Swedis h chamber of commerce tax incentives for business gerry vahey - PowerPoint PPT Presentation

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  1. Swedish chamber of commercetax incentives for businessgerryvahey

  2. TABLE OF CONTENTS Corporation Tax Rates, Losses, deductions etc Start up Exemption Holding Company – Participation Exemption Research & Development Tax Credit EIIS & Seed Capital Relief Assignment Relief (“SARP”) Foreign Earnings Deduction (“FED”) Other Issues

  3. Corporation tax - general • 12.5%, 25% • Tax deduction for most items of expenditure • Incorporation versus Sole Trade • Intangible Assets

  4. Start up Exemption • Overview • Relief from Corporation Tax • First 3 years Profits • Incorporation and Commencement • Employment Based Relief

  5. Start up Exemption • The Relief • Relief of up to €40,000 • Marginal Relief to €60,000 • Trading Profits • Carry forward of losses

  6. holding company – participation exemption HoldCo Trade Co

  7. Research & development tax credit • 25% Tax Credit • Offset against Corporation Tax • Refunded over 3 years • Reward key employees

  8. Company tax credit €60,000

  9. Direct R&D expenditure

  10. Some….qualifying activities

  11. Some …. Qualifying activities (brown Coat?) Process Improvements : Definable Increases in Output, Volume, Running Time etc Automation

  12. Money back from revenue • Reliefs • Employment and Investment Incentive Scheme (EIIS) • Seed Capital Relief • Start-up Relief • How these interact with • R&D Tax Credit

  13. Employment and Investment Incentive Scheme (EIIS)

  14. Employment and Investment Incentive Scheme (EIIS) • Benefits • Cash for Company • Income Tax Relief for Investor

  15. Employment and Investment Incentive Scheme (EIIS) • The Company • Trading company • Unquoted • Residence & Incorporation • Micro, Small and some Medium Sized Enterprises • Max Lifetime limit of €10m • Max Annual limit of €2.5m

  16. Employment and Investment Incentive Scheme (EIIS) • The Investor • Resident in Ireland • Hold shares for 3 years • Not connected to company • Relief of €150,000 in any one year

  17. Employment and Investment Incentive Scheme (EIIS) • Tax Relief • Initially - 30% • After 3 years - 11%

  18. Employment and Investment Incentive Scheme (EIIS) • Practical Issues • EIIS Investors • EIIS Funds • Exit Strategies?

  19. Seed capital relief

  20. Seed capital relief • Key • Employment in last 6 years? • Paid PAYE on Employment Income? • Entitled to Income Tax Refund?!!

  21. Seed capital relief • The Relief • Refund of Income Tax • Max of €100k per annum • Previous 6 years

  22. Seed capital relief • Conditions • Investment in Shares • Qualifying Company • Creation of Employment • Qualifying Employment

  23. Assignment relief “SARP” • Inbound employees • Exempt 30% of income - €75K to €30K • Relevant Employee

  24. Foreign earnings deduction • Outbound workers • BRICS + Others • Max relief is €35K • Dependent on number of days

  25. Other issues • Double taxation network • Ease of administration • Expansion abroad • Remittance Basis • Revenue Audits

  26. CONTACT Mazars Harcourt Centre Block 3, Harcourt Road Dublin 2, Ireland Tel: +353 (01) 4494400 Email: mazars@mazars.ie Mazars Place, Salthill Galway, Ireland Tel: +353 (091) 583242 Email: mt@mazars.ie