Ireland ranks as one of the top destinations in the world for business. Ireland has succeeded in attracting global brand leaders to establish operations here. This includes some of the largest firms in the global technology, pharmaceutical, biosciences, manufacturing and financial services industries. Ireland’s performance as a hub for Foreign Direct Investment is unrivalled. It is not just the large multinationals that are attracted to Ireland, it is also the perfect environment to nurture the potential global brand leaders of the future.
Key attributes that have assist Ireland in becoming hub for FDI include:
• Low corporate tax rate – corporation tax on trading profits is 12.5% and the regime does not breach EU or OECD harmful tax competition criteria
• Regulatory, economic and people infrastructure of a highly-developed OECD jurisdiction
• Benefits of EU membership and of being the only English-speaking jurisdiction in the Eurozone
• Common law jurisdiction, with a legal system that is broadly similar to the US and the UK systems
• Refundable tax credit for research and development activity and other incentives
• Extensive and expanding double tax treaty network, with over 70 countries, including the US, UK, China and Japan
It is the unique combination of these factors, and not one specific element, which attracts investment to Ireland.
At WENTWORTH we provide a comprehensive range of services to corporates and individuals planning to invest in and/or return to Ireland including:
• Company incorporation service
• Registration for taxes
• Banking
• Advice on corporate structures
• Tax planning advice
• Withholding tax requirements
• Double taxation agreements
• Transfer pricing
• Personal tax advice for executives
Other relevant areas:
• International Tax
• Grant Audits
Research & Development
WENTWORTH has submitted prepared and filed a number of R&D tax credit claims on behalf of businesses across a wide range of sectors. Our taxation professionals have significant experience in this area and, in detailing with audits of R&D tax credit claims by Revenue.
Under current legislation businesses can claim an additional 25% tax credit for qualifying expenditure on qualifying activities. This means that companies undertaking qualifying research and development activity can obtain an effective tax deduction of up to 37.5% with the possibility of the value of the R&D tax credit being refunded where there is not a sufficient level of taxable profits within the company/group.
In January 2015 Revenue published an updated guideline on Research & Development Tax Credit which sets out Revenues position on a number of very significant areas related to R&D tax credit claims.
The legislation and regulation relating to the R&D tax credit claim is complex. At WENTWORTH our approach is to simply the process for you and to ensure you obtain the credits to which you are entitled.
We will also work with your in-house team and equip them to recognise R&D activities and help them make claims in the future.
Our services include:
• Assistance with the preparation of technical documentation
• Review of records to ensure they are adequate for Revenue audit purposes
• Preparation and submission of R&D tax credit claim
Other relevant areas:
• Grant Audits
• Grant Aid