Ireland was named the third most competitive economy among the 64 measured in the 2023 World Competitiveness Ranking (WCR). It's an impressive feat, a testament to the tireless work of all individuals operating within Ireland's business ecosystem, and certainly a news item that deserved more attention than it received.

Recently Revenue have sent more than 20,000 letters to non-resident landlords and their collection agents, informing them of the upcoming changes to the administration of withholding tax for non-resident landlords.

Effective from 11th June 2023 (originally 23rd April 2023), directors are required to include their Personal Public Service Number (“PPSN”) when filing certain forms with Companies Registration Office (forms A1, B1, B10, B10a and B69) .

Revenue have issued an updated tax and duty manual in respect of pre-letting expenditure on rented residential premises.

Taxpayers need to be aware of the restrictions on allowable pre-letting expenses when calculating their rental profits. We set out below a summary of the updated guidance.

As an innovation enthusiast who's always chasing the next wave of improvements to help our clients and business, I've been pondering this week about the thrilling world of generative AI. While I'm enthralled by the potential transformative impact this technology could have on our lives and businesses, I can't ignore the growing pangs that this nascent field is currently experiencing.

IPASS 2023 conference featured keynote speakers and panel discussions by renowned experts and thought leaders in the payroll industry. It has provided valuable insights into emerging trends, technological advancements, and regulatory changes impacting  payroll in the near future.

Sam Zell passed away last week. For those not familiar with Sam, he was a legendary figure in the world of American investment. Sam was much more than just a successful businessman; he was a visionary and a thought leader who inspired many with his wisdom, approach to business, and his incredible ability to understand the intricacies of market dynamics.

Global interest rates are currently a hot topic as our main trading markets in the UK, Europe, and the USA have all seen rate increases in the past few weeks, with predictions of further hikes on the horizon. This strategy, employed by central banks, is causing significant instability in the financial sector.

The bank deposit guarantee scheme is a financial safety net designed to protect depositors' funds in the event of a bank failure. It ensures that depositors have access to a certain amount of their deposits, even if the bank becomes insolvent or unable to meet its financial obligations. This protection is provided by government-backed agencies, which vary by country or region.

Our NKC tax Book for 2023 has arrived. It provides a useful guide to the Irish tax system showing all updates and changes in tax regulations for 2023.

We’ve pulled out a few of the most significant changes that have come to place this year

We took some time out to sit down with NKC founder Neville Kavanagh. A veteran in the business world. Neville is a fountain of knowledge, having weathered the storms of entrepreneurship and navigated the ever-changing tides of not just our own industry, but those of our clients too.

The Markets Insider circular in the provided link offers valuable insights, making it abundantly clear that we can expect more banks to fail in the near future. President Joe Biden was swift in addressing the issue, emphasizing that there would be no bailout and that taxpayers' money would not be put at risk during this crisis.

The recent news of the sudden collapse of the prominent Silicon Valley Bank has caused a great deal of concern among financial experts and the general public alike, leading to growing fears of a financial contagion that could potentially spread to other regions and countries.

Is London still a financial centre for stock listings and world finance? Since Brexit is the reality, that the focus is shifting to New York and other markets? – How does this impact Irish businesses attempting to list/raise finance?

Changes to the Companies Act 2021 will require Directors of all Irish registered companies to supply their Personal Public Service Number (PPSN) to the Companies Registration Office (CRO).

The Government has confirmed that the 9% reduced VAT rate for the hospitality sector has been extended to 31 August 2023. The reduced VAT rate will return to 13.5% from September 2023. Along with this, the Temporary Business Energy Support Scheme (TBESS) will be extended to the end of May 2023.

A very interesting week ahead as Ireland’s economic outlook remains subject to uncertainty due to trade developments related to the implementation of the Protocol on Ireland/Northern Ireland. Furthermore, the performance of multinational corporations could swing growth in either direction.

Interesting from the Financial Times last Friday regarding the outlook on the cost of energy and the impact of the conflict in Ukraine.

Following an announcement by the government in June 2021 of plans to establish a statutory sick pay (SSP) scheme, a draft Sick Leave Bill was published on 5 November 2021. On 13 July 2022, the Bill was passed by the Oireachtas. And on 20 July 2022, the Sick Leave Act 2022 became law.

The Temporary Business Energy Support Scheme (TBESS) has been introduced by Finance Bill 2022 to assist businesses with increased energy costs over the winter months. Businesses can now register for this scheme through ROS and the portal to claim repayments will open next Monday 5th December 2022.