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The latest issue of Finance Dublin
The latest issue of Finance Dublin has a special focus on Ireland's forthcoming Budget, which has the potential of being one of the most important for many years. The cover feature surveys major Budget submissions published during the summer, which point to a consensus that there are opportunities to capitalise on the world-leading success of the Irish economy, and to seize new opportunities for fundamental reforms of the tax system to make Ireland more competitive, both for indigenous businesses and FDI.
One of the FDI jewels in the crown of Ireland's economy is the investment funds industry, the central focus of the latest issue of the Finance Dublin Funds Monitor where contributors focus on the challenges and opportunities arising from technology and AI in funds management, and write on as to how to deepen and develop the quality of servicing of asset management.
Alongside this, however, there are concerns being expressed by the industry about the unnecessary over-reach potentially arising from EU proposals to extend macroprudential regulatory requirements for the investment funds industry. These have been aired by EFAMA and commented upon by Irish Funds' CEO Pat Lardner, as detailed in this month's issue here. These concerns in the funds industry are paralleled by separate concerns arising in other sectors of the industry around potential regulatory over-reach in the areas of personal accountability by senior executives in financial services.
The Irish Tax Monitor this month provides its monthly wide overview of the Irish tax landscape, supplementing in individual insights by Roundtable members critical themes regarding tax administration brought out in our cover feature focus on the 2024 Budget Submissions, themes regularly addressed in the monthly editions of the Tax Monitor, such as the case for a Territorial Tax System.

In the latest issue of the Irish Tax Monitor
As a result of the latest BEPS guidance from the OECD new areas of concern are beginning to come into focus for stakeholders, with one such areas, aircraft lessor's ability to avail of BEPS SBIE examined in detail in this month's Irish Tax Monitor. Life insurance, and in particular the treatment of the Ireland-specific 'old basis business', is also raised as an area that requires guidance in relation to BEPS rules. Other topics featuring this month include ESG and the tax function; the EU's Carbon Adjustment Mechanism, simplifying Ireland's interest deductibility rules, VAT developments and the latest key TAC decisions.

The asset management industry's digitalisation drive
In the latest issue of Funds Monitor the panel examines areas of opportunity, such as tokenisation, and need, including in Transfer Agency with regards to the industry's digitalisation agenda with latest research showing managers' plans to deploy new technologies to tackle their key challenges, which include rising costs. Other topics include the future for private credit funds, the Irish Government's funds sector review, EU consolidated tape, ETFs and ESG standards.

'Ireland for Law' North American blitz featured Attorney General
"Ireland for Law" organised a series of seminars and conference attendances in the United States and Canada in September aimed at elaborating the attractions of the jurisdiction as the European Union's primary Common Law legal jurisdiction. It led with an address by the Attorney General at an Alma Mater of his, the University of Michigan, on September 6th, with the following teaser: "For more than two decades, Irish politicians, economists and legal scholars have commented on whether Ireland is 'closer to Boston than Berlin' in its orientation. The U.S. and Europe are often presented as offering competing visions of prosperity in liberal democracies, with different understandings of the role of government".

Sponsored Feature
Dublin hub accelerates Albany Beck's European growth
Albany Beck's Adam Kelly & Celia Johnson profile the financial services consultancy's growth in the Irish market having established a presence in 2018 and subsequently choosing Dublin as its European Hub. They outline the firm's business model, including its RTD model, areas of growth and future plans including the imminent launch of its fund administration academy.

The July issue of Finance Dublin
The latest issue of Finance Dublin analyses momentous developments in several areas - such as on tax, where the latest clarifications from the OECD on the details of the future BEPS corporation tax framework were issued in July. Also these include aviation finance, aircraft leasing, and its potentials, as well as insurtech , life assurance, asset management, and corporate finance - for example in relation to the new EU-wide mergers and acquisitions rules.

This sense of momentous change is also reflected in the Editorial entitled "The history of finance", and in the suggestions from a number of contributors to the Irish Tax Monitor, where they point to the opportunity that is developing for fundamental reforms to the regime of corporation taxation in Ireland, for example by moving to a Territorial tax system and the development of a domestic consolidated tax regime.

Prospect of double taxation for Irish-US multinational corporation tax payers addressed in the July issue of the Irish Tax Monitor
The prospect of Double Taxation of US corporates in Ireland has been raised by the American Chamber of Commerce in Ireland if the proposed QDTT to level up Irish corporation tax to 15% for qualifying (large) companies is not recognised as creditable foreign tax in the US. Writing in the latest issue of the Irish Tax Monitor, Louise Kelly, Partner, Corporate and International, Corporate Tax, Deloitte Ireland LLP (pictured) says: "both sides of the political divide in the US may coalesce around the need to give an FTC for the QDTT to ensure that US groups are not financially disadvantaged; it is perhaps the one aspect of Pillar Two on which it could be hoped that a consensus would be reached at an early stage".

Tax Strategy Group Papers hint at new hypothesis about the accelerating growth of Irish CT revenues
July saw the publication by the Department of Finance of data on the background to the 2024 Budget, in the Tax Strategy Group papers. This article puts forward a hypothesis positing why, after 2016, there has been an acceleration of the growth in the Corporation Tax yield.

ESG and Wealth Management
Regulators in Europe and further afield are moving to swiftly introduce standardised disclosure regimes for ESG for companies. Writing in the July issue of Finance Dublin EY's Fergus McNally (pictured) and Ger Crossan write that asset managers are increasingly embracing the opportunities that ESG demands and creates rather than shying away from the regulatory pressures surrounding it.

In the July Irish Tax Monitor
With the OECD publishing important detail on BEPS in July, this month's Irish Tax Monitor examines important aspects, for example double taxation possibilities arising between the US and Ireland. Also: how the global corporate tax regime changes will impact the funds sector and private equity. Also: the possibility of a domestic corporate consolidated tax regime, as suggested by Aircraft Leasing Ireland, and the question of reintroducing a territorial tax regime in Ireland is discussed. The interaction of a Qualified Domestic Top-Up Tax (QDTT), currently proposed by Ireland to meet BEPS obligations, and other jurisdiction's CFC regimes is analysed. Also, the announcement of a UTPR Safe Harbour, contained in the recent OECD guidance.

The June issue of Finance Dublin
The June issue has Ireland's investment funds industry as a central theme at its core. This follows the Government's announcement in April that is is undertaking a major Review of the industry starting with a public consultation this summer, with publication in the summer of 2024. In relation to the Review, 'Funds Sector 2030', the Minister for Finance, Michael Mc Grath TD, writing in this issue of Finance Dublin says : 'As a recognised global leader Ireland must seek both to shape and deliver best practice. This involves considerable work both domestically and also at EU level where the development of frameworks have been central to our growth but also globally where reflecting our success to date we are playing an increasing important role in shaping the future of the sector'.

This month's issue includes the quarterly Finance Dublin Funds Monitor, where the Government Review is discussed, and an article which features comments relevant to the Review from a number of leading industry figures. Elsewhere there is analysis by McCann Fitzgerald partners Judith Lawless and Josh Hogan of the significance of the MOU signed in the final week of June between the UK and the EU on financial services, an important analysis of the Individual Accountability Framework by EY thought leaders and the Irish Tax Monitor's latest issue.

The Minister's sentiments in relation to the 'Funds Sector 2030' Review is consistent with an overall economics strategy that has to take account of security and climate issues as well, including the issue of marine security as a North Atlantic jurisdiction. Some of the economic potentials of this for Ireland are explored in an article in the issue by the global head of sustainable finance at Danske Bank, citing the experiences of the Nordic countries in exploiting their offshore resources.

In the June 2023 Irish Tax Monitor
In depth analysis of DAC8, and important other plans from the EU Council and Commission, with the release of the Commmission's 'FAST' proposals for the Faster and Safer relief of excess withholding taxes, sweeping proposals on customs and VAT on 17th May 2023 when the European Commission put forward proposals, described by BDO's Philip Nolan, as 'the most ambitious and comprehensive reform of the EU Customs Union since its establishment in 1968'.

The Finance Dublin Yearbook 2023
The 2023 edition of the Finance Dublin Yearbook, the annual print & E paper snapshot of Ireland's financial services centre - including the world's 3rd largest funds centre, the 6th largest financial services exporter, and with our updates of the significant developments in the profiles of the top 500+ financial services companies and institutions in Ireland.

The Yearbook's 2023 Review & Outlook provides an overview of the 'state of the centre' - reflecting a year of exceptional progress as IFS industry in the jurisdiction of Ireland deepened and strengthened, despite the headwinds caused by monetary tightening in global financial markets. This is covered in a series of analytical articles in the publication, featured here.
The Yearbook contains the 2023 Finance Dublin Yearbook's Professional Services Guide, with its Who's Who of advisers and practitioners in the jurisdiction.
The full E-Paper edition can be accessed by subscribers HERE.

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