Irish CT & VAT Rates
THE SCF GROUP HAS BEEN FORMING AND MANAGING UK COMPANIES FOR OVER 25 YEARS FROM ITS LONDON OFFICES
IRELAND (REPUBLIC OF)
CORPORATE & VAT RATES 2018
TAXATION OF IRISH COMPANIES
The Irish tax system is highly developed but relatively straightforward and efficient compared with many of its European counter-parts. Like the UK, Ireland has some of the most developed company focused anti-avoidance provisions including ‘substance over form’ tests but nonetheless is still one of the most corporate friendly locations in Europe and if course a full and committed member of the European Union.
BASIC FACTS: In synopsis, the corporate tax rate in the Republic of Ireland is as follows:
STANDARD COMPANY RATES OF TAX
12.5% Corporate Tax based on a Calendar Year Basis, or 25% for non-trading activities
However, there are also special start-up company rates of corporate tax, which mean that a start-up trading company can get a 3-year exemption which reduces its corporation tax charge (up to €40,000 per annum) to nil. There is also marginal relief if the charge is between €40,000 and €60,000. Therefore, in theory, a start-up company can earn annual profits of €320,000 (€40,000 divided by 12.5%) and pay no tax.
CAPITAL GAINS TAX
The rate of capital gains tax for companies is 33%
VALUE ADDED TAX (Variable Rates)
In simple terms, VAT is a tax levied upon consumer expenditure. It does not, at least for VAT registered undertakings; apply to transactions carried out in the course of business. However, to ensure the extraction of the tax, all suppliers of applicable goods and/or services must charge VAT which can then be reclaimed by the receiving VAT registered entity. If further sales are made, then the process is simply extrapolated until, if appropriate, an end consumer is found.
The Main Irish VAT rates are as follows:
- 0% (the zero rate).
- 4.8% (the agricultural rate). This applies to supplies of live cattle, deer, goats, greyhounds, horses, pigs and sheep.
- 13.5% (the low rate). This is reduced to 9% for certain goods and services.
- 23% (the standard rate). This rate applies to goods and services that are not exempt, or specifically liable at 0%, 4.8%, or 13.5%.
For more information on Irish Company Formation services, please speak to a tax planning consultant
PRIORITY ENQUIRY FORM
(Strictly Confidential No Obligation)
SCF International is the trading name of SCF Corporate Services Limited
Address: 1st Apriliou 47, Limassol, 3117 Cyprus
Telephone: +357 25 771 570 Email : firstname.lastname@example.org
Registration number HE 341030
Malaysia: KL Marketing Office, B-7-6, Megan Avenue II, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia
A FULL RANGE OF LEGAL, ACCOUNTANCY & COMPANY MANAGEMENT SERVICES
The SCF International specializes in providing accountancy services for Cypriot limited companies, Cypriot company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing bank account facilities, raising invoices and any and/or all other services required to establish a bone fide managed and controlled UK limited liability company.
The SCF International also specializes in providing accountancy services for Irish limited companies, Irish company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing Irish bank account facilities, raising Irish invoices and any and/or all other services required to establish a bone fide managed and controlled Irish limited liability company.
Our in-house team of legally and accountancy qualified experts can also provide advice on current UK & Irish tax laws/provisions including anti-avoidance provisions, EU directives and regulations, the impact of BREXIT for both UK and EU based businesses and other relevant. In addition, where required the SCF Group can also set-up and arrange the management of companies in tax attractive EU based jurisdictions such as Cyprus, Luxembourg or Malta or indeed any jurisdiction in the world including those in the Middle and Far East.
Property de-enveloping services – In conjunction with leading UK firms of solicitors SCF International can help transfer companies currently held by what were known as ‘offshore’ companies into either more tax efficient UK companies or directly back into the names of individual beneficial owners’ often without attracting stamp duty land tax (SDLT) but still avoiding the advance tax on enveloped dwellings (ATED). For more information please see https://www.de-enveloping.co.uk
Our fiscal migration and tax planning department is operated by qualified lawyers and accountants and can advise both domiciled and non-domiciled individuals on how to mitigate their individual and corporate tax exposure be it in Cyprus or internationally. Our legal & business department can provide specialized advice on all domestic and international tax planning issues but also upon ‘key’ issues such as asset protection be it in the form of trusts, private interest foundations (PIF’s), pre-nuptial and post-nuptial agreements, divorce and general family law, legal drafting, leave to remove applications etc