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Ireland - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
A 12.5% corporation tax rate applies to the trading and industrial income of companies while a 25% rate applies to other income. A reduced rate of 10% applies to IT, finance and goods manufacturing sectors.
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Taxe rate on long-term capital gains |
Capital gains arising in Irish resident companies are taxable at 20%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Dividends paid to non-resident companies:
No withholding tax.
Dividends paid to resident companies:
20% withholding tax not in full discharge giving right to an attributable tax credit on the income tax. No tax credit.
Group status:
Taxes affected: corporate tax and VAT
Joint and binding responsibility of the group members only for VAT.
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Tax rate on branches |
Income tax or Corporate tax.
Land taxes.
VAT.
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Income tax
Fiscal year |
The fiscal year begins on January 1-st and ends on December 31 of the same year.
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Income tax rate |
In 2005:
| From 1 EUR to 28,000 EUR | 20% | | Beyond 28,000 EUR | 42% |
The married taxpayers are separetaly taxable ; no wealth tax.
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VAT rates
Standard rates |
21% for most of the products and some services.
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Reduced rates |
13.5% applies to domestic fuel and power, newspapers, holidays and new housing; 0% on food, books and pharmaceuticals
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Other important taxes
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Name of tax |
Rate |
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Buildings transfer tax in return for remuneration
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0.5% to 9% according to the price of transfer
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Land taxes
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Variable rates according to local governments
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Stamp duties
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1%
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Succession and donation
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40%
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Accounting
Introduction
The irish accountancy in Ireland is based on the principle of "True an Fair View", which corresponds to the representation of the accurate image of the financial status of the company.
General accounting principles
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Obligations and publications
Public companies quoted in the Stock Exchange, as well as companies with foreign capital have to produce their financial statements according to english laws.
Certification and auditing
All the companies subjected to the "Irish Companies Act" have to be audited annually.
The audit is established according to the rules of audit regulations from the "Auditing Practices Board".
Professionals and representative organizations
The more important professional body of chartered accountants in Ireland is the ICAI : "the Institute of Chartered Accountants" which regroups 10,500 members, then comes the CIMA : "the Chartered Institute of management Accountants" ( 1,800 members), the ACCA "the Chartered Association of Certified Accountants" ( 3,500 members) and the ICPAI: "the Institute of Certified Public Accountants in Ireland" ( 1500 members).
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Last modified in
January 2003
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