Contributing Firms:
With United States trade policy swings driving market sentiment in the wake of the announcement of ‘reciprocal tariffs’, in this month’s Tax Monitor we look at some of the practical moves companies exporting in the US market can make in light of the current 10% blanket tariffs in place.
This month the panel outlines the strategies companies can implement to mitigate against the lessen the impact of tariffs on their business in the United States while the US administration’s view on the nature of VAT and its role in the US trade deficit are also examined. Away from US issues, the panel looks at transfer pricing issues for multinationals and how to avoid TP risks in an increasingly uncertain landscape. Other topics that feature this month include the expansion of tax transparency being brought about DAC9, how ViDA’s E-Invoicing requirement will impact companies across the EU, how to improve AEOI and the updated Angel Investor Relief
VAT, and particularly VAT in the EU, has been described by the US Administration as a tariff on U.S. goods entering the bloc. While President Trump has identified VAT as one of the reasons the US has such a large trade deficit – the US is the only OECD member, and one of the 18 UN countries (193 countries in total) that does not have a VAT system – and threatened to include VAT in calculations when imposing tariffs while including it on a list of ‘unfair, discriminatory, or extraterritorial taxes’ imposed on US businesses. Can there be any grounds for US arguments in this respect regarding the proposed general tariffs that are under consideration?
With tariffs now on the global agenda in a way not seen for almost a century are there risk assessment processes that both Irish-based multinationals and US-headquartered firms should be undertaking at this time? Can you suggest an approach?
With tax uncertainty growing across the international landscape, what steps should multinationals take to mitigate risks around their transfer pricing practices and policies?
ECOFIN reached political agreement on the EU’s DAC9 proposal that aims to update the EU’s existing directive on administrative cooperation (DAC) by expanding tax transparency rules. What are the key proposed changes and what impact will they have on Irish taxpayers?
The VAT in the Digital Age (ViDA) proposal was given the green light by the EU Council on 11th March and paves the way for major changes to the EU VAT system. Can you explain how ViDA’s first pillar, E-invoicing and digital reporting, will impact companies doing business across the EU?
The new Relief for Investment in Innovative Enterprises, or Angel Investor Relief commenced in early March. What are the main advantages of this relief for investors and investees? Are there future steps that could be taken to further encourage activity in Ireland’s high potential start-up sector?
Over a decade into the implementation of the Automatic Exchange of Information (‘AEOI’) Regimes why is business as usual still a challenge and how are the regimes evolving?
Despite temporary pauses and a constant stream of news threatening to expand tariffs, add new products or offer exceptions and carve-outs BDO’s Carol Lynch writes the one thing that can safely be said is that we are in a new era where tariffs or the threat of tariffs will be commonplace. She says making an assumption that tariffs, controls and protectionism will be temporary is a mistake and outlines the strategies that need to be followed to soften the impact of tariffs for importers and exporters.
US Tariffs: With tariffs now on the global agenda in a way not seen for almost a century are there risk assessment processes that Irish multinational corporates should be undertaking at this time? Can you suggest an approach?
VAT and Tariffs: VAT, and particularly VAT in the EU, has been described by the US Administration as a tariff on U.S. goods entering the bloc. While President Trump has identified VAT as one of the reasons the US has such a large trade deficit – the US is the only OECD member, and one of the 18 UN countries (193 countries in total) that does not have a VAT system – and threatened to include VAT in calculations when imposing tariffs while including it on a list of ‘unfair, discriminatory, or extraterritorial taxes’ imposed on US businesses. Can there be any grounds for US arguments in this respect regarding the proposed general tariffs that are under consideration?
Angel Investor Relief: The new Relief for Investment in Innovative Enterprises, or Angel Investor Relief commenced in early March. What are the main advantages of this relief for investors and investees? Are there future steps that could be taken to further encourage activity in Ireland’s high potential start-up sector?
Tax Cooperation: ECOFIN reached political agreement on the EU’s DAC9 proposal that aims to update the EU’s existing directive on administrative cooperation (DAC) by expanding tax transparency rules. What are the key proposed changes and what impact will they have on Irish taxpayers?
E-Invoicing: The VAT in the Digital Age (ViDA) proposal was given the green light by the EU Council on 11th March and paves the way for major changes to the EU VAT system. Can you explain how ViDA’s first pillar, E-invoicing and digital reporting, will impact companies doing business across the EU?
Transfer Pricing: With tax uncertainty growing across the international landscape what steps should corporates take to mitigate risks around their transfer pricing practices and policies?