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Taxation of an LLC in Ireland

Updated on Friday 02nd February 2018

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Taxation-of-an-LLC-in-Ireland.jpgA limited liability company (LLC) in Ireland is liable to taxation, just as any other business form registered in this country. However, the taxation scheme can vary as, for example, the Irish sole trader may not qualify for certain taxes applicable to the LLC. Those who want to open a company in Ireland under a LLC will be imposed with the corporate tax rate, which is currently applicable at the rate of 12,5%. Our team of consultants in company formation in Ireland can offer in-depth advice on the taxes available for this structure and on the manner to register for tax purposes with relevant authorities. 
 

Tax advantages for an Irish LLC 

 
LLCs can benefit from numerous tax advantages. The regulations for company registration in Ireland provide tax advantages for newly formed companies. Thus, startup companies registered as LLC can benefit from a tax exemption on the corporate tax for a period of three years, provided that certain conditions are met. Our team of specialists can offer in-depth assistance on this regulation. 
 
This tax relief is granted only to specific business forms, including the LLC. A partnership or a sole trader can’t qualify under this regulation. 
 
This regulation can apply depending on the social charge (a tax system applicable to social security) available for a specific employer. The corporate tax relief is available for specific industries, as presented below. 
 

Corporate tax relief in Ireland  

 
The relief on the corporate tax in Ireland is available for Irish LLCs registered in the following business sectors: 
 
investments in renewable energy;
investments in film projects;
research and development sector
 
Interests and royalties are also not subjected to corporate tax.
 
According to the accounting principles in Ireland, companies have to submit specific financial documents with the local authorities, providing up-to-date information. In this sense, it is necessary to draft financial statements
 
Legal entities must also pay employees' taxes on their income, a requirement available for the company’s director(s) as well. The latter party has to submit tax returns on a yearly basis
 
Other taxes can apply to Irish LLCs and businessmen may contact our team of agents in company registration in Ireland for further assistance. 
 

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