Taxes and Accounting in Ireland
Accounting (0) , Consumption/VAT/Sales Tax (1) , Corporate Tax (0) , International Tax Treaties (0) , Personal Tax (0)
Overview by Globlatrade.net:
- Tax Year
- From January 1 to December 31.
- Accounting Standards
- Ireland applies British accounting standards: SSAPs (Statements of Standard Accounting Practice) and FRSs (Financial Reporting Standards) of ASB (Accounting Standards Board). These accounting standards conform to international standards of IAS/IFRS.
- Accounting Regulation Bodies
- Accounting Reports
- The Fourth Directive 78/660/EEC contains detailed requirements relating to information disclosure, the classification and presentation of information and methods of valuation for the annual accounts of certain types of companies: balance sheet, profit and loss account, notes to the accounts.
- Publication Requirements
- Has to be conforming to the Companies Acts and
The Directives provide for a system of auditing under which companies must have their annual accounts audited by one or more persons authorized by national law to audit accounts. Such a person or persons must also verify that the annual report is consistent with the annual accounts for the same financial year.
Consult the Directive 2006/46/EC of the European Parliament and of the Council.
- Professional Accountancy Bodies
Institute of Chartered Accountants in Ireland. , Publishes the journal
Chartered Institute of Management Accountants
Association of Chartered Certified Accountants
IATI , Institute of Accounting Technicians in Ireland
Association of Authorized Public Accountants
AIA , Association of International Accountants
- Certification and Auditing
- The Auditing Practices Board (APB) establishes high standards of auditing, meet the developing needs of users of financial information, and ensure public confidence in the auditing process. Companies refer to Irish Companies Act, and are yearly audited.
- Accounting News
International Accounting Standards Board
- Nature of the Tax
- VAT: Valued Added Tax
- Tax Rate
- Reduced Tax Rate
- A 0% rate applies to goods such as basic foodstuffs, children clothing and children footwear and oral medicines. A 13.5% rate applies to goods and services such as catering, new houses, construction services, solid fuelsfuel and certain newspapers. VAT is charged on assets and services in Ireland as well as on imports into Ireland. A special rate of 4.8% applies principally to the sale of livestock.
- Other Consumption Taxes
- Excise duties apply in Ireland. For more information on excise duties, consult the
Irish Tax and Customs Website.
Stamp duty of 1%-9%.
- Company Tax
- Tax Rate For Foreign Companies
- Corporate tax is charged on the company’s profits. It includes both income and chargeable gains. The corporation tax in Ireland is quite low, and is often cited as an example of tax competition, as it is used as an incentive for foreign companies to invest in the Irish Republic.
On rules for non-resident individual.
- Capital Gains Taxation
- Capital gains are taxed to the rate of 12.5%.
- Main Allowable Deductions and Tax Credit
- Offset of losses, transaction between affiliated parties, financing costs, bad costs, depreciation expenses.
Consult the list of Irish tax deductions.
- Other Corporate Taxes
- Stamp duties; Carbon tax at a rate of EUR15 per tonne; Withholding Tax
|Tax in EUR.||Individual income tax rates 2009|
|EUR 36,401 and above||41%|
- Allowable Deductions and Tax Credit
- Relief is given mainly in the form of a credit on tax payable. Most relief refers exclusively to Irish residents. You can consult the list of deductions.
- Special Expatriate Tax Regime
- Unless your income is relieved from Irish tax under the provisions of a double taxation agreement, it will be taxable in Ireland from the date of your arrival regardless of your Irish residence status for tax purposes.
Double Taxation Treaties
- Countries With Whom a Double Taxation Treaty Have Been Signed
See the list of Double taxation treaties
- Withholding Taxes
- Dividends: 20%, Interest: 20%, Royalties: 20%
- National Organizations
Copyright Association of Ireland
Irish Patents Office
- Regional Organizations
Copyright Office, Department of Enterprise, Trade and Employment
Industrial Property Office, Department of Enterprise, Trade and Employment Patent Office
- International Membership
Member of the
WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)
National Regulation and International Agreements
|Type of property and law||Validity||International Agreements Signed|
|Long term patent: 20 years
Short term patent: 10 years
| Patent Cooperation Treaty (PCT)
Strasbourg agreement Concerning the International Patent Classification
Trade Mark Act
|renewable every 10 years|| Trademark law treaty
Protocol relating to the Madrid Agreement
|5 years, renewable for further periods of 5 years|
Copyright & Related Rights Act, 2000
|In most cases, copyright lasts for the creator's lifetime plus 70 years|| Berne convention
Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations
WIPO Copyright Treaty
WIPO Performances and Phonograms Treaty
Industrial Designs Bill, 2000
|5 years, renewable for further periods of 5 years, subject to a maximum of 15 years.|
- Independence of Justice
- The judiciary is independent.
- Equal Treatment of Nationals and Foreigners
- The Language of Justice
- English and Gaelic.
- Recourse to an Interpreter
- Sources of the Law and Legal Similarities
- Constitution of 1937
- The European Communities Act, 1972 (provides that Treaties of the European Union are part of Irish law, along with directly effective measures adopted under those treaties)
- Acts of the Oireachtas
- Statutory instruments
All the Irish sources of law are available on the website of The Irish statute book
- Checking National Laws Online
Constitution of Ireland
- National Standards Organizations
National Standards Authority
- Integration in the International Standards Network
- Classification of Standards
- CE is the European certification mark. The Irish National Standards Body is the NSAI. Visit the website www.standards.ie to consult the list of Irish standards.
- Online Consultation of Standards
- National Standards Authority of Ireland (NSAI)
- Certification Organizations
European Committee for Electrotechnical Standardization
European Telecommunications Standards Institute
European Committee for Standardization
- General Information
Your guide to Ireland
- Opening Hours and Days
- Business hours: Mon-Fri: 9:00 a.m. to 5:30 p.m.
Lunch between 1:00 and 2:00 p.m.
|New Year's Day||1 January|
|St. Patrick's Day||17 March|
|Easter Monday||End of March|
|First Monday||in May, June, August|
|Last Monday||in October|
|Christmas Day||25 December|
|St. Stephen's Day||26 December|
Periods When Companies Usually Close
|Christmas||Between Christmas day and New year's day|
Any Comments About This Content? Report It to Us.
Read more See less
Find the related Irish companies with Kompass:
Support for your business
Contact our expert contributor
Internationalization Consulting, BrazilHow2Go specializes in bilateral internationalization of companies from Europe and America, formed by a team of...