June 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.

COVID-19 Employment tax / global mobility issues

Covid-19 Employment Tax and Global Mobility
The Revenue Commissioners has issued guidance in relation to various employment tax and global mobility matters for employers arising from the COVID-19 pandemic.

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COVID-19 income supports

Covid-19 Income Supports
Recent changes have been announced to help employees who return to work following a period of maternity or other related leave or, where an employee was in receipt of Illness or other benefits paid by the Department of Employment Affairs & Social Protection (DEASP).

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Early repayment of R&D tax credits

Early Repayment R&D Tax Credit
Companies due to receive repayable R&D tax credit instalments in 2020 can apply to Revenue to expedite the repayment.

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IRS Announces FATCA Filing Extension

FATCA updates
On Thursday 16 April, the Internal Revenue Service (“IRS”) announced an extension to the deadline for Model 1 Foreign Financial Institutions in treaty countries to submit the information required under the Foreign Account Tax Compliance Act (“FATCA”).

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Recent developments in corporation tax for Irish companies

Covid and Revenue
Revenue have introduced temporary measures in relation to close company surcharges and the imposition of surcharges and loss relief restrictions in relation to the late filing of returns.

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The Dwelling House Exemption: How it currently stands

House Inheritance
If you inherit or are gifted a residential property, you may be entitled to avail of the “Dwelling House Exemption” provided you meet specific criteria, and the relief can be a valuable tool.

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Irish Tax Reliefs and Incentives for Succession Planning

Workers In Family Business
As the Covid-19 global crisis continues to impact businesses, it’s vital to ensure strategies for succession planning are kept up to date. Ireland offers a range of tax reliefs and incentives when building a strategy for succession.

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Tax Debt Warehousing

Mazars and VAT Warehousing
The Government is to legislate for a warehousing of VAT and payroll taxes debts associated with the COVID-19 crisis. Pending the enactment of the necessary legislation, Revenue will operate the scheme on an administrative basis. In effect, the amounts deferred from March will be warehoused.

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