HUGH MCGOWAN
COYLE & COYLE
OUR JURISDICTIONS —
LAST UPDATED 21/07/2023
Ireland (also known as the Republic of Ireland), covers five sixths of the island of Ireland, which is also home to Northern Ireland. Northern Ireland is part of the United Kingdom, and its tax arrangements are in line with the rest of the UK.
Ireland is an independent parliamentary democracy with the euro (EUR) as its currency and Irish and English as the official languages.
The Constitution of Ireland – introduced in 1937 – outlines citizens’ rights, the powers and form of government, and the courts system. It also regulates judiciary appointment. Ireland has both a president and a Taoiseach (Prime Minister).
The Taoiseach and the cabinet exercise executive power, with law-making powers coming under the remit of the national parliament. A Dáil Éireann (house of representatives) and the Seanad Éireann (senate) make up the parliament, along with the president.
While Ireland remains neutral on international military matters, it is a member of the European Union (EU), along with most other international organisations.
With a substantial increase in foreign direct investment in Ireland in recent years, it holds an enviable position as one of the most favoured locations in Europe for investment. More than 1000 companies from across the world have chosen Ireland as their business base. It is likely that a combination of a favourable business environment, sector strengths, and skills availability makes Ireland so attractive.
Electronics and engineering, pharmaceuticals, healthcare products, computer software and technology, financial services are among the industries making investments in Ireland, along with a variety of internationally traded services.
In recent decades, successive Irish governments have sustained a positive approach to the development of businesses. As a result, there is an attractive tax environment, a well-educated and productive workforce, competitive operating costs, and a solid infrastructure with a high standard of support services.
Further tax initiatives are likely with Ireland’s continued commitment to building a more sustainable economy and low-carbon future. Green policies include a programme to tap into Irish offshore renewable energy potential, retrofitting homes to improve efficiency, and a goal of delivering 70% renewable electricity by 2030.
As far as the economy goes, the Government has recently outlined plans for 2022 and onwards – to continue to support employment while maintaining a positive environment for foreign direct investment. The focus will be on innovation, digitalisation, remote and flexible working practices, and ensuring that new employment opportunities are sustainable.
In 2021, Ireland was included – along with 135 other jurisdictions – in a revised statement from the OECD Inclusive Framework (IF) on Base Erosion and Profit Shifting. The statement reformed international tax rules to overcome a range of issues that arose from the rapid digitalisation of world economies.
Our local Tax Natives in Ireland can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we’ll link you with a local expert who can answer all your questions.
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