favicon    Nexus Taxation Insight

The consultation process initiated by the Irish Finance Minister, Michael Noonan T.D., on the tax treatment of expenses of travel and subsistence (“travel expenses”) for employees and office holders (i.e. directors) closes on Friday, 21 August 2015.  The objective of the consultation is to facilitate a review of the current tax law and practice in this area.  Recent guidance from the Irish Revenue Commissioners (“Revenue”) has led to considerable uncertainty as to the appropriate tax treatment of certain travel expenses.  In response, interested parties, including the funds industry, lobbied for greater certainty and fairer application of the relevant provisions which resulted in this consultation process.  The outcome of this process will be of interest to investment fund directors, particularly non-Irish resident directors travelling to Ireland to attend board meetings.