Tax Compliance in Ireland

Understanding tax compliance in Ireland is vital if you want to do business or live in the country. Our team of experts at Enterslice will assist and guide you in the tax compliance procedure in Ireland. Package inclusions: Tax Planning International Tax Planning Advisory services in Complianc..

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Overview of Tax Compliance in Ireland

Ireland is a country in Western Europe and is known as The Republic of Ireland. It takes up the majority of the island of Ireland and borders the United Kingdom's Northern Ireland to the north. Ireland has its own tax authorities and system as an independent country. The Irish Revenue Commissioners, also referred to as Revenue, are the main body in charge of supervising and managing taxes in Ireland. Under the direction of the Department of Finance, Revenue is a government organization. Its principal responsibility is to ensure that tax laws and regulations are followed and efficiently and fairly collect taxes.

Various types of taxes in Ireland

  • Value Added Tax: VAT in Ireland is levied at 23%. This rate is a standard rate of VAT. This rate, by default, applies to all goods and services. Certain goods or services are exempted from VAT in Ireland, while some have zero rate VAT.
  • Corporate Income Tax: There are two corporate taxes; for the trading income, the rate is 12.5%, while 25% is the rate for the income from an expected trade, while the rate for the capital gain is 33%. The companies for the residents of Ireland are charged on the worldwide incomes. At the same time, only the trading profits earned by their Irish branch or agency are subject to Irish corporation tax for non-resident corporations. Certain income obtained from Ireland can also be liable for Irish income tax, normally withheld at the source.
  • Custom and Excise Duties: The customs duty is levied on the goods imported into Ireland from countries not in the European Union. Some goods can have a partial or full reduction in their rates. The rates often range between 0 to 14%, depending on the type of goods. Agricultural-related goods can have a high customs duty. The excise duty is levied on alcohol, mineral oils and tobacco in Ireland. There are penalties for non-compliance with excise duties.
  • Capital Tax: This kind of tax is not levied in Ireland. The capital taxes are not charged on the company's net worth in Ireland.
  • Stamp Duty: Stamp duty is a tax levied on the transfer of assets. This tax is a transactional tax. There are different rates for different types of assets:
  • Residential Property – 1 to 10%
  • Non-Residential Property – 7.5%
  • Transfer of Shares – 1%

There are also some exemptions in stamp duty; the transfer between the spouses is exempted from stamp duty, while the rate can be half if the transfer is between other blood-related relatives.

  • Sugar Tax: The following rates for the Sugar Tax are applied based on the volume of drinks. The tax rate is EUR 16.26 per hectoliter for beverages that contain five grammes or more of sugar per 100 millilitres. The tax rate is EUR 24.39 per hectoliter for beverages that contain eight grammes or more of sugar per 100 millilitres.
  • Environmental Tax: When plastic bags are provided to customers in supermarkets and other retail establishments in Ireland, a fee of 22 cents per bag is added to their bill.
  • Exit Taxes: The Exit Tax is designed to prevent businesses from evading taxes by relocating their assets. The rules provide that unrealized capital gains are subject to an exit tax.

Tax Incentives in Ireland

The main tax advantages in Ireland are:

  1. Corporation Tax Rate: Active business income is taxed at a low rate of 12.5%.
  2. R&D Tax Credit: Businesses are eligible for a 25% credit on certain research and development (R&D) costs, translating to a total tax deduction of 37.5%.
  3. Investment Fund Redomiciliation: Ireland has a strong legal, regulatory, and tax environment that makes it easy to move investment money from conventional offshore centres to Ireland.
  4. IP exploitation: Businesses can take advantage of favourable tax rates while using IP.
  5. Accelerated Tax Depreciation: Energy-efficient equipment that has been approved as eligible for quicker depreciation allowances, offering tax benefits.
  6. Investment Management: Businesses are permitted to handle non-Irish investment funds without establishing a taxable presence for those funds in Ireland.

Tax Return in Ireland

Companies must file their corporate tax returns by the deadline, nine months after the end of their tax accounting period, to avoid additional fees or restrictions on claimed losses. The 23rd day of that ninth month is the deadline for submissions. Companies may be subject to a maximum surcharge of EUR 63,485 or a restriction of 50% on the losses they can claim, with a maximum limit of EUR 158,715 if the returns are submitted after the deadline.

How will Enterslice help in Tax Compliance in Ireland?

Enterslice is a reputable company that offers a range of tax compliance services in Ireland. Enterslice helps individuals and companies navigate the complicated tax landscape and ensure Compliance with Irish tax laws with a heavy emphasis on professionalism and expertise. In Ireland's tax compliance industry, Enterslice offers a number of key services, some of which are listed below:

  • Tax Registration and Compliance: Enterslice provides tax registration assistance, ensuring that they get the Personal Public Service Number (PPSN) or Tax Registration Number (TRN) necessary for Irish tax compliance. They assist clients in completing all Documentwork accurately and on time as they follow them through the registration process.
  • Income Tax Return Filing and Preparation: Enterslice provides thorough assistance with the preparation and filing of income tax forms for individuals in Ireland. They adhere to the established timelines and compliance criteria while ensuring proper reporting of income from diverse sources, deductions, and credits.
  • Corporate Tax Compliance: Enterslice offers specialized services to help companies operating in Ireland stay in Compliance with corporate tax laws. They assist in the preparation of thorough financial statements, tax calculations, and company tax return submissions. With the assistance of Enterslice, companies can perform their duties, keep accurate records, and pay their corporate tax responsibilities on time.
  • Value-Added Tax (VAT) Compliance: Enterslice offers VAT compliance services to businesses in Ireland. They support VAT registration by offering advice on the proper VAT rates, invoicing specifications, and reporting duties. To ensure compliance with VAT requirements, Enterslice assists clients in keeping accurate records and creates VAT returns.
  • Tax Planning and Advisory: Enterslice offers tax planning and advisory services in addition to compliance services to help clients' tax circumstances in Ireland. They provide personalized solutions to reduce tax payments while adhering to relevant rules and regulations. Their skilled tax professionals analyze certain circumstances, discover potential tax savings, and provide analysis.
  • Tax Audit Assistance: Enterslice offers knowledgeable support to clients in Ireland in the case of a tax audit or probe. Their team collaborates closely with tax authorities, assisting customers with audit representation and ensuring that audit criteria are met. Clients receive assistance from Enterslice in creating the required paperwork and responding to any questions or issues raised by tax authorities.
  • Compliance Reviews and Due Diligence: To discover potential tax risks or non-compliance issues, Enterslice conducts thorough compliance reviews and due diligence assessments for individuals and corporations. Their professionals examine financial records, transactions, and other pertinent data to confirm adherence to Irish tax laws, lowering the possibility of fines or other repercussions.

Frequently Asked Questions

The tax year in Ireland is from 1st January to 31st December.

The authority that regulates the taxes in Ireland is Revenue Commissioners, also known as Revenue.

Yes, Ireland is part of tax treaties with some other countries.

The primary language used in Ireland is Irish (Gaelic).

To be qualified as a tax resident in Ireland, a person has to reside in Ireland for 183 days or more in one calendar year or 280 days or more in the span of two calendar years

There are basically two corporate taxes; for the trading income, the rate is 12.5%, while it is 25% is the rate for the income from an expected trade, while the rate for capital gain is 33%.

Yes, the stamp duty is charged in Ireland.

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