Compared to other countries in Europe, Ireland's corporation tax is fairly low. While in most countries corporation tax subsidies stand at a staggering 20%, Ireland boasts of a subdued figure which is just 12.5% of the revenue of the entity.
It is possible for an individual shareholder or director to restore a company with the Registrar of Companies in Ireland after its dissolution. This can be done for different reasons, usually, people seek company restoration in order to garner a certain quantity of assets remaining in the entity.
The Process of Restoring a Company
Every legal business entity operating in Ireland is obliged to pay VAT, save for a few businesses and individuals who are exempted; fishers, farmers and a few others. VAT is added on to the value of services or products at each stage of production or distribution. It’s rather a clever structure set up by governments to make companies unpaid tax collectors. The upside to VAT is that if your business is VAT registered, you can claim a VAT credit from the Irish Revenue for the tax you paid to other VAT registered entities. Sadly final consumers can only pay VAT but they cannot claim it.
Double taxation often crops up when doing business internationally and can be such a headache to the modern business world. Swiss citizens contemplating of doing business in Ireland will be relieved to know of the 1965 standing treaty that prevents double taxation in the event where a legal entity carries out taxable activities in one of the two states.
The Irish and the Belgians have a long and remarkable history which stretches back from centuries old. To date, Belgium is Ireland’s third largest export market. One of the major reasons behind the two countries’ flourishing relationship is the Ireland-Belgium double taxation convention. The signing of this agreement has allowed Irish and Belgian residents to conduct business activities in the two countries without facing fiscal evasion or double taxation.
Over the years, Ireland has grown to be one of the best investment destinations in the world. This is credited to its business-friendly laws and low corporate tax rates.
