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In this page: Accounting Rules | Tax Rates | Intellectual Property | Legal Framework | Standards | Business Practices

 

Accounting Rules

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
ICPAI
ICAI
IATI
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 IAS/IFRS norms.
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 Accountancy Ireland
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
EIN News
International Accounting Standards Board

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Tax Rates

Consumption Taxes

Nature of the Tax
VAT: Valued Added Tax
Tax Rate
23%
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 new houses, construction services, solid fuels and certain newspapers. From  July 1, 2011, a 9% rate applies to restaurant and catering services, hotel and holiday accommodation, certain entertainment services, hairdressing, brochures, maps, programs and 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%.

Learn more about Service Providers in Ireland on Globaltrade.net, the Directory for International Trade Service Providers.

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Corporate Taxes

Company Tax
12.5%
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 at 33% and 40%.
Main Allowable Deductions and Tax Credits
Offset of losses, transaction between affiliated parties, financing costs, bad costs, depreciation expenses. In 2010, Ireland introduced a three-year corporate and capital tax exemption for new start-up companies. In addition, an improved R&D credit regime was brought into place.
Other Corporate Taxes
Stamp duties; Carbon tax at a rate of EUR15 per ton; Withholding Tax
Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
 

Country Comparison For Corporate Taxation

  Ireland OECD United States Germany
Number of Payments of Taxes per Year 8.0 12.0 11.0 9.0
Time Taken For Administrative Formalities (Hours) 80.0 176.0 175.0 207.0
Total Share of Taxes (% of Profit) 26.4 42.7 46.7 46.8

Source: Doing Business - Last Available Data.

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Individual Taxes

Tax Rate

Single, Widowed or a Surviving Civil Partner without qualifying children.
EUR 0-32,800 20%
EUR 32,801 and above 41%
Single, Widowed or a Surviving Civil Partner qualifying for One Parent Family Tax Credit
EUR 0-36,800 20%
EUR 36,800 and above 41%
Married or in a Civil Partnership - one Spouse or Civil Partner with income
EUR 0-41,800 20%
EUR 41,800 and above 41%
Allowable Deductions and Tax Credits
Relief is given mainly in the form of a credit on tax payable. Most relief refers exclusively to Irish residents.
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.

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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%

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Sources of Fiscal Information

Tax Authorities
Ireland Tax and Customs
Other Domestic Resources
Information on Ireland tax system

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Learn more about Taxes and Accounting in Ireland on Globaltrade.net, the Directory for International Trade Service Providers.

Intellectual Property

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
Patent
 
Patent Act
1977
Long term patent: 20 years
Short term patent: 10 years
Patent Cooperation Treaty (PCT)
Trademark
 
Trade Mark Act
1994
renewable every 10 years Trademark Law Treaty
Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Design
 
Design Patent
5 years, renewable for further periods of 5 years  
Copyright
 
Copyright & Related Rights Act, 2000
In most cases, copyright lasts for the creator's lifetime plus 70 years Berne convention For the Protection of Literary and Artistic Works
Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations
WIPO Copyright Treaty
WIPO Performances and Phonograms Treaty
Industrial Models
 
Industrial Designs Bill, 2000
5 years, renewable for further periods of 5 years, subject to a maximum of 15 years.  

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Legal Framework

Independence of Justice
The judiciary is independent.
Equal Treatment of Nationals and Foreigners
Yes
The Language of Justice
English and Gaelic.
Recourse to an Interpreter
Yes
Sources of the Law and Legal Similarities
- Brehon Law
- 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

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Standards

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

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Business Practices

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.
 

Public Holidays

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
Summer July, August
 

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Last Updates: October 2014