Updates on financial supports and more In this publication, the 2nd version of our COVID-19 Supports publication published 22 April 2020, you will find information on a number of different supports available to assist your business in this difficult time. We provide updates of the support measures available to businesses operating in the Repubic of Ireland and Northern Ireland. Since our first version of this publication there has been further clarification regarding schemes including the: Temporary COVID-19 Wage Subsidy Scheme Coronavirus Job Retention Scheme Small Business Grant Scheme We have also seen updates on Companies Registration Office and Companies House operations as well as further information on the business supports available from Enterprise Ireland and Local Enterprise Offices. As this is a constantly changing environment we will continue to provide further updates in the weeks to come as we have more information. Ensure to sign up to our e-newsletter and follow us on social media to keep up to date on all updates. Our team is always available to assist you in any way we can and to ensure we continue to provide an exceptional level of client service we have created the UHY FDW Care Team who are available to assist with all your queries and arrange call backs for you with our professionals to assist you with creating an action plan. Download the COVID-19 Supports Publication Version 2 Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #BusinessGuide #2020 #Covid #BusinessinIreland #GrantScheme

UHY FDW are delighted to announce the launch of our UHY FDW Care Team. Susan McGeough & Nicola Mernagh will lead our Care Team. They will assist with all queries and arrange call backs for you with our professionals in our Tax, Corporate Compliance, Payroll, Audit, Advisory, Insolvency and Private Client Departments. Every business is facing new challenges whilst navigating the unique business environment we are in. Whilst our team are working remotely, we are dedicated to continuing to provide an exceptional client service. Our team are available to advise and assist you with your business needs and to provide support and guidance on a variety of areas. If you would like to speak to one of our professionals about your concerns, questions or needs, contact our Care Team and they will arrange a free, no obligation call back with a member of our team. We can assist you in a variety of areas including: Employment Advice & Financial Supports Temporary COVID-19 Wage Subsidy Scheme Self Employed Workers & COVID-19 Pandemic Unemployment Payment The Credit Guarantee Scheme Revenue Commissioners Supports Enterprise Ireland Supports Local Enterprise Office Supports Corporate Compliance The holding of Director / Shareholder meetings remotely and drafting of all support such as minutes and resolutions Advice on filings with the Companies Registration Office (CRO) & Companies House and should you wish non-filing structures Insolvency & Debt Restructuring Advice Formal restructuring procedures such as examinership and schemes of arrangement Insolvency procedures such as creditor voluntary liquidations Personal debt and mortgage advice whether by way of informal debt negotiation or formal arrangements through Personal Insolvency and Bankruptcy Family Wealth Protection & Restructuring Advice Wills Trusts Family and Corporate Succession Planning Litigation Support Contact the UHY FDW Care Team and we will organise a call back. Susan McGeough E: susanmcgeough@fdw.ie Nicola Mernagh E: nicolamernagh@fdw.ie UHY Personal & Corporate Insolvency Solutions Limited UHY Trust & Corporate Services Limited COVID-19 Update Check out our COVID-19 Update – This publication answers many of your questions about recently introduced supports for individuals and organisations including the COVID-19 employment supports, Enterprise Ireland schemes and many more Download We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #UHYFDWTeam

The Department of Business, Enterprise and Innovation (DBEI) has proposed the COVID-19 Online Retail Scheme in response to the COVID-19 crisis. This is a competitive fund which will be administered by Enterprise Ireland on behalf of DBEI with a total fund size of €2 million. Applicants must be an Irish-owned retail enterprise that had 10 or more employees on or before 29 February 2020, have a retail outlet and have an existing online presence. The COVID-19 Online Retail Scheme is complementary to the Online Trading Voucher provided by Local Enterprise Offices for companies with less than 10 employees. The maximum grant available is €40,000. Successful applicants will be awarded funding to support a maximum of 80% of the project costs. The minimum grant amount payable is €10,000. Costs which successful companies will be eligible to claim for include: salary costs and consultancy fees to develop a digital strategy, enhance the company’s website or to provide training. The final date for companies to submit an application is 3.00 pm on Wednesday 20th May 2020. Full details of application process and eligibility rules will be published on the EI website shortly. To fully appraise companies of the application process and the key issues to be addressed in an application, they are hosting a webinar this Friday April 17th at 11.00 a.m. The Webinar will be for no more than 45 minutes and we would encourage all interested parties to participate. As numbers are limited, attendance is on a first come, first served basis. The webinar will be recorded and available on their website afterwards. Register prior to the event If you have any queries on the application process contact the UHY FDW Care Team and we will organise a call back to assist you. Susan McGeough E: susanmcgeough@fdw.ie Aoife Walsh E: aoifewalsh@fdw.ie COVID-19 Update Check out our COVID-19 Update – This publication answers many of your questions about recently introduced supports for individuals and organisations including the COVID-19 employment supports, Enterprise Ireland schemes and many more Download We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #Covid #GrantScheme

COVID-19 Update Publication Over the past three weeks, we have been inundated with queries relating to all aspects of a businesses’ operation and finances including payroll, VAT, corporation tax, banking facilities, mortgage and loan payments, regulatory filings and other general audit and accounting matters. Indeed business owners are often asking us about some potential aspects and raising queries faster than the relevant authorities and other governing bodies are addressing them and indeed before guidance and regulations are even issued. We are all experiencing changes like never before, whether that be dealing with the Revenue authorities, Companies Registration Office, Social Welfare and Social Protection Offices, software and payroll providers, banks and financial institutions. As you are aware no two clients’ businesses are the same and indeed no two clients’ requirements are the same. View our comprehensive publication which we hope will provide you with most of the tools to help keep running your business in either the Republic of Ireland or Northern Ireland. We have referenced many websites where you can access additional information and at the same time we remain available at your disposal should you wish to discuss any of the contents with our team. Download the COVID-19 Update We know all businesses are now facing new challenges and we hope this newsletter will assist you in making the correct decision in these difficult economic times. UHY FDW remain committed to serving our clients and as your trusted advisor, our team will remain available to you as we continue to work away from the office with full access to all client services as before through our dedicated IT platform. We look forward to your feedback and any questions or queries you may have over the coming days or weeks and look forward to assisting and supporting you and your business through these challenging times and to continuing to work with you over the months and years ahead. Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #2020 #BusinessinIreland #Covid #GrantScheme

Revenue changes date for payment of Local Property Tax (LPT) to 21 May On 16 March 2020, Revenue issued key guidance to property owners who are due to pay Local Property Tax (LPT) on 21 March 2020. For property owners who opted to pay their LPT for 2020 by Annual Debit Instruction or Single Debit Authority payment, the deduction date will change from 21 March 2020 to 21 May 2020. Property owners who have opted to make a payment by Annual Debit Instruction or Single Debit Authority do not need to advise Revenue or take any action. The payment date will be changed automatically to 21 May 2020. [Source: Revenue.ie ] We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #Payroll #TAX #Tax2020 #Property

Important Updates from CRO and Companies House The Companies Registration Office (“CRO”) have just announced that all Irish company Annual Returns that are due to be filed between now and 30 June 2020 will be deemed to have been filed on time providing that all elements (the wet ink signature page of the B1 and the electronically filed financial statements) have been completed and submitted to their offices by that date. The situation will be kept under review and the CRO could extend this deadline, depending on how the situation develops. Companies Registration Office (CRO) Update The Registrar of Companies has decided that all annual returns due to be filed by any Company now and up to 30th June 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date. This will enable businesses and their financial advisers to focus on the more immediate financial challenges facing them at this time. The situation will be kept under review and the date of 30th of June may be extended depending on the situation as it develops. If you are due to complete your annual return filing at any time up to 30th June your annual return will be deemed to have been filed on time if you capture the B1 form, upload your financial statements, pay the fee and submit it online and then deliver the signature page as normal to the CRO by that date. You may also complete the filing as normal using Revenue Online Services (ROS) signatures instead of a signature page. Please continue to file as normal during this period if you are in a position to do so. Annual returns may not be processed within the usual timeframes, however, anything received will be queued and processed as soon as possible. Further information can be found at  www.cro.ie , on our Twitter account @CRO_ie or by phoning 1890 220 226 [Source: CRO.ie ] Companies House Update All companies must send their accounts, reports and confirmation statements to Companies House every year. If a company’s accounts are filed late, the law imposes an automatic penalty. Your company should take appropriate measures to ensure accounts are filed on time. You should also  file your accounts online  if you’re able to. If, immediately before the filing deadline, it becomes apparent that accounts will not be filed on time due to your company being affected by Coronavirus (COVID-19), you may make an application to extend the period allowed for filing. Late filing penalties If you do not apply for an extension and your accounts have been filed late, an automatic penalty will be imposed. The registrar has very limited discretion not to collect a penalty. Each appeal is treated on a case-by-case basis, and we already have policies in place to deal with appeals based upon unforeseen poor health. Appeals based upon COVID-19 will be considered under these policies. Companies House Useful Resources: For the latest information and updates, see our  Coronavirus guidance for Companies House customers, employees and suppliers . Find out  how to apply for more time to file your company’s accounts Read our guidance on late filing penalties and appeals . Guidance: Filing your company’s accounts Guidance: Online filing and email reminders for companies Coronavirus (COVID-19): UK government response COVID-19: guidance for employers and businesses [Source: Gov.uk ] We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #CRO #Payroll

Minister Donohoe outlines measures to support individuals and businesses impacted by COVID-19 The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, today (Wednesday) welcomed the ongoing work of the Central Bank of Ireland, Banking and Payments Federation Ireland (BPFI), and the Revenue Commissioners to support customers in difficulties due to COVID-19. “Today, I had a constructive meeting with the five CEOs of our retail banks and with Banking and Payments Federation Ireland (BPFI). I note that a meeting will also be held with the Central Bank tomorrow. I welcome the ongoing work that is taking place to assist customers who are impacted by COVID-19. “The proposed actions by the banks will build on the government response, and the European Central Bank’s monetary and regulatory policy measures to deliver real support to individuals, SMEs and companies in these difficult times. These actions are the translation of European and national policies into individual supports that best assist the needs of our bank customers in the period ahead.” Support for Bank Borrowers The banking sector’s coordinated approach to supporting customers whose income has been impacted by COVID-19 is to be welcomed. The range of supports proposed by the BPFI, and to be discussed with the Central Bank, are customer focused so as to cater for the different impacts of COVID-19 on each individual customer. These proposals include: flexible arrangements, including a payment break for mortgages and other loans. Customers affected by COVID-19 must contact their bank to discuss the flexibility available to them, including the possibility of a payment break of up to 3 months support for buy-to-let bank customers with tenants affected by COVID 19 – customers with rental property in which the tenants are adversely impacted by COVID-19 will also be provided with flexibility including with an opportunity to seek a payment break of up to 3 months, which will allow them to exercise due levels of forbearance to their tenants extensive supports for SME customers – banks are working to ensure a wide range of credit, cash flow and supply chain supports are offered to businesses who are trying to manage the pressures arising from COVID-19. A deferral of up to 3-months on loan repayments will be of assistance to many businesses in addition, the banks are adopting a customer-focused approach to these businesses with a wide variety of tailored supports including extensions of credit lines, risk guarantees, and trade finance These supports complement the range of Government supports available through the  Strategic Banking Corporation of Ireland. Customers facing difficulties due to COVID-19 are urged to contact their bank as soon as possible to make alternative arrangements that will assist them to come through this difficult period. Banks will work to ensure that these supports are made available to borrowers in a straightforward manner and aligned to the processes rolled out by the  Department of Employment Affairs and Social Protection. Central Bank Prudential Policies The Minister welcomes the Central Bank’s decision to reduce the Countercyclical Capital Buffer, from 1% to 0%. This decision will free up bank capital that can be used to provide credit, and to restructure and extend the loans of bank customers, both individuals and SMEs. The release of this regulatory buffer by the Central Bank in this time of need shows the importance of the Central Bank’s introduction of the buffer two years ago in stronger economic times. The impact of the reduction of this buffer to 0% will free up in excess of €1 billion of bank capital. This capital amount has the potential to support approximately €13 billion of restructured lending to bank customers that need assistance. Combined with the relaxation of Pillar 2 guidance and the Capital Conservation Buffer by the European Central Bank, the reduction in this buffer will ensure that banks have significant resources at their disposal to support borrowers. The Minister also welcomes the Central Bank’s ongoing work with European colleagues to ensure that bank customers, whether personal or business customers, impacted by COVID-19 are extended forbearance without their loans being classified as defaulting. The Minister has also decided to defer the introduction of the Systemic Risk Buffer while all of the key players in the banking sector are working together to support customers. The actions taken by the Central Bank and Single Supervisory Mechanism to allow banks to focus on the task of supporting their customers is welcome as it strikes the right balance between allowing banks to meet their customers’ immediate needs, while ensuring there is proportionate regulatory oversight. BPFI Actions to Ensure Operational Continuity The Minister acknowledges the extensive work that has been ongoing across the BPFI and its members to ensure the continuity of banking services to the public. The proactive approach of the BPFI and its members in working together should minimise possible disruption to payment services. Changes to Assist Public Health Policy In order to support public health policy, the Minister is requesting that industry increase the limit on contactless payments to €50. This change covers most transactions given the average value of contactless transactions is €12.23 and the average value of debit card transactions is €41.52. Deferral to Stamp Duty The Minister has decided to defer the collection of stamp duty on credit cards to July, which is normally levied in April, for which he will legislate for in due course. Non-Bank Lending The Minister welcomes the fact that initial discussions with Credit Service Firms and with those non–bank lenders who provide mortgages have taken place with the BPFI. Both the Credit Service Firms and non-bank lenders have issues which need to be addressed with the Central Bank of Ireland, but both are committed to working with the government and industry to provide the flexibility that people need at this time. The Minister concluded by stating: “We are all acutely aware of the impact of this public health crisis on our fellow citizens, both in terms of serious illness but also in terms of income loss. “The proposed actions provide real support to those most impacted by COVID-19. It is incumbent on those citizens who continue to receive their full income to do their part by paying their bills, taxes, and loans on time, so as the maximum amounts of supports are available to our fellow citizens who are most in need. “We must work together and support each other.” Minister for Housing, Planning and Local Government, Eoghan Murphy TD, in support of the measures announced today added: “Today’s announcement by the banking sector represents a first step in protecting both tenants and landlords in the current crisis. “These actions remove pressures on landlords who have shown a willingness to exercise forbearance in relation to tenants who are experiencing difficulty with rents due to the loss of income resulting from contracting the COVID-19 virus, being in self-isolation as a result of the virus or having lost all or significant employment. “I have spent the last number of days engaging with both landlords and tenants organisations as well as charities and NGOs and I expect to be in a position to announce further measure to compliment today’s announcement shortly.” Useful Resources: Employer Information Note on Covid 19 (provides details on the scheme available to businesses having to lay off staff) Covid 19 Jobseekers Emergency Payments Guide (information for employees [source: Gov.ie  18 March 2020] We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #BusinessinIreland #Covid

Please find below a message from the Department of Business, Enterprise and Innovation with further details on the COVID-19 Payment scheme The Department of Business, Enterprise and Innovation has issued some useful information for employers. See below their advice and useful links to relevant information and resources. Please note the update on Twitter from the Department of Employment Affairs and Social Protection at https://twitter.com/welfare_ie/status/1240237296483364864 Our dedicated phone line for #COVID19 payment queries is open today from 9am to 5pm: 01-2481398 / 1890-800-024. Please do not go in to your local Intreo Centre if at all possible COVID-19 Information for Employers and Employees is available online here https://www.gov.ie/en/campaigns/4cf0e2-covid-19-coronavirus-information-for-employers-and-employees-test/ Our colleagues in the Department of Employment Affairs and Social Protection have confirmed that the scheme is currently being finalised and more information for employers can be found at https://www.gov.ie/en/publication/612b90-covid-19-information-for-employers/ This link will be updated when the full details of the refund scheme for employers is available. Please see below information from the Department of Employment Affairs and Social Protection. Q & A in relation to Refund of €203 per employee per week for employers who continue to pay their staff if they have had to close their business due to effects of the Covid-19 pandemic. Q 1. Can self-employed receive this payment if so how? Yes a self-employed person can apply for the Covid-19 payment. They can download the form online and return by post. The application form can be found at the following link. www.gov.ie/pandemicsupport Q2. What rate will part-time people receive Where someone working part time is let go they may be entitled to the new Covid-19 payment at a rate of €203 per week for a period of up to 6 week maximum. The person will have to make a Jobseekers payment as soon as possible but before the 6 week Covid-19 payment ceases. Details on this payment and how to apply can be found at the link below. If the person is working part time and already receiving another payment they should still submit the application for consideration. www.gov.ie/pandemicsupport Q3. Do people working on a Stamp 2 or Stamp 4 basis qualify Yes, people with a Stamp 2 and Stamp 4 can apply for the COVID Emergency payment for 6 weeks. Q4. What is the mechanism for reclaiming the amounts and at what intervals do they need to apply for a repayment.  What paper work do they need to maintain and provide to Intreo and/or other agency to demonstrate the qualifying payment? The final details of the scheme are being worked out and expected to be announced very shortly and this information and other relevant information for employers can be found at the link below https://www.gov.ie/en/publication/612b90-covid-19-information-for-employers/ Q5. If employers retain staff on full pay are they entitled to reclaim a contribution of €203 from the state? Yes where a business has temporarily ceased trading due to the impact of the Covid-19 pandemic and continue to pay staff on full rate of pay they will be entitled to claim the refund at a rate of €203 per employee per week. Q6. If it transpires that an employee doesn’t have sufficient stamps to claim job seekers allowance will employers have to absorb the non-refundable elements.  No, where an employer continues to pay employees they will receive the rate of €203 per employee per week regardless of the outcome of any jobseeker claim. Where a claimant does not have the necessary stamps for Jobseeker’s benefit they can apply for Jobseeker’s allowance which is a means tested payment. All applications for jobseeker’s can be made online. We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #Covid #GrantScheme #Payroll

As we enter uncharted territory we wish to make you aware of some initiatives announced in recent days to try and ensure as much as possible that you and your business can survive the next six weeks. The Government have launched several schemes to try and streamline the process for employees who are either in self-isolation or have been let go by their Employer. Amounts ranging between €203 and €305 are available to employees who are in this situation and we can assist you in providing more information on these schemes. The banks have also pledged that they will work with clients to extend short term facilities and loans to assist you in riding out the storm for the next few weeks and we strongly urge you to touch base with your banking contacts to explore these opportunities. The government has also pledged more funding for start-ups and businesses to be rolled out through the SBCI scheme. We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #Covid

UHY Capability Statement 2020 An annual publication showcasing the breadth and depth of UHY member firms’ services and cross-border business development capabilities presented through a series of client case studies. This edition includes six case studies featuring a range of international clients across a variety of market sectors: Biotech, media & communications, Not-for-Profit, recruitment & managed services, renewable energy and transport and infrastructure. Read Here #2020 #CapabilityStatement #UHYGlobal

• Ireland has one of the highest tax burdens among European countries High earners in The Republic of Ireland pay 14% more in tax compared with the European average according to new research from UHY International, the international accountancy network* Individuals earning 250,000 USD per annum in Ireland pay on average 114,473USD in tax (46% effective tax rate) compared with an average of 100,398 USD in tax and social security contributions (40.4% effective tax rate) among European countries. For those earning 1.5 million USD per annum in Ireland, they pay on average 764,523 USD in tax (51% effective tax rate) compared with an average of 661,576 USD in tax and social security contributions (44.2% effective tax rate) among European countries. In the Finance Act 2018, several changes were made to income taxes to try and alleviate the tax burden on middle income taxpayers. For example, the threshold for the higher rate of income tax was increased to €35,300, up from €34,550 previously. Ireland has the 5th highest tax burden out of the 30 countries who participated in the study, according to how much tax the government takes from the incomes of high earners (see table below). Out of all the countries studied, Russia had the lowest income tax rate, where all tax payers, including high earners, pay just 13% income tax. Denmark taxes individuals earning 1.5 million USD, over half of their income – 53.2% in total – ranking the highest among the 30 countries studied, Alan Farrelly, Managing Partner at UHY Farrelly Dawe White, member of UHY comments: “The Irish government has to be careful not to alienate high earners with an uncompetitive tax rate.” “At the moment high earners in Ireland take home 54% of their pay compared to 59% on average among other European countries. That is a noticeable difference that could create a long-term challenge to our aim of attracting in high paid jobs in areas like financial services and technology.” “With the Budget around the corner, the income tax rate is unlikely to change with Minister for Finance Paschal Donohoe saying it would be far better to preserve resources to deal with the possibility of a no-deal Brexit, rather than reducing taxes in Budget 2020 and that he would not make the mistake of cutting income tax rates now, only to have to increase them in the next Budget.” “Ultimately however a balance needs to be struck between the Government collecting enough tax revenues and not overtaxing to the point that high earners are disincentivized.” Western countries move to reduce taxes for high earners UHY notes that high earning Western European taxpayers are still being taxed at a higher rate than peers in BRIC and developing economies. G7 countries including France, Canada the US and UK, have all recently taken measures to reduce or withdraw top rate tax bands imposed following the financial crisis. In 2014 for example, France’s rate of 45.8% (on a 250,000 USD income), was substantially higher than the current rate of 40.0%. In 2014, the French government also decided to scrap the country’s 75% marginal rate on incomes above €1 million. Rick David, Chairman of UHY International, says: “Taxes on the top earners residing in G7 economies have eased off slightly since the changes imposed after the financial crisis.” “Many Western European governments are still concerned though that their jurisdictions may become uncompetitive given the low tax rates in other developing jurisdictions so a number of countries have now taken steps to reduce their top rate of tax.” “However as developing countries mature and their middle classes expand, governments may decide to increase their marginal rates of tax on higher earners to meet greater demand for public services. This is beginning to happen in Asian countries such as India and China which have gradually been taxing higher incomes more and lower incomes less.” “Over time, as the population of developing countries becomes wealthier, this tax disparity between the G7 and BRIC economies could reduce.” Ireland taxes individuals earning 250,00 USD, 46.0% of their income – ranking Ireland the fifth highest among the 30 countries studied *UHY studied tax data in 30 countries across its international network. The study captured the ‘take home pay’ for low (25,000 USD), middle (250,000 USD) and high income workers (1,500,000 USD), taking into account personal taxes and social security contributions. The calculations are based on a single, unmarried taxpayer with no children. Please contact a member of our Tax Team for more information. +353 42 933 9955 info@fdw.ie #2019 #BusinessinIreland #CompanyTax #TAX

In our Autumn 2019 issue: The Autumn issue of our UK / NI Newsletter contains various interesting tax articles including: Mileage allowances for employees how much can be claimed? It’s the quality not the quantity! Beware: penalties could go up not down! Junior ISAs Pre-letting repairs Insure the key person Read the Autumn Newsletter #2019 #UKNI