Contributing Firms:
This Month's Roundtable - The Answers
Impact of Biden tax proposals will depend on the ‘devil in the detail’
As the assessments of many of the contributors responding in this month’s Irish Tax Monitor on the impact of the Biden tax proposals make clear, the outcome, at individual company level, and nationally will depend on details yet to be worked out in future negotiations, both in the United States at Congress level, and in multilateral forums, such as the 169-state OECD arena. There is no doubt that the corporation tax proposals are of serious potential import for Ireland, with some suggestions, a worst case scenario possibly, suggesting an erosion of Irish national CT revenues of c.€2 billion p.a. in coming years.
On the contrary, other considerations will come into play, not least close individual monitoring at enterprise level going forward. Also, this month: EU green taxes, the Irish approach to taxing cryptocurrency profits, the ins and outs of personal tax for your employees who relocated because of Covid, and tax aspects of the EU-UK Trade & Cooperation Agreement.