The past number of years have seen a strong recovery by the Irish economy that has surpassed all expectations. This has been led by robust export growth but there has also been a strong rebound in domestic demand, including business investment, construction and consumer spending.
The Treatment Benefit Scheme is a scheme run by the Department of Employment Affairs and Social Protection (DEASP) that provides dental, optical and aural services to qualified people. The Treatment Benefit Scheme is available to insured workers and retired people who have the required number of PRSI contributions.
Expenses incurred on rental properties prior to letting was previously disallowed as a deduction against rental income when computing taxable rental profits.
Finance Bill 2017 includes new measures permitting a deduction for pre-letting expenses incurred on previously vacant residential properties where:
A survey amongst venture capital investors revealed the top three criteria that are used in assessing the attractiveness of a proposition. Business angel investors are probably no different. The top three criteria arising from the survey were:
- Management team;
- Exit opportunity; and
- Revenue potential.
A company is broadly regarded as resident in Ireland for tax purposes either by being incorporated in Ireland, or by virtue of it being centrally managed and controlled in Ireland (irrespective of where it is incorporated).
It is permissible under Irish tax legislation for an Irish incorporated company to migrate its residence to a foreign jurisdiction. In order to become foreign tax resident, the Irish company would have to transfer the location of the company’s effective management from Ireland to the foreign jurisdiction. To that end all the board meetings, strategic decisions and negotiation of contracts should take place outside of Ireland. Foreign tax resident directors may also need to be appointed to the board.