Details

  • Type: Press release
  • Date: 29/01/2013

KPMG Guides Assist Irish Business Expand in BRICS Markets 

29 January 2013

 

In developing country specific guides for each of the five BRICS markets - Brazil, Russia, India, China and South Africa – KPMG has highlighted the tax and other issues to be borne in mind by Irish companies when considering investment decisions in these markets.

  • The BRICS countries represent almost 3 billion people, with a combined GDP of US$14.9 trillion and an estimated US$4 trillion in foreign reserves - see video.
  • Investment in the BRICS markets represent a diverse yet significant opportunity - given the need for Irish companies to expand so as to achieve scale.
  • See KPMG’s Expanding into BRICS video:  http://youtu.be/Wyy7nX1rysg

 

The government has encouraged Irish companies to look at BRICS countries as a largely untapped opportunity. And, speaking at the launch of the guides, KPMG Tax Partner, Sharon Burke, observed that though "Government support for Irish business looking to the BRICS markets has been well flagged", the "potential benefits of overseas expansion are clear but the serious pitfalls may be hidden". In that context she held that "these specially tailored guides with their country specific information will be a useful resource for Irish business as they look to expand internationally".

Personal Tax Incentives

Sharon Burke also highlighted the personal tax incentives for those working for Irish companies in BRICS countries: "The government introduced a Foreign Earnings Deduction Incentive some time ago. This is a relief currently available to Irish-based individuals spending part of their working time in BRICS countries. Where an individual meets the qualifying criteria for the Foreign Earnings Deduction, the income they receive in relation to their work-days in the overseas location may be exempted from Irish tax".

 

In a further comment, she noted that "the recent extension of relief under the Foreign Earnings Deduction is a welcome addition to the last budget and is aimed primarily at companies expanding into these locations".

Notes to Editors

  • The KPMG guides and video are available here.
  • If you wish to use the expanding into BRICs video. please copy the embed code found here: Link
  • KPMG has offices in Dublin, Belfast, Cork and Galway, a long-established presence in Brasilia, Moscow, New Delhi, Beijing and Pretoria, and offices in all the other leading cities in the BRICS countries.

About KPMG

  • KPMG in Ireland has 80 partners and 1,900 people in offices in Dublin, Belfast, Cork and Galway.
  • KPMG is a global network of professional firms providing Audit, Tax, and Advisory services.  We operate in 153 countries and have 145,000 people working in member firms around the world.  The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.
 

Press Office - contact us

David Deighan

David Deighan

Head of Communications

david.deighan@kpmg.ie

+353 1 410 2371

 

Suzanne Corr

Suzanne Corr

PR Manager

suzanne.corr@kpmg.ie

+ 353 1 410 4125