It is difficult for businesses to retain staff and we are often asked for ways to remunerate them in a tax efficient manner.
Detailed below are 15 various options:-
Where employees work for substantial periods outside the employer’s business premises in the course of the performance of the duties of their employment, an employer can cover certain costs on a tax free basis:
If the employer pays the subscription on behalf of the employee, the amount paid is declared as notional salary and the equivalent tax is deducted from the employee. For example a golf club subscription costing €1,500 will in effect only cost the employee €750, assuming 50% income tax marginal rate applies.
These can be made tax free where membership of the club is available to all employees.
The limit for giving a tax free voucher to an employee is €500 per annum. These are normally provided as vouchers and are tax free to the receiver.
If private use is excluded, then the cost to the employee can be zero.
Depending on the amount of business mileage, Read more
Ireland has to a large extent, a light touch transfer pricing regime.
Irish legislation governing transfer pricing is to be found in Sections 835A to 835H Taxes Consolidated Act 1997.
Under Irish legislation the following is excluded from transfer pricing regulation:
The Irish Revenue do not propose to Read more
As and from the 1st of May a taxpayer, both individuals and corporates, will be unable to obtain the benefits of a qualifying disclosure in respect of offshore matters.
Offshore matters relate to any asset outside the State and would include such items as;
If a qualifying disclosure is made before Read more