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What the ‘Made in America Tax Plan’ could mean for Ireland

The US is looking to level the playing field regarding corporation tax worldwide with a higher minimum tax rate than is currently enjoyed by US multinationals in Ireland. Anthony O’Halloran explores what that could mean for Ireland Inc. The recently published Made in America Tax Plan proposes several US corporate tax measures to address perceived profit shifting and offshoring incentives. There is a view that the US needs to level the playing field between domestic and foreign corporations. Proposed measures include: raising the corporate income tax rate to 28%; strengthening the global minimum tax rate for US multinational corporations; encouraging international adoption of robust minimum taxes; enacting a 15% minimum tax on the book income of large companies that report high profits but have little taxable income; replacing incentives that are viewed as rewarding excess profits from intangible assets with more generous incentives for new research and development; replacing fossil fuel subsidies with incentives for clean energy production; and ramping up enforcement to address corporate tax avoidance. In their current form, the US tax proposals are certainly far from a done deal and will need to navigate both the Senate and the House of Representatives. In the Senate, the Democrats have 50 of the 100 seats, with Vice President Harris casting the tie-breaking vote when needed. In the house, they have a majority of ten members. With midterm elections coming up in 2022, the politics of gaining the necessary political support to broker a deal may prove considerably challenging. The implications for US multinationals in Ireland The proposed changes to the US anti-deferral rules under Global Intangible Low Taxed Income (GILTI) tax and the proposed repeal of the Foreign Derived Intangible Income (FDII) regime are likely to have the most significant impact for US multinationals with operations in Ireland. President Biden’s proposed changes to the existing GILTI tax rules and the proposal to move to a minimum effective tax rate on a country-by-country approach rather than a global blended rate more closely aligns with the Organisation for Economic Co-operation and Development (OECD) rules for minimum tax currently being designed under Pillar Two. The Tax Plan proposes an increase in the effective tax rate on GILTI income earned by US multinationals from 10.5% to 21% through to 2025 and the elimination of the 10% return on foreign tangible property. Also, GILTI would move to a country-by-country basis. This would prevent taxpayers from offsetting amounts between higher tax jurisdictions to shelter incremental taxes that may be due under the GILTI regime on US multinational subsidiaries in Ireland. During recent OECD discussions, President Biden’s Treasury Secretary, Janet Yellen, repeated that the US favoured a global minimum rate agreed to by all countries at the OECD level. While it appears that the US will push for a minimum of 21%, there will likely be significant discussion on the minimum rate before anything is finalised. GILTI and foreign direct investment The outcome of the final US GILTI and global minimum tax rates will ultimately dictate Ireland’s ability to use tax as a tool to attract new foreign direct investment. The critical role Irish operations play in multinational groups operations cannot be understated and has been further evidenced by the growth in export figures during the COVID-19 pandemic. This is undoubtedly a reason to remain optimistic about the future of foreign direct investment. However, significant changes to the international tax framework are in Ireland Inc.’s line of sight. Therefore, it is critically important to continue delivering talent, research and development, critical infrastructure, and business supports to ensure that Ireland remains a location of choice for foreign direct investment. Anthony O’Halloran is Director of Corporate & International Tax at Deloitte.

Apr 16, 2021
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Payroll information for workers coming off the PUP

Many workers in the construction industry returned to work on Monday. The Pandemic Unemployment Payment (PUP) is taxable in real-time in 2021. This means that there are tax implications for workers returning to work after being on the PUP for the last number of months. The worker is allocated zero tax credits on a week one basis until the Department of Social Protection (DSP) exchanges information with Revenue confirming that the worker’s PUP claim is closed. At that point, Revenue will issue a revised Revenue Payment Notification to the employer reinstating the employee’s full tax credit and rate band on a week one basis.  The worker should close his/her pandemic unemployment payment application on the DSP website on the first day he/she returns to work. It will take at least two weeks for the DSP to issue Revenue notification that the worker is no longer claiming the PUP. When Revenue has the relevant notification, it will then issue an updated RPN to the employer. Employers should avoid running payroll in advance of the pay date for the purposes of working off the most up to date RPN which gives the worker his/her full credits on a week one basis. A full example with dates and timelines is set out in a presentation by Revenue. 

Apr 16, 2021
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The Boot Camp Challenge for secondary school students is now live!

Our ROI Boot Camp Challenge is a fully 'gamified' online business simulation where senior cycle second level students become CEO of their own business. Aspiring entrepreneurs who complete the Challenge will acquire essential decision-making and critical thinking skills and gain valuable experience about real-life business leadership. Not just for students who are interested in business subjects, the Challenge is suitable for any student who has an interest in problem solving, creative thinking and analysis. There are prizes for individual, team and class entries. The closing date for entries is 5 May and winners will be announced at the end of May, so you can get started now, either as a class group or a solo student. Good luck! Read more about the Boot Camp programme here What former Boot Camp participants have said "I'm a fifth year student. When I came across Boot Camp, I realised that it is a great opportunity for me, as I am doing accounting for the Leaving Certificate.  "What I really loved about Boot Camp was that I could learn at my own pace, and the teaching helped me to get a clearer understanding of the topics that had been covered in school. The notes are detailed and to the point. I also found the homework questions very helpful. Also, Boot Camp provides an optional challenge for the participants, which gives them a deeper insight into the situations of a business in real life.  "Overall, I really enjoyed Boot Camp. If anybody is thinking to try Boot Camp, I would certainly recommend it, especially if you are interested in pursuing accounting. I hope you will try it out and enjoy it as much as I did." - Emil, 5th year student, Boot Camp participant 2021 “I really enjoyed taking part in Boot Camp. I am in Transition Year and did not do business for the Junior Cycle but I wanted to take up Accounting for the Leaving Cert. Boot Camp gave me a great taste for Accounting and I feel a lot more confident going into fifth year after completing it. I feel like after the short week-long course I have caught up to my classmates who did study Business in the Junior Cycle, and I now know what to expect next year!” - Anna, TY student, Boot Camp participant 2020 "This is a fantastic resource to be able to give to Transition Year students, some of whom might otherwise find it difficult to start accountancy at senior cycle with no business background. It is very well done, very well laid out and very understandable, even for those who haven’t done business before.    "The resources are brilliant – the technology is very interactive, giving students the freedom to click in and out of activities. It’s new and engaging for them. As a teacher, I like that I can let them learn using the videos and can provide back up if they need it.”   - Charlotte, TY Coordinator and teacher        

Apr 12, 2021
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