Accounting Rules

Tax Year: From January 1 to December 31.
Accounting Standards: Ireland applies British accounting standards: SSAPs (Statements of Standard Accounting Practice) and FRSs (Financial Reporting Standards) of ASB (Accounting Standards Board). These accounting standards conform to international standards of IAS/IFRS.
Accounting Regulation Bodies: ICPAI
ICAI
IATI
Accounting Reports: The Fourth Directive 78/660/EEC contains detailed requirements relating to information disclosure, the classification and presentation of information and methods of valuation for the annual accounts of certain types of companies: balance sheet, profit and loss account, notes to the accounts.
Publication Requirements: Has to be conforming to the Companies Acts and IAS/IFRS norms.
The Directives provide for a system of auditing under which companies must have their annual accounts audited by one or more persons authorized by national law to audit accounts. Such a person or persons must also verify that the annual report is consistent with the annual accounts for the same financial year.
Consult the Directive 2006/46/EC of the European Parliament and of the Council.
Professional Accountancy Bodies: Institute of Chartered Accountants in Ireland. , Publishes the journal Accountancy Ireland
Chartered Institute of Management Accountants
Association of Chartered Certified Accountants
IATI , Institute of Accounting Technicians in Ireland
Association of Authorized Public Accountants
AIA , Association of International Accountants
Certification and Auditing: The Auditing Practices Board (APB) establishes high standards of auditing, meet the developing needs of users of financial information, and ensure public confidence in the auditing process. Companies refer to Irish Companies Act, and are yearly audited.
Accounting News: EIN News
International Accounting Standards Board

Tax Rates

Consumption Taxes

Nature of the Tax: VAT: Valued Added Tax
Tax Rate: 23%
Reduced Tax Rate: A 0% rate applies to goods such as basic foodstuffs, children clothing and children footwear and oral medicines. A 13.5% rate applies to goods and services such as new houses, construction services, solid fuelsfuel and certain newspapers. From July 1, 2011, a 9% rate applies to restaurant and catering services, hotel and holiday accommodation, certain entertainment services, hairdressing, brochures, maps, programmes and newspapers. VAT is charged on assets and services in Ireland as well as on imports into Ireland. A special rate of 4.8% applies principally to the sale of livestock.
Other Consumption Taxes: Excise duties apply in Ireland. For more information on excise duties, consult the Irish Tax and Customs Website.
Stamp duty of 1%-9%.

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Corporate Taxes

Company Tax: 12.5%
Tax Rate For Foreign Companies: Corporate tax is charged on the company’s profits. It includes both income and chargeable gains. The corporation tax in Ireland is quite low, and is often cited as an example of tax competition, as it is used as an incentive for foreign companies to invest in the Irish Republic.
On rules for non-resident individual.
Capital Gains Taxation: Capital gains are taxed to the rate of 12.5%.
Main Allowable Deductions and Tax Credit: Offset of losses, transaction between affiliated parties, financing costs, bad costs, depreciation expenses.
Consult the list of Irish tax deductions.
Other Corporate Taxes: Stamp duties; Carbon tax at a rate of EUR15 per tonne; Withholding Tax

Individual Taxes

Tax Rate

Tax in EUR.	Individual income tax rates 2009
EUR 0-36,400	20%
EUR 36,401 and above	41%

Allowable Deductions and Tax Credit: Relief is given mainly in the form of a credit on tax payable. Most relief refers exclusively to Irish residents. You can consult the list of deductions.
Special Expatriate Tax Regime: Unless your income is relieved from Irish tax under the provisions of a double taxation agreement, it will be taxable in Ireland from the date of your arrival regardless of your Irish residence status for tax purposes.

Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed: See the list of Double taxation treaties
Withholding Taxes: Dividends: 20%, Interest: 20%, Royalties: 20%

Sources of Fiscal Information

Tax Authorities: Ireland Tax and Customs
Other Domestic Resources: Information on Ireland tax system

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Intellectual Property

National Organizations: Copyright Association of Ireland
Irish Patents Office
Regional Organizations: Copyright Office, Department of Enterprise, Trade and Employment
Industrial Property Office, Department of Enterprise, Trade and Employment Patent Office
International Membership: Member of the WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)

National Regulation and International Agreements

Type of property and law	Validity	International Agreements Signed
Patent Patent Act 1977	Long term patent: 20 years Short term patent: 10 years	Patent Cooperation Treaty (PCT)
Trademark Trade Mark Act 1994	renewable every 10 years	Trademark Law Treaty Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Design Design Patent	5 years, renewable for further periods of 5 years
Copyright Copyright & Related Rights Act, 2000	In most cases, copyright lasts for the creator's lifetime plus 70 years	Berne convention For the Protection of Literary and Artistic Works Rome ConventionFor the Protection of Performers, Producers of Phonograms and Broadcasting Organizations WIPO Copyright Treaty WIPO Performances and Phonograms Treaty
Industrial Models Industrial Designs Bill, 2000	5 years, renewable for further periods of 5 years, subject to a maximum of 15 years.

Legal Framework

Independence of Justice: The judiciary is independent.
Equal Treatment of Nationals and Foreigners: Yes
The Language of Justice: English and Gaelic.
Recourse to an Interpreter: Yes
Sources of the Law and Legal Similarities: - Brehon Law
- Constitution of 1937
- The European Communities Act, 1972 (provides that Treaties of the European Union are part of Irish law, along with directly effective measures adopted under those treaties)
- Acts of the Oireachtas
- Statutory instruments
All the Irish sources of law are available on the website of The Irish statute book
Checking National Laws Online: Constitution of Ireland

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Standards

National Standards Organizations

National Standards Authority

Integration in the International Standards Network

Classification of Standards

CE is the European certification mark. The Irish National Standards Body is the NSAI. Visit the website www.standards.ie to consult the list of Irish standards.

Online Consultation of Standards

National Standards Authority of Ireland (NSAI)

Certification Organizations

European Committee for Electrotechnical Standardization
European Telecommunications Standards Institute
European Committee for Standardization

Business Practices

General Information: Your guide to Ireland
Opening Hours and Days: Business hours: Mon-Fri: 9:00 a.m. to 5:30 p.m.
Lunch between 1:00 and 2:00 p.m.

Public Holidays

New Year's Day	1 January
St. Patrick's Day	17 March
Easter Monday	End of March
First Monday	in May, June, August
Last Monday	in October
Christmas Day	25 December
St. Stephen's Day	26 December

Periods When Companies Usually Close

Christmas	Between Christmas day and New year's day
Summer	July, August

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Ireland: Business Environment