Tax newsletter June 2022

Tags Corporate structures Global compliance Global mobility & employment tax Global tax credits & incentives +8

This series of articles will provide you with an update on tax developments that impact organisations in Ireland and those that do business with Ireland.

This edition brings you articles on tax relief available to transfer a site to your child, and following on from the popular article in our last newsletter, we have an article on crypto assets. We have updates on Irish transfer pricing rules, a breakdown of Revenue’s updated Code of Practice for Revenue Audits/Queries, and an update on the OECD Inclusive Framework on BEPS. Our VAT experts also have a roundup of all the latest information and developments on VAT in Ireland.

We trust you will find something of interest from the various matters covered and if you have a query, please get in touch with the Mazars tax team.

We trust you will find something of interest in the various matters covered and if you have a query please get in touch.

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Tax newsletter - June 2022

Code of Practice for Revenue Audits/Queries

Revenue have recently published the updated Code of Practice for Revenue Compliance Interventions and an updated compliance intervention framework. These changes took effect from 01 May 2022.

Update on the OECD inclusive Framework on BEPS

The OECD’s two-pillar solution to address the tax challenges arising from the digitalisation of the economy is continuously evolving.

Tax relief available for transfer of site to child

With the property ladder becoming more and more difficult to get on, parents with land may wish to consider transferring a site to their children so the child can build a home.

Domestic exemption from transfer pricing rules

Due to the level of uncertainty surrounding its application, Finance Bill 2021 included draft legislation under s835E TCA1997, intended to provide clarity on the exemption for non-trading domestic (Irish to Irish) transactions.

Where are Crypto-assets located?

In our February newsletter, we focused on the main taxing provisions around crypto-asset transactions, including cryptocurrencies. Revenue have since issued e-brief number 095/22 which advises that they have made updates to their internal manual.

A roundup of the latest VAT news in Ireland

Below are some of the main updates and the latest VAT news in Ireland for Q1 2022.

20 Feb 2026

Entrepreneur Relief: lifetime limit increase 2026

The Revised Entrepreneur Relief regime is set for a significant enhancement from 1 January 2026, with the lifetime limit on qualifying gains increasing from €1 million to €1.5 million. Business owners considering a future exit should assess now whether they meet the conditions to benefit from this valuable Capital Gains Tax relief.

19 Feb 2026

R&D Tax Credit and Innovation Compass

The Government has published the Research and Development Tax Credit and Innovation Compass, outlining Ireland’s medium term roadmap for strengthening innovation supports.