Customs, EORI and Temporary Storage Authorizations Given by the Customs Authorities in Great Britain will no Longer be Valid

The standard rate of VAT is currently 23% but will be reduced to 21% for a period of six months from 1 September 2020. This welcome change is part of the stimulus package to maintain economic activity and support business and employment.

On the 26th of June 2020 Revenue published e-brief 127/20 which confirmed that Ireland will avail of the six month deferral in requiring the reporting of transactions under Council Directive (EU) 2018/822 of 25 May 201814 amending Directive 2011/16/EU (“DAC 6”) until 1 January 2021.

Entrepreneurs invest resources and time building businesses which provide employment and make an important contribution to our economy. They take commercial risk setting up, maintaining, and expanding these ventures.

There are many potential structures to hold Irish property for a particular transaction and the correct choice will depend on factors including deal size, tax residence status, the term over which the property is to be held, debt levels and whether development, asset management or reversionary opportunities are identified initially or are expected to arise.

It is necessary that the tax considerations of an acquisition or sale are considered at the earliest opportunity so as to identify the opportunities and the pitfalls that are presented.