October 2020 Tax Newsletter

This series of articles will provide you with an update on tax developments that impact organisations in Ireland and those that do business with Ireland.

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Employment Wage Subsidy Scheme (EWSS)

7 October 2020

On 1 September 2020, the Employment Wage Subsidy Scheme (EWSS) came into effect. This scheme replaced the Temporary Wage Subsidy Scheme (TWSS). The scheme will run until March 2021. Revenue stated recently that over 36,700 employers are now registered for the EWSS.

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Updated Recent Developments in BEPS

Earlier this year, the OECD recently issued a paper “Resumption of application of substantial activities for no or only nominal tax jurisdictions’’, with the aim of “levelling the playing field” between low or no tax jurisdictions and countries with preferential regimes. This article considers how this will be achieved.’’

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R&D tax regime updates

The latest edition of Revenue’s R&D guidelines features an update on Revenue’s treatment of expenditure on rent.
The increased R&D tax credit rate from 25% to 30% for small and micro companies brought about under Finance Act 2019 is pending a decision from the European Commission.
The opportunity to claim the R&D tax credit remains open beyond the corporation tax filing deadline.

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Update to Irish PAYE Obligations: Employees of Non-Irish employers

October 2020

Revenue has published some important updates to its Tax and Duty Manual on the PAYE treatment of non-Irish employments exercised in Ireland. The update provides more detailed guidance on changes announced in November 2019, which took effect from 1 January 2020.

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Self-employed? Revenue’s new temporary income tax measures might help.

October 2020

If you are a self-employed individual who has been affected by Covid-19, Revenue’s new temporary income tax measures might help.

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Understanding tax-deductible expenses – a guide for employed Consultants and Non-Consultant Hospital Doctors

Prior to the Covid-19 pandemic hitting Ireland, the Revenue Commissioners had published guidance concerning employment expenses for employed consultants and non-consultant hospital doctors (NCHDs).
Given the fact that there are some predictions around a second wave of the virus in the coming months, now may be a good time for Consultants and Non-Consultant Hospital Doctors to deal with their tax compliance for the 31 October tax filing deadline.

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