Feature Article
Putt It There- Last Chance to Book Your Spot!
 
The last few places are remaining for our Annual Golf Day! The event will take place at the stunning St. Margaret's Golf & Country Club on  Friday, 15th June.

Tee times are between 11am and 2.30pm. The golf will be followed by a BBQ at 7pm. Every team that enters will get free Tee-Box Sponsorship and leave with a free Dublin Chamber Golf Day goody bag. All monies raised will be donated to our officially nominated charity of the Year: Dublin Simon Community.
 
This event is kindly sponsored by O'Callaghan CollectionTo book email Carol carol@dublinchamber.ie.

International Export Documentation Course
 

Want to learn about the export and import procedures for growth markets? Join us for a one-day course on International Export Documentation Course on Wednesday 13th June, 9am- 4pm. 

 

This course is a must for those key personnel in any import/export companies and for those planning to trade with new international markets. This workshop will be lead by Austin Rutledge, CEO of Export Edge and Clarissa Francis, Export Edge. The cost to partake in this workshop is €450 for Chamber members and €490 for others. To book your place click here or for further information contact aoifengo@dublinchamber.ie


Leveraging Data Analytics in the World of Tax

 

The majority of Irish business leaders (70%) see data analytics as the emerging technology having the greatest opportunity. At the same time, nearly half (48%) said that the inability to exploit digital analytics is a threat to growth. 

 

John Murphy, Tax Partner, PwC tells us how further leveraging data analytics within tax functions can increase contributions to your bottom line.


Leveraging Data Analytics in the World of Tax
 
The majority of Irish business leaders (70%) see data analytics as the emerging technology having the greatest opportunity.   At the same time nearly half (48%) said that the inability to exploit digital analytics is a threat to growth.  This is according to PwC’s 2017 CEO Pulse survey.  Investing in Data Analytics is a strategic imperative and an immense opportunity having the potential to improve efficiency, create new and better user experiences and products and free up people to get involved in higher value efforts. 
 
Says John Murphy, Tax Partner, PwC: “There is a great opportunity, however, to further leverage data analytics within tax functions for greater contributions to the bottom line.”
 
Businesses have a huge opportunity to use data analytics in their tax functions to optimise data for greater insight and efficiencies.  PwC has invested heavily in people and technology to specifically help tax clients maximise the opportunities from their  data to improve tax reporting and business decision making.  PwC recently hosted a workshop showcasing new tax Apps, tools and interactive solutions to make tax work harder for businesses. 
 
Speaking at the event, John Murphy, Tax Partner, PwC Ireland, said: "Data is at the heart of tax and business strategic decision making.  The purpose of the event was to showcase the opportunities that data analytics can bring to tax functions, including optimising data assets and capitalising on untapped business intelligence."
 
Key drivers for companies to leverage tax data analytics include:
· The increasing trend nationally and internationally towards real time reporting in areas such as payroll and VAT requires companies to have a better handle on their data;
· The Revenue Authorities in Ireland have been investing heavily in people. skills and technology and are becoming more skilled in data extraction and analysis as part of their revenue audit techniques;
· With the increasing amount of time being spent by tax functions on data extraction to meet tax or financial reporting requirements, there is a desire to automate such processes so more time can be spent on value-added work;
· Tax functions have increasing amounts of valuable data.  This data can provide insights into how the company can manage the tax costs of people mobility, supply chains as well as maximizing the tax benefits in areas such as Mergers Acquisitions. 
 
Some key apps that were showcased were in the areas of mobility, VAT, corporate tax, employment tax, transfer pricing and Revenue audits as well as also sectoral specialisms such as aviation finance.  The showcase also highlighted how tax functions can benefit from the automation financial reporting, data extraction as well as the integration of tax with broader analytics processes. 
 
John Murphy added: “The key challenges in maximising data usage within tax functions include: the lack of easy access to clean and robust data; tax reporting systems not being optimised and multiple tax users making similar data requests absorbing time and goodwill with the IT function.”  
 
“The tax function and professional of the future will be more data savvy and companies also need to embed the power of data into their recruitment activities.”
 
More News
Are you a water user? We want your input.
 

Plans to standardise water rates will be unveiled in the coming weeks. What will this mean for Dublin, and for your business?

 

A consultation will soon take place to gauge business reaction and we want to hear from you. To make your voice heard, please email policy@dublinchamber.ie with ‘Water Tariffs’ in the subject line.


Irish Water has presented proposals for a new pricing system to the Commission for the Regulation of Utilities (CRU). This new ‘harmonised’ system is intended to replace the varying prices across the country with a new nationwide model for commercial water users. It will be made public before the end of June, along with plans for transition arrangements. A consultation will then take place to gauge business reaction. It is important that the voice of Dublin business is heard during this period.

 

Dublin Chamber wants to hear from you. What impact do water service charges have on your cost base? And what are you concerns facing into the new water tariff system?

 

To make your voice heard, please email policy@dublinchamber.ie with ‘Water Tariffs’ in the subject line.

Beijing-Dublin Mutual Investment Forum
 

This Forum commemorated the visit to Dublin by Mr. Cai Qi, Member of Political Bureau of the CPC Central Committee and concurrently Secretary of the CPC Beijing Municipal Committee.

 

Travelling to our shores at the invitation of Tánaiste and Minister for Foreign Affairs and Trade, Mr. Simon Coveney, Party Secretary Cai Qi led the trade mission of 20 Chinese companies. It was one of the highest level Chinese delegations to Ireland.


One of the highest level delegations to Ireland to date, the Beijing-Dublin Mutual Investment Forum was held this month, on the 11th of May in the Westbury Hotel.  The forum led by Mr Cai Qi (Secretary of the CPC Beijing Municipal Committee), heard from a number of keynote speakers including  Yue Xiaoyong ( Ambassador of China to Ireland), Julie Sinnamon (CEO of Enterprise Ireland), Eileen Sharpe (IDA Divisional Manager Growth Markets), Mary-Rose Burke (Dublin Chamber of Commerce), Domhnal Slattery (Avolon), and Dermot  O’Leary (Chief Economist Goodbody Stockbrokers). The event was aimed at strengthening links between Dublin and Beijing, through exploring areas of potential cooperation and how to improve trade and investment.

 

According to the Dublin Chamber of Commerce CEO, Mary-Rose Burke, there are numerous reasons for Chinese Investment in Dublin. “The Greater Dublin Area is the demographic, social, industrial, and economic heart of Ireland. As the engine of Ireland’s economy it is the ideal location for ambitious Chinese traders and investors. It is home to 40% of our population; it generates 53% of Irish GDP and accounts for 62% of tax revenue. Furthermore, Dublin is home to more non-Irish people than any other part of the country, with 21% of its residents born outside of Ireland. E.g. around two thirds of Ireland’s Chinese population live in Dublin.”

 

The forum, led by the Secretary of the CPC Beijing Municipal Committee, Mr Cai Qi, had been co-organised by the Dublin Chamber in partnership with the Beijing Investment Promotion Bureau. This is one of many events throughout the year that the Dublin Chamber acts as an important partner to develop and link gateways for Chinese companies to the European market.

 

Wen Chen of the Ireland China Science and Technology Association, (ICSATA) which was established in May 2017, spoke about the opportunities for both Irish and Chinese business that are available between the two countries. “Ireland now becomes the only native English speaking country in EU after the Brexit. The coming direct flight between Dublin and Beijing will significantly boost the business opportunities between Ireland and China. Starting in 2020, Chinese will be an optional course for middle school students in the country, and it will become an exam subject in 2022.”

 

Ms Burke of the Dublin Chamber shared her optimism for the future of European-Sino trade with reference to Ireland’s ideal platform for Chinese investment in Europe. “Ireland is a trading nation, and we are living proof of what open markets can achieve. Free trade is at the core of our economic strategy, and we will continue to make the case for it in the years ahead. While some tempted by protectionism, China has spoken up to defend benefits of trade.

 

We were heartened by President Xi’s speech to the World Economic Forum last year, when he defended the positive role of global trade in driving growth and raising living standards throughout the world. The One Belt, One Road initiative announced by President Xi in 2013 promises a major move towards economic integration and cooperation across Eurasia, with significant implications for EU members like Ireland.”

Our View on Local Property Tax
 

Taxes generated locally should be spent locally. That was the key message which Dublin Chamber sent to the Department of Finance in our submission on the Review of Local Property Tax (LPT).

 

 

Dublin Chamber’s submission can be read here.


Taxes generated locally should be spent locally. That was the key message which Dublin Chamber sent to the Department of Finance in our submission on the Review of Local Property Tax (LPT).

 

We highlighted the fact that Dublin has experienced one of the lowest levels of capital investment per person in Ireland, despite the widespread narrative about the capital city ‘getting too much’. To redress this, LPT should be retained locally and used to fund local infrastructure and services in Dublin.

 

We acknowledge the concern about revaluations in the context of house price inflation in Greater Dublin Area, and recommended that Government should aim for stability in the LPT burden. We have also suggested a way of freeing up vacant homes for the rental market by reforming exemption rules.

 

Dublin Chamber’s submission can be read here.

Dublin Simon Last Hour Appeal
 

Dublin Simon Community have launched a new appeal to help generate much needed funding to develop new projects and initiatives.

 

You can support Simon’s Last Hour Appeal by pledging to donate the last hour of your wages each month to support people who are homeless or at risk of homelessness. 


Last Hour Appeal helps Dublin Simon plan for the future

 

Dublin Simon Community have launched a new appeal to help generate much needed funding to develop new projects and initiatives.

 

You or your staff can support Simon’s Last Hour Appeal by pledging to donate the last hour of your wages each month for the coming year to support people who are homeless or at risk of homelessness. 

 

It is a simple way to support a good cause and it can be tailored to your own wishes. Perhaps you and your colleagues would like to donate the last hour of this year’s salary? If you’re a consultant why not donate one billable hour to an important cause? Whichever hour you give, your support will help us to continue and expand our services to help those in need.

 

To find out more, contact with Jennifer Kitson on 01 4722122 or email corporate@dubsimon.ie

Matchmaking Mission to Liverpool
 
Learn more about the latest AI, VR and AR technologies from industry leaders in Liverpool on June 27th and discover what solutions are available to your sector.
 
This is a free event organised by the Enterprise Europe Network and funding is available to cover flights and accommodation. Please contact Aoife at aoifengo@dublinchamber.ie if interested.

With small and medium-sized enterprises across all industries competing to be more efficient or innovative to remain in the game, all eyes are on technologies such as Artificial Intelligence, Virtual reality and Augmented Reality that will enable them to achieve this.

These technologies can be mind-boggling. Therefore Enterprise Europe Network would like to invite European SMEs to this unique event to:

  • Learn more about the latest AI, VR and AR technologies from industry leaders
  • Discover what solutions are available for their sector
  • Meet on a 1-2-1 basis with like-minded companies looking to develop or incorporate these technologies and develop new solutions

Date: 27th June 2018
Time: 9:00am - 11:00am
Venue: Exhibition Centre Liverpool, UK
 
This is a free event organised by the Enterprise Europe Network and funding is available to cover flights and accommodation up to the value of £250*. Please contact Aoife at aoifengo@dublinchamber.ie if interested.


This event is aimed at developers of AI, VR and AR solutions and SMEs across a variety of sectors:

  • Wholesale & Retail
  • Travel
  • Arts, Entertainment & Games
  • Manufacturing
  • Information & communication
  • Professional services
  • Healthcare

#EENCanHelp
*Terms and conditions apply.

Tax Treatment of Professional Subs
 

New Revenue rules are threatening a reduction in the number of employees who hold multiple professional memberships in Dublin.

 

The rules mean that employer-paid professional membership fees may be taxed as Benefit-In-Kind unless they can be shown to be statutorily required for carrying out the duties of employment. We have made representation to the Revenue Commissioners to highlight this problem, informed by feedback from concerned members. We will continue to press for action on the matter in the coming months. Read our policy statement on this issue here.


Chamber News Roundup

**Ditch Your Carbon Cup Print**

We are delighted to be partnering with students from CBS Charleville Secondary School who are offering a solution to reducing the number of single-use cups in the workplace with their project "Ditch Your Carbon Cup Print".

 

The students received a Young Social Innovator award in 2017 and last month had their work recognised by the Mayor of Cork at a civic reception. Keep an eye out for the boys exhibiting at our upcoming events and their reusable cups in our office soon.

 

** Room Hire **

Looking for room hire in the city centre? We have some great room rates available for members here at 7 Clare St. Take a look at our rooms here and for further information contact  Ruthe@dublinchamber.ie.

** Dublin Chamber on Instagram **
Want a little more Dublin Chamber in your life? If you're an Instagram user, be sure to follow our account.

 

 


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