Latest news with #IFAC
Yahoo
3 days ago
- Business
- Yahoo
IFAC, Edinburgh Group launch tool to support SMEs
The International Federation of Accountants (IFAC) has launched an online tool to assist small- and medium-sized enterprises (SMEs) in integrating sustainability into their operations. IFAC launched this tool in partnership with the Edinburgh Group, a coalition of 16 accountancy bodies representing more than 1.3 million professional accountants worldwide. The Small Business Sustainability Checklist is an interactive resource developed for IFAC and EG members to share with their own members. It offers practical steps to enhance sustainability practices and future-proof businesses. The tool allows businesses to tailor it based on their industry sector, lifecycle, and products and services, according to IFAC's statement. It uses a simple self-assessment approach to score users' sustainability initiatives across environmental factors, social responsibility, and governance. The checklist also helps users identify risks and opportunities, which can inform a roadmap for improvement. IFAC CEO Lee White said: 'This checklist is a practical tool to help small businesses benchmark and track their sustainability efforts, providing the resources and guidance to help them take the first step or make progress from what they're currently doing.' With shifting global sustainability regulations, the tool arrives at a critical time for small and medium-sized practices aiming to support clients in managing sustainability risks and opportunities. 'This is all about building sustainable futures for both accounting practices and their clients, to face the global standards of today and tomorrow,' White added. The tool includes interactive videos with peer-led content, offering real-world examples from industry professionals. These insights share practical strategies and best practices to help accountants apply sustainability concepts to their firms and clients. Edinburgh Group chair Rajendra Kumar said: 'As a coalition of 16 accountancy bodies from across the world that is focused on supporting small- and medium-sized practices and entities, the Edinburgh Group expects this new tool will be hugely beneficial to those who use it.' "IFAC, Edinburgh Group launch tool to support SMEs" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Journal
7 days ago
- Business
- The Journal
The Irish Congress of Trade Unions wants the government to move away from corporation tax
THE IRISH CONGRESS of Trade Unions has called on the Government to end the 'over-dependence' on corporation tax receipts ahead of the today's National Economic Dialogue. The National Economic Dialogue is taking place at Dublin Castle this morning. The congress (ICTU), which represents over 800,000 workers across Ireland, said that the country's current economic model is 'unsustainable' and called on the Government to use Budget 2026 to put the economy on a 'firmer footing'. Last week, the Irish Fiscal Advisory Council echoed similar sentiments. Launching its Fiscal Assessment Report, the Council's chair warned of the current volatility of Ireland's longtime reliance on corporation tax as uncertainty arises from mooted tariffs from the US and further trade tensions. The ICTU urged Cabinet to build a new economic model that can deliver 'good jobs, improved living standards, and sustained growth'. Advertisement Its General Secretary Owen Reidy said that the government needs to end its reliance on the 'sugar rush' of corporation tax windfalls and start serious planning for the longer term. Corporation tax is likely to be higher than forecast over the rest of the year, IFAC's latest report found. This has been put down to BEPS reforms that mean groups with a turnover of over €750m will pay a 15% minimum rate of tax in every jurisdiction in which they operate. However, there is further uncertainty regarding the future of multinationals in Ireland. The IFAC has been unable to construct a medium-term forecast due to the department's failure to turn over spending profiles, as well as the government's refusal to commit to a fiscal rule, its chair Seamus Coffey told reporters last week. He said that this highlights that there is no medium-term plan or strategy apparent. Reidy today said that Ireland is facing 'significant wage inequality' alongside 'major infrastructure deficits'. 'Budget 2026 must mark a turning point by giving certainty and security to workers across Ireland. That means good jobs that pay well, a decent standard of living, as well as stronger public services. But it should also mean a shift in our economic model. 'In the coming weeks, the Irish Congress of Trade Unions will be setting out how we believe that can be achieved through a New Economic Model, and today at the National Economic Dialogue we will be bringing that message to Ministers,' he said. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
BreakingNews.ie
10-06-2025
- Business
- BreakingNews.ie
Corporate tax set for further short-term boost, fiscal watchdog says
Booming corporate tax receipts could grow further in 2025 and 2026, even as the threat of potentially damaging tariffs hangs over the volatile source of revenue, the State's independent fiscal watchdog said on Tuesday. A six-fold jump in corporate tax revenue since 2014 to €28 billion last year, or 29 per cent of all tax collected – even before an extra €11 billion of Apple back taxes is included – has handed the Republic one of Europe's healthiest public finances. Advertisement While the Department of Finance expects the taxes that are mostly paid by US multinationals to fall by 2 per cent this year and return to 2024 levels in 2026, the Irish Fiscal Advisory Council (IFAC) sees four factors why they could, instead, increase. Firstly, it said the department's estimate that global tax reforms agreed five years ago would reduce corporate tax revenue by €2 billion a year from 2026 was not credible and that they will likely add around €3 billion from 2026. The first part of the OECD-led reforms that the Government expected to divert corporate tax receipts to other countries has not been implemented, whereas the State has been forced to increase its low corporate tax rate to 15 per cent from 12.5 per cent for larger companies. IFAC said that many of the main corporate taxpayers – based in the technology and pharmaceutical sectors – were not currently impacted by US tariffs and expected their global profits to increase this year. Advertisement Ireland Which counties pay the most in taxes and which sec... Read More A 154 per cent year-on-year jump in Irish pharmaceutical exports in the first quarter, as some US drugmakers with Irish plants reported stocking up ahead of threatened tariffs, may separately lead to higher corporate tax payments this year, IFAC said. Finally, the exhaustion of capital allowances some firms used when they moved valuable intellectual property assets to Ireland could potentially add "billions" of euros more in corporate tax in the coming years, IFAC chair Seamus Coffey added. Mr Coffey said IFAC did not see any downside risks to the tax take in the short term, based on broad macroeconomic trends and the current tariff regime. "We don't see it but it doesn't mean it's not there. That's down to the profitability and decisions these companies make," Mr Coffey told a news conference.
RTÉ News
10-06-2025
- Business
- RTÉ News
'Poor budgeting' - Government spending rising faster than expected, warns IFAC
The State's independent financial watchdog has warned that Government spending was rising much faster than planned. The Irish Fiscal Advisory Council said "poor budgeting" was mostly to blame. It said current spending is up 6% so far this year, which was well above the 1.4% outlined in the Budget. It added: "This is because earlier overruns weren't properly built into the latest forecasts." It said while the Government is running a surplus, if excess corporation tax receipts and recent economic buoyancy were stripped out, there was a structural deficit equivalent to €2,500 per worker. It also called for the Government to set spending ceilings for each Department as it was legally required to do. The council was critical of the Government for not setting out any clear plans for a domestic spending rule - which would outline a limit for spending increases. It said: "With forecasts covering only the next 20 months, Ireland still lacks a proper medium-term fiscal strategy." It has also called for the Government to use budgetary policy to reduce the ups and downs of the economic cycle. It said: "This means showing restraint when the economy is strong. It also means providing support when the economy is struggling." IFAC Chairman Seamus Coffey said: "The Irish economy is in a strong position going into a period of uncertainty." The council has also predicted that the revenue from corporation tax is likely to increase in the short term. It said this was due to corporation tax going up for large companies from 12.5% to 15%. It added that it would also rise as pharmaceutical companies had been excluded from US tariffs so far and exports from drug companies had recently risen significantly.
Reuters
10-06-2025
- Business
- Reuters
Irish corporate tax set for further short-term boost, fiscal watchdog says
DUBLIN, June 10 (Reuters) - Booming Irish corporate tax receipts could grow further in 2025 and 2026, even as the threat of potentially damaging tariffs hangs over the volatile source of revenue, the country's independent fiscal watchdog said on Tuesday. A six-fold jump in corporate tax revenue since 2014 to 28 billion euros last year, or 29% of all tax collected - even before an extra 11 billion euros of Apple (AAPL.O), opens new tab back taxes is included - has handed Ireland Europe's healthiest public finances. While Ireland's finance ministry expects the taxes that are mostly paid by U.S. multinationals to fall by 2% this year and return to 2024 levels in 2026, the Irish Fiscal Advisory Council (IFAC) sees four factors why they could, instead, increase. Firstly, it said the finance ministry's estimate that global tax reforms agreed five years ago would reduce corporate tax revenue by 2 billion euros a year from 2026 was not credible and that they will likely add around 3 billion euros from 2026. The first part of the OECD-led reforms that Ireland expected to divert corporate tax receipts to other countries has not been implemented, whereas Dublin has been forced to increase its low corporate tax rate to 15% from 12.5% for larger companies. IFAC said that many of Ireland's main corporate taxpayers - based in the technology and pharmaceutical sectors - were not currently impacted by U.S. tariffs and expected their global profits to increase this year. A 154% year-on-year jump in Irish pharmaceutical exports in the first quarter, as some U.S. drugmakers with Irish plants reported stocking up ahead of threatened tariffs, may separately lead to higher corporate tax payments this year, IFAC said. Finally, the exhaustion of capital allowances some firms used when they moved valuable intellectual property assets to Ireland could potentially add "billions" of euros more in corporate tax in the coming years, IFAC chair Seamus Coffey added. Coffey said IFAC did not see any downside risks to the tax take in the short term, based on broad macroeconomic trends and the current tariff regime. "We don't see it but it doesn't mean it's not there. That's down to the profitability and decisions these companies make," Coffey told a news conference. ($1 = 0.8760 euros)
