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6 Jun 2018
In this edition of the Maples Tax Update, we examine a number of current Irish and international tax issues. In the financial services section, we outline significant new Irish Revenue guidance on the tax treatment of "section 110 companies" and Irish real estate funds. We also comment on the tax treatment of Irish investment managers and examine the new EU directive on reporting aggressive tax structures, in addition to the EU's proposals for digital taxation and the tax status of REITs. Finally, in the corporate taxation section, we examine the recent tax advantaged "KEEP" option schemes and the treatment of share buy-backs.
5 Jun 2018
The British Virgin Islands ("BVI") is a well-established jurisdiction of choice for international businesses, and has long provided innovative legal structures for cross border trading and investment activity.
The jurisdiction has now sought to enhance its reputation as a cost-effective provider of legal structures with the new Micro Business Companies Act 2017 (the "Act") which came into force on 4 June 2018.
31 May 2018
The Minister for Justice announced on Tuesday (29 May 2018) that a new bill will be drafted to provide further protections for mortgagors facing repossession proceedings. It will be based on a private member's bill which was published last year but has not substantially progressed (the Keeping People in their Homes Bill).
30 May 2018
Pursuant to an industry advisory dated 29 May 2018, the Department for International Tax Cooperation has made announcements with respect to the availability of the AEOI Portal over the coming months and with respect to a soft extension for completion of filing requirements.
25 May 2018
The Irish Revenue published new technical guidance on 24 May 2018 relating to companies falling within the scope of section 110 of the Irish Taxes Consolidation Act 1997 (known as "section 110 companies").