Taxation News

Taxation News

PPS numbers for company directors when filing documents with Companies Registration Office.
Company directors are now required to provide their PPS numbers in order to file certain documents with the Companies Registration Office. One purpose of this important step is to reduce the incidence of companies being incorporated based on false director details. Failure to comply, without just cause, will be a criminal offence.

Given the reasons underlying this requirement, the Corporate Enforcement Authority (CEA) will, as appropriate, take prosecutions where non-compliance comes to our attention. In order to assist company directors in understanding their new obligations, the CEA has prepared an Information Note:

Tax Treatment of the Reimbursement of Expenses of Travel & Subsistence to Office Holders and Employees
The tax treatment of the reimbursement of expenses of travel and subsistence to office holders and employees has been updated. The main changes are as follows:

  • To update the guidance in respect of the new civil service rates as provided for in DPER circulars 16/2022 and 17/2022.
  • Section 2.5.1 Remote Working has been created to clarify that employees who work part-time at home and part time in the office cannot claim expenses for travelling between the two.
Enterprise Ireland reports record exports at €32.1 billion in 2022
Enterprise Ireland, the state agency of the Department of Enterprise, Trade and Employment responsible for helping Irish companies to enter and expand in international markets, saw exports by companies it supports increase by 19% to a record €32.1 billion in 2022.

This is the highest ever level of growth for Enterprise Ireland-back companies in export value. Growth occurred across all overseas regions and in individual industry sectors.

Exports to the Eurozone increased by 28% in 2022, with the Eurozone now representing 25% of all exports by Enterprise Ireland back companies. Expansion in trade with the Eurozone has taken place in tandem with strong Irish exports to the UK post-Brexit.

Exports to the UK increased by 13% reaching €9.2 billion. The UK now accounts for 29% of all exports by Enterprise Ireland back companies.

Exports in the Eurozone increased by 28%, reaching €7.9 billion.

Exports to North America increased by 13%, reaching €5.5 billion. North America now accounts for 17% of all exports by Enterprise Ireland backed companies.

Increases in exports were recorded across all sectors with Food and Sustainability increasing by 23%, Technology and Services increasing by 18% and Industrial and Life Sciences increasing by 14%.

New guidance on the digital games’ corporation tax credit
Revenue recently published guidance on the digital games’ corporation tax credit. It provides guidance on the operation of the credit which is provided for in section 481A Taxes Consolidation Act 1997 and the Digital Games Regulations 2022.

The aim of the measure is to provide an incentive to digital games developers to produce digital games that contribute to the promotion and expression of Irish and European culture. The relief is a corporation tax credit, and it may be claimed by digital games development companies.

Revenue published its 2022 Annual Report
Revenue has published its 100th Annual Report for 2022. The report reflects a year of strong performance for Revenue with a record amount of tax and duty collected in 2022.

Alongside the 2022 Annual Report, Revenue also published a number of other reports, including research reports on Corporation Tax, Income Tax, VAT and VRT; summaries of the 2022 SME Customer Survey; the results of the Tobacco Products Research Survey 2022 and PAYE Statistics.