Ireland makes tax changes
Ireland’s recently published Finance Bill 2022 proposed changes to the required reporting of funds, VAT treatment of management services and the procedures applicable to enforcement.
Published on 18 October 2022, the Irish minister for finance, Paschal Donohoe, said of the Bill it “contains a number of administrative changes to the tax code, reflects recent international developments, and seeks to protect and enhance the integrity of our tax code.”
VAT treatment of management services
The bill extends VAT exemption for management of UCITS and AIFs to ‘equivalent funds’, namely UCITS and EU AIFs authorised by the relevant authority of another EU Member State.
The measure will only negatively impact on the VAT recovery position of Irish fund managers and administrators.
Categories: NewsFundraising & fund structuringDomicilesOutsourcingFund administrationRegs & ComplianceDomicileRegulatory updateTax