Transcript Por qué Irlanda? Tax Incentives in Ireland

Ireland as
a business location
Economic links Law and Tax
Dec 01, 2014
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Economy
• After exiting the euro rescue program Ireland asserts itself on the financial
markets: Irish bond yields are now under 2% compared to a peak of 14% in
2011
• Export and Import levels have risen in Ireland stabilizing the economy. In its
Autumn Update the European Commission is forecasting a growth of 4.6%
for 2014
• Record year in 2013 for Foreign direct investments: 166,184 new jobs
created (highest rate ever); strong investment flows continue this year
• The economy is growing at its fastest rate in 7 years
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Economy
• Consumer sentiment has returned to levels not seen since 2007
• The unemployment rate dropped from 15.1% in 2012 to 11.0% (Oct. 2014).
For 2015 it is expected to be 10.3% and for 2016 10.1%
• Since 2009 Irish labour costs have remained stable compared to an increase
of 8% in the EU
• Standard & Poor and Fitch upgraded Ireland recently to A-. Also Moody’s
lifted the country’s rating this year by two notches to Baa1 in a better than
expected assessment
Dec 01, 2014
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Exports Jan - Aug 2014 (€ million)
Imports Jan - Aug 2014 (€ million)
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9.
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2.
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13.
USA:
Great Britain:
Belgium:
Switzerland:
Germany:
France:
Netherlands:
Spain:
Italy:
12,999
7,783
7,224
3,944
3,811
3,034
2,238
1,666
1,440
Great Britain:
USA:
Germany:
China:
Netherlands:
France:
Japan:
Switzerland:
Belgium:
Spain:
10,599
3,862
2,866
2,047
1,706
1,477
1,127
996
741
554
The US invested more than $204 billion last year – this equates to more than the total invested in the
BRIC [Brazil, Russia, India, China] countries combined
= 73% of all foreign direct investment in Ireland; 26% of Ireland’s GDP; 120,000 Direct Employees
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Ireland - the global hub
 9 of the top 10 global software companies
 9 of the top 10 pharmaceutical corporations
 10 of the top 10 “born on the internet” companies
 9 of the top 10 US ITC companies
 3 of the top 3 global enterprise software companies
 4 of the top 5 IT service companies
 15 of the top 20 global medical technology companies
Dec 01, 2014
Economic key figures
2013
Prediction 2014
Prediction 2015
174.8
183.0
190.1
GDP increase (real in %)
0.2
4.5
3.4
Inflation rate (in %)
0.5
0.6
1.2
Government debt (in % of
GDP)
123.3
110.5
108.5
Unemployment rate (in %)
13.1
11.1
10.3
Exports (€ bn)
184.1 (+1.1)
€197.3 (+7,3)
€210.1 (+5.1)
Imports (€ bn)
€147.7 (+0.6)
€158.0 (+6.3)
€167.5 (+4.8)
GDP (€ bn)
Source: Central Bank of Ireland (Quarterly Bulletin No. 4, Oct. 2014), NTMA, Department of Finance (October 2014)
Dec 01, 2014
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Geography / Workforce
Ireland has excellent access to both the European and the US market:
• International airports are located at Dublin, Shannon, Cork, Knock and
Kerry
• Ireland is a less than 3 hours flight from Madrid/Barcelona, 7 hours from
New York, about 1 hour from London and 2 hours from Frankfurt
• Ireland is on GMT, 1 hour behind Spain, 5 hours ahead of New York and 8
hours behind Hong Kong
• Highly qualified employees available in the important sectors like ICT, life
sciences, pharmaceuticals, new media, biotechnology and green energy
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Irish Taxation
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12.5% corporation tax on all trading income
25 % for passive non-trading income, e.g. rental income
The rate of Capital Gains Tax is 33%
Ireland has a wide network of Double Taxation Treaties, currently 72 treaties, of
which 68 are in effect
• Ireland is on the OECD white list for tax compliant jurisdictions
• Transparent and business friendly tax system
• Various Tax Incentives for companies to choose Ireland as a business location:
‐ Favourable Intellectual Property Regime
‐ R&D Tax Credit System
‐ Tax relief for Start-up companies
‐ Attractive Holding Company Regime
Dec 01, 2014
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Our office
• TippMcKnight is a full service law firm providing legal and tax advice to
businesses and private individuals
• The office is located in the heart of Dublin, in the business district
• It was set up by two experienced solicitors who for many years were partners
in major Irish law firms
Dec 01, 2014
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International approach
• The firm is well connected with several Irish and international trade
organisations, e.g. the International Fiscal Association (IFA), the IrelandSpain Economic Association and the Ireland-France Chamber of Commerce
• Clients can be advised in English, German and French
• TippMcKnight has established a wide international network of contacts and
an international client base
Dec 01, 2014
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Recent significant deals
• The acquisition of an Irish resident group of companies for € 4.5 million
• Advising a major Irish public company on data protection issues
• The set-up of an Irish travel company and dealing with all legal and
regulatory matters
• The transfer of employees to a significant Irish client from another business
• Drafting international distribution agreements for a pharmaceutical company
for 55 countries
• Advising one of the leading Irish providers of civil engineering services in the
wind energy industry
Dec 01, 2014
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Practice Areas
Dec 01, 2014
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Ursula Tipp is the founding partner of TippMcKnight
Solicitors.
She is President of the Ireland Spain Economic Association,
Director and Council Member of the Ireland France
Chamber
of
Chamber
of
Commerce, the
Commerce,
the
Belgium
Luxembourg
International
Fiscal
Association and the Institute of Directors in Ireland.
Ursula Tipp
Ms. Tipp is a Lecturer in International Taxation and Cross
TippMcKnight Solicitors
Border Trade and Litigation at National University of
41 Fitzwilliam Place, Dublin 2
Ireland Maynooth and regular commentator on radio and
Phone: +353 1 254 3432
TV.
Mobile: +353 861703405
Email: [email protected]
www.tipp-mcknight.com
Dec 01, 2014
She is a regular speaker at legal and tax conferences in
Europe and the United States.
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