Contributing Firms:
The Questions

Question 1: What are the implications for global corporation tax of last month’s announcement by US Treasury Secretary Yellen that the US has dropped the ‘safe harbor’ demand of the previous administration that would let, some companies opt out of new global digital tax rules? How is it likely to impact the prospects for movement this year on both Pillars of the OECD project, and is this likely to have a benefit for Irish companies of reducing the prospect of continued lingering uncertainty?

Question 2: With consolidation emerging in the aircraft leasing sector in the wake of Covid, how might the various corporation tax reform proposals potentially affect aircraft leasing in particular?

Question 3: The UK Budget – What are the implications of the decision to increase the UK corporation tax rate to 23%?

Question 4: What major opportunities and disadvantages potentially arise for ROI resident taxpayers from the UK Budget?

Personal Tax Focus .

Question 5: With corporation tax in question as a source of future taxation in the EU and the UK, (the recent Budget being an example) under pressure, some advisers have been suggesting that Ireland to maintain entrepreneurial and business competitiveness should look to increasing the incentives for small businesses and individuals to earn income and base wealth in Ireland in the future, as a fallback precautionary strategy. What major tax heads might be looked at in such a review?

Question 6: Ireland’s Tax Treaty Network Further to the Irish Tax Monitor’s discussion on Ireland’s 74 international tax treaties in the last issue, the new ‘Finance for Ireland’ Government Action Plan has set the expansion of the tax treaty network as a new objective in 2021. Can you provide your thoughts on immediate opportunities for this expansion.

Covid recovery.

Question 7: As businesses plan for the recovery, Government has continued to make concessionary moves to continue its support in view of the continued lockdown. Can you summarise some of the most significant of these, such as the concession allowing companies to reclaim R&D tax credit refunds early in 2021, and further business rates relief.