EisnerAmper Ireland hosts Invest in Ireland – Entry to Europe in Toronto with Fasken & Whitney Moore
On Thursday, 29 November 2018, EisnerAmper Ireland, Fasken and Whitney Moore hosted a breakfast briefing for Canadian-based global technology, resources and life sciences businesses and financial institutions expanding their operations into the European market.
The briefing was held in Fasken’s office in Toronto, Canada. The event was centred around using Ireland as as a base in order to access the wider European market. The panel discussed the topic from a wide variety of different angles including investment, legal, accounting, tax and marketing.
Speakers & topics
Speakers and topics included:
Clifford Sosnow, Partner, Fasken moderated the panel which discussed key considerations and reasons to invest in Ireland in addition to opportunities surrounding Brexit.
Brendan Ringrose, Partner, Whitney Moore, Dublin
Brendan specialises in advising on mergers and acquisitions, corporate transactions, fundraisings and commercial agreements. He provided insights into setting up in Ireland from a legal perspective.
Cormac Doyle, Tax Partner, EisnerAmper Ireland
Cormac is a Partner and head of the Firm’s tax team, leading a specialist team advising clients who are setting up and operating in Europe using Ireland as a base. He offered insights in relation to setting up in Ireland from a tax perspective.
Gavin Lee, Head of International Trade, EisnerAmper Ireland
Gavin is EisnerAmper Ireland’s Head of International Trade. He brings with him over 20 years industry experience in the financial services, life sciences and telecommunications sectors. Gavin shared his extensive international business experience, having been previously based in the South Pacific, and more recently the EMEA region.
Deirdre Moran, IDA Ireland
IDA Ireland, Ireland’s inward investment promotion agency is a non-commercial, semi-state body, promoting Foreign Direct Investment into Ireland through a wide range of services. Deirdre shared insights from her 7 years’ experience based in the United States and Canada advising high-growth companies and the emerging technology sector with regard to investing in Ireland.
Stephanie Lopinski, Director, Global Communications, SOTI Inc.
Stephanie is a passionate storyteller, brand ambassador and marketing executive who coaches and develops teams to results. Specialising in high-growth companies, she has 10+ years of experience working across worldwide communications, brand, events, social and digital marketing for industry leaders including BlackBerry, Toyota and the Government of Ontario. She currently serves as Director of Global Communications for SOTI, an enterprise mobility & IoT management software company. Stephanie will join the panel to provide further insights into how Canadian companies can transition into Ireland.
Cormac Doyle, Partner & Head of Tax at EisnerAmper Ireland discusses the tax considerations of entering the Irish market.
At EisnerAmper, we care about business and we care about the people we work with in business.
Our dedicated International Business team advises global technology and life sciences businesses, financial institutions and their advisors on internationalisation. The approach of our team is to look at the client through the prism of their business model and vision. We provide them with the local knowledge, ideas and support necessary to facilitate their European international trade planning and execution. For more information contact Cormac Doyle.
Contact Gavin Lee
Contact Cormac Doyle
Jennifer Kelly nominated for the Irish Women’s Awards 2018
Jennifer Kelly, Partner and Head of Outsourcing at EisnerAmper Ireland, has been nominated for the Irish Women’s Awards 2018 in the Services to Accounting & Finance category. The awards ceremony will be held at the Crowne Plaza Dublin on Monday, 21 January 2019.
The Irish Women’s Awards aim to acknowledge and celebrate the success of women entrepreneurs, businesswomen, professionals, civil servants, women in uniform, charity workers and many more that contribute to making Ireland a greater place to live in. The awards embody the continuing strength and determination of women, honouring those who continue to thrive, excelling them to the forefront of their industries.
The finalists for this year’s awards include women from a range of different sectors including accounting & finance, law, medicine, government, technology and much more.
A spokesperson for the Irish Women’s Awards 2018 commented: “We are very happy to see the huge engagement of the Irish public who have gotten behind our nomination process wholeheartedly to vote for their favourite female personalities that have worked tirelessly to achieve their goals”.
“We hope that these finalists will inspire younger women to follow in their steps and we can’t wait to welcome meritorious individuals at the ceremony and celebrate with them in an enjoyable event. We wish all the finalists the best of luck.”
Jennifer Kelly, Partner & Head of Outsourcing, EisnerAmper Ireland
Jennifer Kelly is a Partner and Head of Outsourcing at EisnerAmper Ireland. Jennifer leads a specialist team in the delivery of company incorporations, set up and ongoing accounting and compliance services to corporates and financial services entities doing business in Europe through Ireland. Jennifer also chairs the firm’s Corporate Social Responsibility (CSR) Committee. To read more, click here.
At EisnerAmper, we care about business and we care about the people we work with in business.
The official press release along with a complete list of all nominees for the Irish Women’s Awards 2018 can be found here.
Latest News →EisnerAmper Ireland hosts INED Forum III 2018 with Insurance Ireland on SEAR
On Thursday 22 November 2018, EisnerAmper Ireland & Insurance Ireland hosted the third in a series of INED fora in the St. Stephen’s Green Hibernian Club, Dublin 2, the final gathering in 2018 of the Industry INED community under the auspices of the Insurance Ireland – EisnerAmper Ireland INED Forum.
The event focused on the potential impacts and implications, for the industry, of proposals which have been outlined in recent speeches by, amongst others, the Central Bank of Ireland’s Director of Enforcement (August 2018), the Director of Securities and Markets Supervision (September 2018) and more recently by the wider senior management team at the Central Bank’s conference on Culture, Diversity and the Way Forward (October 2018) referencing proposals for the adoption of a Senior Executive Accountability Regime, or “SEAR”.
This proposed regime would place obligations on firms and senior individuals within them to set out clearly where responsibility and decision-making lie for their business. The new regime is intended to be modelled on the UK’s Senior Managers and Certification Regime (SMCR).
Dave Montgomery, Partner, Head of Risk & Regulatory at EisnerAmper Ireland gave an introductory presentation outlining the background to the proposed SEAR regime and acted as the MC for the afternoon and the speakers included:
- Mary Fulton, INED
- Seamus Creedon, INED; and
- Jennifer Hoban, Insurance Ireland
EisnerAmper Ireland is delighted to be working with Insurance Ireland and their dedicated INED Council, supporting the delivery of their Annual INED Seminar in February and co-hosting a series of bespoke INED Fora throughout 2018. 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.
At EisnerAmper, we deliver business & compliance solutions to make trade happen.
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 Montgomery
The increased enforcement capabilities of financial regulators globally has led many (re)insurers to consider how they can best demonstrate the manner in which they satisfy their regulatory requirements in a cost-efficient and compliant manner. We provide specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements. To read more about our specialist Insurance Regulatory Compliance Services, click here.
Cormac Doyle speaks at Thanksgiving Business Briefing with Tully Rinckey
On Thursday, 22 November 2018, Cormac Doyle, Partner, Head of Tax at EisnerAmper Ireland spoke at Tully Rinckey Ireland’s Thanksgiving Business Briefing at the Trinity City Hotel in Dublin’s City Centre. The title of the event was “Established for Business – Strategically Locating Your Company”. The panel of speakers discussed the advantages & disadvantages of establishing & streamlining business operations in another jurisdiction.
Tully Rinckey PLLC is a law firm offering legal services to corporations, governments, small businesses and individuals across the globe, with locations in the United States and Ireland. Other speakers included Conor Robinson, Partner, Tully Rinckey Ireland; Fintan McGovern, Director and Co-Founder, Firmwave; Joanne McEnteggart, Managing Director, Corporate and Institutional, First Names Group; and Eamonn Sayers, Manager, Guiness Enterprise Centre.
To read more about the event, click “View Details” here.
At EisnerAmper Ireland, we deliver business & compliance solutions to make trade happen.
Tully Rinckey Ireland Thanksgiving Business Briefing with Barry Crushell, Partner and COO (Europe), Fintan McGovern of Firmwave, Joanne McEnteggart of First Names Group, Conor Robinson, Partner, Tully Rinckey and Cormac Doyle of EisnerAmper. Photograph courtesy of Tully Rinckey Ireland.
Our dedicated International Business team advises global technology and life sciences businesses, financial institutions and their advisors on internationalisation. The approach of our team is to look at the client through the prism of their business model and vision, and to provide them with the local knowledge, ideas and support necessary to facilitate their European international trade planning and execution. For more information contact Cormac Doyle.
Contact Cormac Doyle
Latest News →EisnerAmper Ireland hosts The Academy 2018
The EisnerAmper Ireland Academy 2018, the Firm’s annual all-staff two-day residential training programme, was held for the seventh year running in Seafield Golf & Spa Hotel, Gorey, Co. Wexford, on 15 & 16 November 2018.
The residential programme is specifically designed for our professionals to accelerate their “on the job” learning and to facilitate EisnerAmper Ireland staff on the journey towards becoming not just great accountants but exceptional advisers and practitioners. Participants acquire the necessary core awareness, knowledge, skills and confidence to successfully further their careers in practice.
The theme of this year’s programme was ‘Delivering Quality Solutions’ and included workshops, technical training, team building and knowledge exercises reaffirming EisnerAmper Ireland’s commitment to achieving and maintaining consistent excellence in quality standards.
Speakers included Fergal Murray, former Guinness Brew Master; Joanne Powell, a Learning and Assessment Professional and Business School Accreditation Advisor with QED: The Accreditation Experts; and Peter Cogan, Partner with EisnerAmper US, Co-chair of the Firm’s Financial Services Group and Chairman of EisnerAmper Global.
Participants also enjoyed some downtime where they could avail of the award-winning facilities the hotel has to offer and also enjoyed a three-course meal in the Seafield Clubhouse restaurant.
Fergal Murray, Former Guinness Brew Master
Joanne Powell of QED Accreditation Advisors
We care about business and we care about the people we work with in business.
Our trainees are involved in all elements of practice management from day one. From the outset, trainees work closely with partners and senior management to deliver services to our key markets. This approach facilitates our trainees getting hands-on experience while also developing the core awareness, knowledge, skills and confidence to succeed in their careers. To learn more about our trainee programme, click here.
Latest News →EisnerAmper Ireland takes part in Run in the Dark 2018
On 7 November 2018, EisnerAmper Ireland joined thousands of runners to support ongoing research to find a cure for paralysis.
Team EisnerAmper was led by Brian Hillery, Partner, Advisory and also consisted of Barry Horan, Warren Bridge, Nina Zafra, Michéal Ó Cualáin, Matthew McCarthy, Stephen Murtagh, Dagan Morris, Zoe Moloney and Jonathon Squire. The Dublin event left from Custom House Quay at 8.00pm.
Run in the Dark is the main fundraiser for the Mark Pollock Trust, which believes we can cure paralysis in our lifetime. Unbroken by blindness in 1998, adventure athlete Mark Pollock was left paralysed in 2010. Now, with the team at the Mark Pollock Trust, he is exploring the intersection where humans and technology collide, catalysing collaborations that have never been done before and unlocking $ 1 billion to cure paralysis in our lifetime.
At EisnerAmper Ireland, we design solutions to support our community.
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 →
Jennifer Kelly attends Premier International Associates Conference, Barcelona
On Friday 26 October, Jennifer Kelly, Partner and Head of Outsourcing, EisnerAmper Ireland, travelled to Barcelona, Spain to attend the Premier International Associates Conference. Subjects discussed included digital strategy for accountants, IFRS & US GAAP convergence, succession planning for accountants and other trends across the finance landscape.
EisnerAmper Ireland is a member of Premier International Associates, a global network of accounting, tax, legal and business consulting firms. The bi-annual conference presents members with the opportunity to build relationships with member firms and to gain in-depth insights into technical updates through attending the presentations, Q&A sessions, group discussions and workshops offered by members.
At EisnerAmper, we design business & compliance solutions to make trade happen.
EisnerAmper Ireland’s International Business team assists clients to do business in Europe, using Ireland as a base, everyday. For more information, click here or contact Jennifer Kelly.
Contact Jennifer Kelly
Latest News →Roisin Jordan presents at Allinial Global International Tax Conference in Berlin
Roisin Jordan, Senior Manager and Head of Indirect Taxes at EisnerAmper Ireland spoke at the Allinial Global International Tax Conference in Berlin, Germany.
The conference was held from 21 – 23 October 2018. Roisin presented on behalf of their Indirect Tax Working group, outlining their expertise and the specialist services that they can provide to both Allinial Global member firms and their clients.
Allinial Global is an accounting firm association of legally independent accounting and consulting firms with offices in North America and throughout the world through international members and partnerships. Allinial present over 200 associate member events per year including conferences, training, leadership development and more. Read more about Allinial Global here.
At EisnerAmper, we design business & compliance solutions to make trade happen.
EisnerAmper Ireland’s Indirect Tax team provides advisory & compliance services to property investment companies, section 110 special purpose vehicles, financial services entities and international and Irish based corporates. To find out more about our Indirect Tax services, contact Roisin Jordan.
Contact Roisin Jordan
Latest News →EisnerAmper Ireland sponsors Irish Funds USA Seminars in Boston, Greenwich and New York 2018
EisnerAmper Ireland is an official event sponsor for the Irish Funds USA Seminars 2018. Irish Funds hosted three seminars across major Funds & Asset Management hubs in the United States.
From 23-26 October 2018, Irish Funds hosted three events across Boston, New York and Greenwich. Details of the events can be found below:
- Boston Seminar, Ritz-Carlton, Boston – Tuesday, 23 October 2018
- Greenwich Seminar, Indian Harbour Yacht Club, 24 October 2018
- New York Seminar, WellSaid, 26 October 2018
The events were attended by EisnerAmper Ireland’s Ray Kelly, Partner, Head of Funds and Gavin Lee, Head of International Trade and many members of the Irish-American funds communities. The seminars included thought-provoking and informative updates and panel discussions from respected industry experts on trends in global fund distribution, regulatory updates, Brexit, FinTech and much more.
At EisnerAmper, we design business & compliance solutions to make your regulated business model better.
We help Alternative Investment & Private Equity Fund Managers and Fund Administrators meet their assurance and reporting requirements. If you or your business need assistance in this regard, please contact Ray Kelly.
Contact Ray Kelly
Latest News →EisnerAmper Named “Best North American Accounting Firm” by Hedgeweek for Second Consecutive Year
Hedgeweek, one of the hedge fund industry’s leading publications in the United States, announced that EisnerAmper LLP, the US member of EisnerAmper Global, was voted the “Best North American Accounting Firm,” jointly with another firm, at its 2018 Hedgeweek USA Awards gala in New York City on September 20. The winners were decided by Hedgeweek readers, who include investors, managers and other leading industry professionals.
Peter J. Cogan, Co-Chair of EisnerAmper’s US Financial Services Group said “We’re honoured to be named by Hedgeweek as the ‘Best North American Accounting Firm’ two years running. This award is for all of those financial service professionals at our firm who strive for client service excellence day in and day out.”
At EisnerAmper, we design business & compliance solutions to make your regulated business model better.
We help Alternative Investment & Private Equity Fund Managers and Fund Administrators meet their assurance and reporting requirements. If you or your business need assistance in this regard, please contact Ray Kelly.
Contact Ray Kelly
Latest News →EisnerAmper London hosts official launch event
EisnerAmper hosted its London Office Inauguration event at The Conduit in Mayfair, London on Tuesday 9 October, 2018. Over 200 financial services executives and key professionals within the asset management industry attended the event.
It was an exciting evening that featured guest speaker, Mark Littlewood, Director General of the Institute of Economic Affairs. EisnerAmper US CEO Charles Weinstein and the head of EisnerAmper’s London office Robert Mirsky also spoke at the event.
Robert Mirksy addressing the crowd at EisnerAmper’s London launch
Mark Littlewood speaking at EisnerAmper’s London launch event
Charles Weinstein at EisnerAmper’s London launch
At EisnerAmper, we design business & compliance solutions to make your regulated business model better.
We help Alternative Investment & Private Equity Fund Managers and Fund Administrators meet their assurance and reporting requirements. For UK fund queries, please contact Robert Mirsky. For Irish fund queries, contact Ray Kelly.
Contact Robert Mirsky
Contact Ray Kelly
Latest News →Budget 2019 Tax Considerations
With Budget 2019 announced yesterday, EisnerAmper Ireland examines its effect on Irish-based businesses across the following four areas:
- Corporation Tax
- Indirect Tax
- Employment Tax
- Personal Tax
1. Corporation Tax
Relief from corporation tax for certain start-up companies
The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, announced that the relief is to be extended for a further three years. The relief will, therefore, be available to companies which commence qualifying trades in the period up to 31 December 2021, where relevant conditions are met.
As this relief is linked to the amount of employer’s Pay Related Social Insurance (PRSI) paid by a company in each accounting period, it continues to support job creation in the start-up sector. A company can benefit from a maximum tax credit of €40,000 per annum in its first 3 years of trading.
Accelerated Capital Allowances for Employer-Provided Fitness and Childcare Facilities
This measure, introduced in Finance Act 2017, is being amended and will commence with effect from 1 January 2019. Its purpose is to incentivise employers to provide fitness and/or childcare facilities for the use of their employees, by providing an accelerated deduction for the capital investment costs incurred.
Exit Tax
In line with European Union Anti-Tax Avoidance Directive (ATAD), the Minister announced changes to the existing Irish Exit Tax regime. These changes are in effect from 10 October 2018.
Under ATAD, EU member states are required to introduce or update existing rules to ensure they are in line with EU provisions by 1 January 2020. These rules seek to tax unrealised gains where assets are migrated from Ireland, and as a result, are removed from the scope of Irish tax. Any gains falling under this provision will be subject to tax at 12.5%, rather than the existing Capital Gains Tax (CGT) rate of 33%. There are specific anti-avoidance rules which prevent transfers/migrations benefitting from the 12.5% rate if the main purpose of the transaction is to benefit from the lower tax rate on unrealised gains.
There are no longer exemptions from exit tax for certain companies which are foreign-owned.
Controlled Foreign Company (CFC) Rules
The Minister announced that CFC rules will be introduced for accounting periods commencing on/after 1 January 2019. The CFC rules will be included in the Finance Bill 2018, to be published on 18 October 2018.
Transfer Pricing (TP)
The Minister noted that a review of Ireland’s TP regime would be conducted in 2019, including a public consultation. It was previously confirmed that updated TP legislatiocn will be included in Finance Bill 2019. These updates will also include the formal adoption of the OECD’s 2017 TP Guidelines into Irish domestic legislation.
2. Indirect Tax
VAT increases
The VAT rate for the tourism and hospitality sectors will increase to 13.5% with effect from 1 January 2019. This VAT rate had been reduced to 9% in 2011 as part of a stimulus measure and Budget 2019 has returned to the pre-recession rate for these sectors.
The increased VAT rate will apply to restaurant and catering services, hotel and holiday accommodation, shows, exhibitions and cultural facilities. In addition, disposal of waste material, repair and maintenance services, hairdressing services and the supply of live horses and greyhounds will return to the pre-2011 rate. Such an increase will result in an additional €466 million for the Exchequer but has been heavily criticised by the industry.
Other Indirect Tax considerations
The 9% VAT rate will continue to apply to printed newspapers and sporting facilities.
The VAT rate on electronically supplied publications will be reduced from 23% to 9% with effect from 1 January 2019 following recent EU developments in this area.
There is no increase in the excise rate for diesel, however, any new diesel engine passenger vehicles registered from 1 January 2019 will be subject to a 1% Vehicle Registration Tax.
3. Employment Tax
Key Employee Engagement Programme (KEEP)
Amendments were announced to the KEEP scheme which was introduced in 2018. The ceiling on the maximum annual market value of share options that may be granted by an SME will increase from 50% to 100% of the annual salary. The overall value of the share options also increased from €250,000 to €300,000. However, the three-year limit has now been replaced to a lifetime limit. The maximum value of options that can be granted in a year remains at €100,000.
Benefit in Kind (BIK)
The 0% BIK rate for employers providing electric cars or vans has been extended to 31 December 2021. A cap of €50,000 on the original market value (OMV) of the car or van that is exempt from BIK is applied from 1 January 2019 and any amount in excess of €50,000 is taxable in the normal manner.
Employer’s PRSI
Weekly income threshold for the higher rate of employer’s PRSI will increase from 1 January 2019 from €376 to €386. The rate of employer’s PRSI will also increase to 10.95%.
Hourly minimum wage
The hourly minimum wage will increase from 1 January 2019 to €9.80. This has been introduced following a recommendation from the Low Pay Commission.
4. Personal Tax
Income tax and Universal Social Charge (USC)
The Minister announced an increase in the income tax standard rate band of €750 for single and married individuals (one earner) and €1,500 for married individuals (dual earners). Therefore, the 20% tax band has been widened and it will mean that individuals will reach the higher rate of tax (40%) at €35,300. USC band for the 2% rate has increased by €502 to €19,874 and the 4.75% rate has reduced to 4.5%. These changes in USC will benefit all taxpayers.
Tax credits
The earned income credit has been increased by €200 to €1,350 in order to minimise the differential in taxes payable by self-employed individuals and employees under the PAYE system.
Capital Acquisitions Tax (CAT)
The tax-free Group A threshold for gifts or inheritances from a parent to child has increased by €10,000 to €320,000. This is expected to rise further in upcoming budgets.
At EisnerAmper Ireland, we design business & compliance solutions to make trade happen. This is what we do everyday.
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.
Contact our Tax Team
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