For over 20 years we have engaged the services of Parfrey Murphy (Chartered Accountants) to act as the external payroll provider to our Irish (HQ) operation…. In that period I can attest to Carbery having received an excellent service…. We have no hesitation in recommending Parfrey Murphy as payroll service providers.Colm Leen
Since 2006 we have outsourced our entire accounting function for our 3 locations in Ireland to Parfrey Murphy….We are delighted that we selected PM to carry out the above work…. They are extremely professional…. I would, without hesitation, recommend Parfrey Murphy to any potential outsourcing client.Jackie Gorman
We would like to thank Parfrey Murphy for providing us with invaluable information and assistance in the organisation of our tax returns…Dermot Harrington
I first engaged Parfrey Murphy as my accountants in 2008. This has proven to be extremely helpful to my business. From carrying out my annual accounts and a number of other services during the year they have been both proficient and professional at all timesAndrew Mackin
Income Tax Reliefs and Exemptions
The following are examples of some generous reliefs and exemptions under the Irish tax code.
Certain earnings of individuals who are determined by the Revenue Commissioners to have produced a work or works generally recognised as having cultural or artistic merit are exempted from Irish income tax.
Income from a qualifying patent paid on or after 11 April 1994 is exempt where the royalty or other sum is paid in respect of:
(i) a manufacturing activity of a company or of an incorporated enterprise whether that activity is carried on in the State or elsewhere, or
(ii) a non manufacturing activity to the extent that the income arises from bona fide third party payments. The exemption can also apply to dividends paid out of “manufacturing activities” and bona fide third party exempt royalties in respect of “eligible shares” in a patent company.
Irish remittance basis of taxation
Up to 31 December 2007 an individual who was tax resident in Ireland but not ordinarily tax resident and/or not domiciled in Ireland was liable to Irish income tax in full on his income arising in Ireland and the U.K. and on “foreign income” only to the extent that it is remitted to Ireland. With effect from 1 January 2008 the remittance basis has been extended to U.K. source income which means that U.K. source income is deemed “foreign income” and is only liable to Irish income tax if it is remitted into this country. Only non domiciled individuals who are Irish tax resident can take advantage of the remittance basis now.
Profits or gains from the occupation of woodlands managed on a commercial basis and with a view to the realisation of profits.
Other income tax reliefs exist in relation to the purchase of tax incentive properties and investments in Irish companies under the Business Expansion Scheme and Seed Capital Scheme.
Please note that there are limitations on the use of these reliefs.
Related Article: VAT on Property Rules
Please call Noel Murphy today on 021-4310266 if you require further information on income tax reliefs and exemptions or to arrange a free consultation.