryan Chartered Accountants Software Launch | Financial Services | EisnerAmper Ireland


Minister for Finance, Public Expenditure & Reform, Paschal Donohoe, TD with student Sarah Ryan of EisnerAmper and Supreeth Mohan of HLB Ryan. Back row (l-e): John Munnelly, Chartered Accountants Ireland; Ian Browne, Chartered Accountants Ireland; Conall O’Halloran President of Chartered Accountants Ireland; Eugene Hillery of Tableau and Michael Ellis of UiPath.

On 16 September, Sarah Ryan, Trainee Chartered Accountant at EisnerAmper Ireland, attended the launch of a new partnership between Chartered Accountants Ireland and leading software providers UiPath, Tableau and Alteryx. From the end of September 2019, more than 1,300 students per year will begin to study and develop practical skills in Artificial Intelligence (AI), Robotic Process Automation (RPA), Data preparation and Data analytics, Blockchain and Cryptocurrencies as part of a shake-up of the Institute’s education programme for final year students.

Attending the launch, the Minister for Finance, Public Expenditure & Reform, Paschal Donohoe, TD, welcomed the partnership noting, “Ireland has the potential to be a global leader and location for innovation in financial and technology services. I welcome the collaboration between Chartered Accountants Ireland and UiPath, Tableau and Alteryx to meet the evolving needs of Ireland’s financial services sector. This programme will ensure that as technology shapes the sector over time, Ireland will continue to have a talent pool of people skilled and available to business and industry.”

Sarah Ryan was delighted to represent EisnerAmper Ireland at the launch event and to meet with Minister Donohue, President of Chartered Accountants Ireland, Conall O’Halloran, and representatives from UiPath, Tableau and Alteryx.

The partnership will create new highly skilled graduates ready to fill in-demand roles in industry and private practice, many of which did not exist five years ago as firms increase their own investment in new technologies to service client work with greater efficiency, accuracy and insight.  Currently, 70% of the Institute’s graduates already work in the industry as in-house advisors to some of Ireland’s largest technology, finance, aviation and energy companies.

At EisnerAmper, we design and deliver business & compliance solutions to make trade happen.

Domestic and international businesses face significant regulatory, economic and financial challenges while the rise of FinTech, RegTech and other solutions present new opportunities. Successfully managing these challenges, while optimising opportunities, requires specialist expertise and innovative solutions. We combine our subject matter expertise with best in class technology platforms to deliver market leading solutions to the financial, regulatory and professional services sectors. If we can help you or your business in this regard, contact us.

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12.9.2019

EisnerAmper Ireland attends Les Rendez-Vous de Septembre in Monte Carlo

Les Rendez-Vous de Septembre | Financial Services | EisnerAmper Ireland

Dave Montgomery and Tom Brennan, Risk & Regulatory Partners at EisnerAmper Ireland, attended one of the biggest events in the insurance calendar, Les Rendez-Vous de Septembre in Monte Carlo. The event was a great success and we were delighted to have the opportunity for members of our team to meet clients and connect with friends of the Firm.

Lez Rendez-Vous de Septembre is an international Reinsurance congress that facilitates participants meeting to discuss matters which concern the market. It also marks the beginning of the annual negotiation process prior to the renewal of Reinsurance treaties, encouraging high level contact and engagement which can lead to long term strategic alliances.

We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.

EisnerAmper Ireland is a firm of specialist accountants with a niche focus on the Financial Services, International Trade and Government sectors.  As Head of Risk & Regulatory at EisnerAmper Ireland, Dave Montgomery leads a team in the provision of regulatory, risk management, audit and advisory solutions to Insurers and Reinsurers operating in or through Ireland.  As a former regulator with the Central Bank of Ireland, Dave supervised insurance and reinsurance firms and also worked on the development and implementation of the PRISMTM framework.  If we can assist you or your business in any way, please contact Dave Montgomery.

Contact Dave

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9.9.2019

EisnerAmper Ireland attends basis.point 7th Annual Corporate Golf Challenge

EisnerAmper Ireland are proud supporters of basis.point, the Irish Fund Industry’s initiative to come together to help make a difference to those in need.

On Friday 6 September, Gavin Lee, Head of International Trade, David Carroll, Director, Financial Services, and Cian Collins, Senior Manager, Financial Services, were invited to the basis.point 7th Annual Corporate Challenge in Milltown Golf Club by Link Asset Services. The event was a great success and we were delighted to have the opportunity for members of our team to enjoy a pleasant afternoon and connect with friends of the Firm.

Basis.point | Event | Financial Services | EisnerAmper Ireland

basis.point’s vision is to help make a sustainable and tangible difference to the lives of those living in poverty, particularly young people, by supporting charities which focus on education.

To find out more about basis.point or to donate, visit basispoint.ie.

We care about business and we care about the people we work with in business.

At EisnerAmper Ireland we create business & compliance solutions for Asset Managers and Funds to make trade happen. If we can assist you or your business in this regard, please contact Gavin Lee.

Contact Gavin Lee

Latest News
2.9.2019

EisnerAmper Ireland Summer Games 2019

EAI Summer Party | Summer Games 2019 | Latest News | CSR | Financial Services | EisnerAmper Ireland

On Friday 30 August 2019, EisnerAmper Ireland’s staff took part in our Summer Games and BBQ in Wanderer’s Rugby Club, Dublin 4.

The EisnerAmper Ireland team enjoyed an afternoon of sports and activities, including archery and a slow bike race, followed by a BBQ and drinks at the venue.  The evening was a great success and provided an opportunity for newer members of the team to get to know the rest of the Firm, while all employees enjoyed a break and an afternoon in the fresh air.

Members of Team 4 won the first place prize at the Summer Games and were awarded medals and gift tokens from the Firm. The winning team, pictured above, consisted of Ciaran Brady, Jennifer Thompson, Aisling Power, Gavin Redmond and Thomas Territt.

A selection of photographs from the event can be found below.

EAI Summer Party | | Latest News | CSR | Financial Services | EisnerAmper Ireland

( L to R back: Alastair MacDonald, Shane Mooney, Brian O’Callaghan, Zoe Maloney, Kun Liu) (L to R front: Aidan Lundy, David Bell)

EAI Summer Party | Latest News | CSR | Financial Services | EisnerAmper Ireland

(L to R back: Jennifer Kelly, Yevgeniy Podkladnev, Stephen Murtagh, Aideen Conneely, Celina Dunne) (L to R: front: Jarlath Glynn, Malin Wallvik)

EAI Summer Party | Latest News | CSR | Financial Services | EisnerAmper Ireland

(L to R: James Farrelly, Aisling McCaffrey, Gavin Lee, Jass Ern Teh, Doru Florea, Cian Collins, Matthew McCarthy)

EAI Summer Party | Latest News | CSR | Financial Services | EisnerAmper Ireland

EAI Summer Party | Summer Games 2019 | Latest News | CSR | Financial Services | EisnerAmper Ireland

We care about business and we care about the people we work with in business.

Our team includes people with multi-disciplinary backgrounds who bring fresh, candid and connected perspective to how we work. We strive to nurture and leverage the talent and unique ability of each individual member of our team. To read more about Life in EisnerAmper and about our career opportunities click here.

Latest News
28.8.2019

Dave Montgomery presents at The Association of Compliance Officers in Ireland Seminar 2019

Dave Montgomery | ACOI Seminar | Financial Services | EisnerAmper Ireland

On Wednesday 28 August 2019, Dave Montgomery, Partner and Head of Risk & Regulatory, presented at the Chartered Accountants House, Pearse Street, for it’s latest Association of Compliance Officers in Ireland (ACOI), lunchtime seminar.

The event was a great success and we were delighted to have the opportunity to present to members of the ACOI community. Dave covered a range of topics at the seminar including the role of the Compliance function, regulatory expectations regarding how they should operate and how sectoral differences may impact on those working in compliance roles among other topics.

Dave Montgomery | ACOI Seminar | Financial Services | EisnerAmper Ireland

We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.

EisnerAmper Ireland is a firm of specialist accountants with a niche focus on the Financial Services, International Trade and Government sectors.  As Head of Risk & Regulatory at EisnerAmper Ireland, Dave Montgomery leads a team in the provision of regulatory, risk management, audit and advisory solutions to Insurers and Reinsurers operating in or through Ireland.  As a former regulator with the Central Bank of Ireland, Dave supervised insurance and reinsurance firms and also worked on the development and implementation of the PRISMTM framework.  If we can assist you or your business in any way, please contact Dave Montgomery.

Contact Dave

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