DBI Ireland_July 2013 - RSM Farrell Grant Sparks

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Capital Gains Tax Capital gains tax is payable on chargeable gains arising on the disposal of capital assets. The current rate of capital gains tax is 30%. An individual may be subject to capital gains tax depending on the status of the individual’s tax residence and domicile. In calculating a chargeable gain the cost of the asset, any enhancement expenditure incurred on the asset and the costs of acquisition and disposal may be deductible from the sales proceeds. Stamp Duty (Property Transfer Tax) Stamp duty is payable on the transfer of property which is effected by way of a written document. Stamp duty at a rate of 1% applies in respect of the transfer of shares in an Irish incorporated company. Transfers of other forms of property may be subject to stamp duty at 2%. A 1% rate may apply in respect of transfers of residential property (with a 2% rate applying in certain instances). Various reliefs and exemptions from stamp duty are available. Most transfers of property within a 90% group of companies are exempt from stamp duty as are many corporate restructuring transactions. Capital Acquisitions Tax Capital acquisitions tax applies to gifts and inheritances. The current rate of capital acquisitions tax is 30%. The recipient of the gift or inheritance is the person liable to capital acquisitions tax. There are a number of exemptions and reliefs from capital acquisitions tax including certain rules for non resident individuals and non domiciled individuals. Rates Rates are a form of property tax and are imposed by local authorities (such as city, town and county councils) on the owners or occupiers of land and buildings used for business purposes. 34 | DOING BUSINESS IN the republic of ireland
Charles Bridge with Prague Castle in the background Customs Duty Customs duty is an EU tax arising on the importation of goods into the EU. Customs duty in Ireland arises on the importation of goods into Ireland. Once customs duty is paid on the importation of goods, the goods may then move freely within the EU. Excise Excise duties apply to a limited range of goods including hydrocarbon oils (such as gasoline and diesel), alcoholic drinks and tobacco products. Vehicle Registration Tax (VRT) VRT is payable on the first time registration of road vehicles in Ireland, regardless of where the vehicle originated. DOING BUSINESS IN the republic of ireland | 35
Page 1 and 2: Doing Business in the Republic of I
Page 3 and 4: foreword Ireland has a lot to offer
Page 5 and 6: Contents 1 General 6 2 Government I
Page 7 and 8: Demographically the population in c
Page 9 and 10: DOING BUSINESS IN the republic of i
Page 11 and 12: 3 Types of Business Organisation Wh
Page 13 and 14: Regulation Ireland offers a regulat
Page 15 and 16: A limited partnership is comprised
Page 17 and 18: Legal, Accounting and Audit Require
Page 19 and 20: Annual Return All companies must fi
Page 21 and 22: Examinership This “court protecti
Page 23 and 24: 4 Corporation Tax & Tax Incentives
Page 25 and 26: Group Relief Tax adjusted trading l
Page 27 and 28: A company can also claim the credit
Page 29 and 30: Interest Withholding tax at the rat
Page 31 and 32: Customs House, Dublin DOING BUSINES
Page 33: Meaning of Irish Tax Residence An i
Page 37 and 38: 6 Accounting All businesses in the
Page 39 and 40: Future of Irish GAAP and Proposed C
Page 41 and 42: 7 About RSM International RSM Inter
Page 43 and 44: Notes DOING BUSINESS IN the republi
Page 45 and 46: Leinster House, Dublin, seat of the

DBI Ireland_July 2013 - RSM Farrell Grant Sparks

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