Feature Article
Annual Dinner 2017 - SOLD OUT!



We are thrilled to announce that our Annual Dinner 2017 is now sold out! The black-tie dinner - the biggest business bash in the country - will take place in the Convention Centre Dublin next Thursday evening (5th October). The keynote speaker for the event is First Minister of Scotland, Nicola Sturgeon. We look forward to seeing you and your guests on the night. For further information, contact carol@dublinchamber.ie.


Modernising our PAYE system will not be without pain, say PwC
 

 

Real Time Reporting (RTR) will come into effect for employment taxes and payroll compliance on 1 January 2019. It is the most significant reform of the PAYE system in over 50 years. Doone O'Doherty, Tax Partner, People & Organisation, PwC tells us what this will mean for business.


Modernising our PAYE system will not be without pain

By Doone O’Doherty, Tax Partner, People & Organisation, PwC

 

What is RTR?

 

Employers will be required to report pay, tax and other deductions, as well as details of employees leaving their organisations, at the same time as they run their payroll.

 

In effect, RTR signals the end of the P-Forms: no more monthly P30s or annual P35s, no more P45s or yearly P60s.

 

Surely all I need to do is update my payroll software?

 

No. Revenue describes the proposed move as a "fundamental change ... for Revenue and employers". Revenue’s view is that there will be a "significant business process change and change management exercise to be completed...for Revenue and employers alike". 

 

Post 1 January 2019, the PAYE landscape will be vastly different, with the responsibility being on employers to supply the relevant payroll data to Revenue at the same time as employees are paid.  The consequences of not doing so accurately and on time will likely mean penalties for non-compliance as well as more focussed Revenue audit and ‘non-audit’ interventions.

 

So what should I be focussing on?

 

RTR is not a payroll processing matter.

 

The quality of the data provided to payroll is one of the most crucial issues.

 

Employers need to ensure that their data is accurate, reliable and up to date. Revenue has already embarked on a data alignment exercise -  phase 1 of this saw Revenue contact approximately 400 employers regarding their P35L returns for 2016. These returns contained employees who were never previously registered as working with the relevant employers. We understand that the next phase of this exercise will commence shortly.

 

Companies with globally mobile workforces need to pay particular attention to the requirements of RTR. Mobile employees generate a significant amount of data for their employers. In particular, the payment of bonuses and the delivery of share awards are times of significant data assessment and payroll communications. The onus is on the organisation to process and report the right tax deduction, at the right time, for the right employees, in the right location. This will bring particular challenges, in terms of data capture and payroll processes as well as ultimate tax compliance.   

 

What’s the benefit for Revenue from all of this?

 

Under RTR, Revenue will have substantively more information (and indeed more detailed information) from payroll reporting than at present.  And we know that Revenue is already planning to use this information. All data received by Revenue, including corrections and the timing of submissions, will feed into Revenue’s risk analysis systems and allow for more accurate tax compliance risk analysis.

 

 

Who should I be speaking to in my organisation?

 

Payroll brings together a wide range of different information types and sources, from personal employee data to salary/bonus/share award reporting as well as benefits such as medical insurance and pensions. It is not surprising, therefore, that responsibility for employment tax often lies with many areas in an organisation.  The communication process will, therefore, be very important.  Organisations will need to be fully aware of and collaborate with all stakeholders in their organisation’s employment tax universe – this could involve all or some of the following: payroll managers, HR, Finance, Tax and team leaders making decisions in relation to ad hoc benefits and working arrangements. 

 

RTR will present a significant business process change and we urge businesses to start planning immediately.  

 

 

 

Dublin 2050: Experts Discuss the Future of Cybersecurity



Increased connectivity and the digitalisation of infrastructure represent significant opportunities for citizens - but they also leave people and businesses open to cyber-attacks. Attendees at our latest Dublin 2050 event, sponsored by Fujitsu Ireland, heard from a panel of experts on the steps required to to protect ourselves, our businesses and our cities from potential attacks. Read on for a full summary of the event.


Dublin 2050: Experts Discuss the Future of Cybersecurity


A smart city, automated cars, transhumans. What kind of technology do we expect to see in the Dublin of 2050?

Thirty years may be a short time to develop vital infrastructure, but it’s a lifetime in cyberspace. “In the cyber world, 2050 is ten to nine tonight,” said Dublin Chamber director Aebhric McGibney in his introduction to the latest event in the Chamber’s Dublin 2050 series.

We are racing at intimidating speed into uncharted territory. It’s an exhilarating ride, throwing up plenty of opportunities, but it also poses many dangers. At last Thursday’s event at the Westbury Hotel, expert speakers Michael Gubbins, head of the Garda Cyber Crime Bureau, and Paul C Dwyer, president of the International Cyber Threat Task Force, provided some fascinating insights.

Tony O’Malley, CEO of series sponsor Fujitsu Ireland, said recent technological advances had unlocked huge potential: the move from basic internet to mobile services, wearable devices, smart cars and the current transition into robotics, AI, automation. However, these exciting developments come with a rider: the more we move into a digital world the more value that resides there, and the more motivation for criminal activity. “We’re at a bit of a crossroads,” he said. “Are security concerns now the greatest barrier to technological advancement?”

 “We’ve done a deal with the devil,” said Dwyer. “We want all of the data, anytime, anywhere, on any device, and now we’re going to pay a price … People want to create new business models, new customer models and so on but the trade-off is security.”

Who might attack you and why?  It can be criminals after your money or, what’s far more valuable, information. It can be ideologically motivated hacktivists trying to cripple your system. It can even be nation states spying on your business methods as a part of an ongoing political battle for economic advantage.

In some instances, it’s the same old story. Old crimes, new tools. “There will always be fraud, just different ways of doing it,” said Gubbins. “Years ago, criminals used the phones and faxes. That was new technology at the time. They’re using emails now. But they’re still socially engineering people … I don’t think that is going to change.” Likewise, bitcoin is just another form of currency to forge.

 

A moving target

However, there are also fundamental differences. “In the physical world if your laptop is stolen, you’ll notice it’s gone,” said Dwyer. “The Garda will investigate, someone may see the thief and they’ll end up in court. In the cyberworld, if somebody steals from you, you may not even notice because they will copy your data.” [You can have an intruder hopping in and out of your system for a year or more without your knowing, siphoning off information or biding their time until they decide to make a crippling attack.]

Also, perpetrators are far more elusive, based in any location, hiding behind sophisticated encryption software: “Imagine you’re a victim of cybercrime here: but actually your servers are somewhere else, and the IP address for that attack came from another country; and if it’s a DDoS or ransomware and you’ve paid up, the funds went somewhere else… we’ve only got a small bit of the picture,” said Gubbins

What can go wrong?Apart from ransomware, you can have invoice redirection, or a distributed denial of service (DDoS). “It’s not pleasant to come in some morning to find out none of your customers can come online to you. You can’t carry out your business; you’re dead in the water. Why? Because maybe you didn’t invest that few bob in putting a mitigation service in place.”

Data breaches can crush a company’s reputation overnight. If there is an incident, “It’s going to get out there faster than you’d think because people talk; they’re going to go and put it on boards or Twitter: ‘can’t get through to X, something’s happened there’.”

Ironically the problem is directly linked to the success of our technology, its popularity. Gubbins pointed to the plethora of mobile devices we use, the multiple users of common networks, open wifi services. “Your surface area for attack has just gotten bigger and bigger.”

“We don’t have a ‘lean process’ in relation to data: we love creating it, storing it, keeping it… Irish people used to be very good at minding their own business, but now we like to tell everybody where we are, what we’re doing.”

This greed for data, combined with our lax attitude to sharing information about ourselves, reusing  passwords etc is like leaving a full wallet hanging out of your back pocket. “Data is the new cash,” said Dwyer. “Data you can sell many, many times”.

“Everything has a value. It’s not just your credit card details. It’s you, your personage,” said Gubbins. “Look at Equifax: 140-odd million peoples’ data accessed. No cash but their details are all in there; all that has huge value.”

Businesses need to understand their responsibilities to employees, customers, clients – even the general public. “You’ve occupiers’ liability if someone comes in off the street. It’s the same on your website: is the security up to date? Is it hosting malware, harvesting credentials?” 


Crime pays

“Criminals are essentially entrepreneurs” said Dwyer. “They will look at what’s involved in a scam, a project, an effort, and if they’re not going to get the return they move on; it’s a numbers game.”

However, it is not always as simple as this. More and more attacks are orchestrated by nation states colluding with criminals to spy on each other, often for economic gain. Advanced persistent threats (APTs) are generally caused by “a nation state of some kind that wants all of your industry information and you happen to fall in their crosshairs because you’re in that industry … Why spend billions on research and development when you can just work out how somebody has done it and how the business operates?”.

And there are other motivations: “WannaCry was not a criminal act. It was an act of warfare, because it was an act of disruption; it was not about money. … It was within 24 hours of Mr Trump releasing his executive order on cyber security; it was a fortunate distraction from what was going on with Russia because now they could blame north Korea. So there are geopolitical aspects to a lot of these things."

What we see of the internet is only the tip of the iceberg. The rest is what’s known as the deep web, part of which is the darknet. On the darknet criminals offer a priced list of services, from assassinations to accessing drugs. “You can’t ignore any of this because the guy who is hacking into your network is probably involved in some or all of these things: warfare, espionage, and straightforward cybercrime. These guys work together; they collude, they share information…”


So what can you do?

“Learn from the bad guys,” said Dwyer. “Share information, collaborate, train; help each other.”

“You’re going to have to come out from behind the moat and the wall and go if ‘I was a criminal what would I do?’ Start thinking of security by design,” said Gubbins. Build your defences, but always have a plan to respond rapidly to any incidents – the quicker you deal with them, the less damage that’s done.

The only way society will beat cybercrime, he said, is through cooperation between “the three pillars” of law enforcement, industry and academia, at home and abroad. It’s a similar concept to community watch; to have each other’s back. He urged businesses to report incidents to the Garda. We need to get used to sharing information, because that’s exactly what the criminals do.


The human interface

Spear phishing is still the number one form of infection. At work people think their emails are safe. But firewalls and other security systems won’t catch everything. The criminals know that, so they play the percentage game: even if only 1% of 1% gets through, they’re going to make money. So create a culture of awareness within your company: monitor, educate, train your employees.

Nation state attacks also use spear phishing. It’s no problem to create the malware, but how do they get it on your system? Through people in your organisation – either malicious insiders, or innocent conduits unaware of the damage they are doing. “And that’s not going to change in 2050. It’s still going to be the human interface; the human being is either going to be a liability or your best opportunity: you decide.”

The good news, said Dwyer, is that most threats can be dealt with through basic cyber hygiene. “Anti-malware, patch your systems, strong passwords; that’s going to stop most of the threats that are hyped up out there. WannaCry would have been prevented through such things.”

The cyber threat is not the end of the world, said Dwyer. It’s just another business challenge. “Business people every day manage risk. It’s no different in relation to cyber. The answer lies in leadership.” And of course, there are all those opportunities to pursue.

“You look at financial services sector where they’re saying how can we use AI to improve our service, how can we use blockchain…machine learning, automation etc. That’s the entrepreneurial challenge, to embrace all of that but make sure that it’s wrapped up with cyber security.”

Investing in cyber security will also give companies a competitive edge. “If your company keeps getting hit, what’s going to happen? People are going to go somewhere else, they’re going to lose faith in you.”

The trick is to stir it in as a fundamental element in your company, rather than tack it on later. “It’s far, far more expensive to retrofit cybersecurity”. It’s not the icing on the cake, but a basic ingredient. “Bake it in, don’t add it on.”

 

 

 

More News
One Week Left to Hit the Home Run!
 

Our 2017 & 2018 Charity Partner Dublin Simon are hosting their first ever Simon Home Run. Register your team to take part in the 5 mile race on 7 October 2017 in Phoenix Park and raise essential funds for homes. Read more for full details.


Sign up to the first ever SIMON HOME RUN

Get your company involved in the movement for homes!

As Dublin Chamber Charity Partner for 2017 & 2018, we’re asking Chamber members to get behind our first ever Simon Home Run.

For the past 33 years, the Dublin Simon Community have hosted the Fun Run in the Phoenix Park.

However, this 07 October 2017 as we come to the 34th year of the event the homeless situation is the worst we have ever seen. There is a need and an urgency to not only raise essential funds for homes but to also show solidarity with the thousands adults and children who are, as we speak, trapped in the despair of homelessness. We a need a change in direction…we must do more!

To do this, Dublin Simon have changed this year’s event to the Simon Home Run. They are asking you to hit the pavement and come together, not just for fun but for Homes! We hope that the strong message for homes will inspire people to join the movement against the homeless epidemic and turn up to the Phoenix Park on 07 October in your thousands.

The Simon Home Run will retain much loved qualities such as the five mile run/walk, entertainment, food and kids activities. However, additional happenings on the day will reflect the new event. 


Register Now

To speak to one of the Simon team about getting involved and organising a fun and meaningful day out, please contact JenniferKitson@dubsimon.ie.  

The gravity of the housing and homeless crisis, as well as the level of response that’s required from Dublin Simon Community to meet the unprecedented need for accommodation and support, requires this year’s event to top all others; and for that we need your help.



Pinnacle Programme: Session 1 Recap
 
The first roundtable session of the Pinnacle Programme took place recently with Bob Lee, Founding Director of A Great Place to Work UK & Ireland. The Pinnacle Programme is a new support initiative for owner-managed SMEs, bring run in partnership with Crowe Horwath. To read a full summary of key learnings from this event, click here.
Planning Framework Published
 

The Government has released its draft National Planning Framework (NPF). The plan is open for public consultation until the beginning of November. Dublin Chamber will once more be making a submission. Please share your thoughts on the plan with us via policy@dublinchamber.ie.


The NPF is a plan for Ireland’s development to 2040, identifying locations for future population growth and infrastructure investment. The draft plan calls for 66% of future population growth to take place in the five cities of Dublin, Cork, Limerick, Waterford, and Galway, and in their surrounding suburbs. Dublin’s population is planned to grow by 25%.

 

In our submission to Government earlier this year, Dublin Chamber made the case for embracing urbanisation and supporting growth of Ireland’s capital into a city of international scale. We will be preparing a response to the draft NPF in the coming weeks and would very much welcome feedback from members to inform the response.

 

Please send your thoughts to policy@dublinchamber.ie by 27th October.

Taking Care of Business
30 State bodies and services ready to give expert help
 

A free one-stop-shop event for SMEs, ‘Taking Care of Business’, will take place on Wednesday November 8 in the Printworks Conference Centre in Dublin Castle; this half-day event is for those who own or manage a small business or are thinking of starting a new business.  


A range of State offices and agencies will give short presentations and will have staff on hand at exhibition stands to answer questions about key regulations and what assistance is available to your business. Areas covered will include:

  • Tax, employment and Health & Safety obligations
  • Legal requirements for setting up and running your business
  • Supports from enterprise agencies

 

The half-day event will be opened by Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD and also addressed by Minister of State for Trade, Employment and Business, Pat Breen TD. Information stands will be open throughout, allowing you to speak informally with staff from each of the bodies attending.  There will be three sets of presentations chaired by: Mary Rose Burke, CEO of Dublin Chamber; Linda Barry, Assistant Director of the Small Firms Association; and Dr Donal de Buitléir, Director of Public Policy.ie

 

To find out more about this unique event and to register, please visit www.takingcareofbusiness.ie. Attendance is free but early booking is strongly advised as numbers are limited.

 

 

‘Taking Care of Business’ is supported by SFA, Chambers Ireland, ISME, RGDATA, ACCA, IBEC, IDA, Construction Industry Federation and the Hardware Association of Ireland.

The twitter hashtag for the events is #supportforbusiness 

Upcoming International Events
 
 Our programme of International events gives members unique opportunities to expand into new and exciting markets. We work with a network of 600+ partner organisations in 60+ countries to offer members valuable opportunities. Check out our full programme of events to help you grow internationally.

Partnership Opportunities with ICT Companies from Eastern Europe 

Date: Tuesday 17 October

What's it all about: Dublin Chamber of Commerce, in association with USAID and Invest Northern Ireland are hosting a delegation of ICT companies from Albania, Bosnia and Herzegovina, Macedonia, Moldova, Serbia and Ukraine in October. There are 30+ companies (in eHealth, Cybersec, Traveltech, Fintech, Telecoms, etc) already confirmed to travel - see the growing list of participants here and register to attend the briefing and book B2B meetings. 

B2B Opportunities with Life Science and Medtech delegation from Pennsylvania - 18-20 October

Pennsylvania's Office of International Business Development will bring a delegation of 10 companies to Ireland to explore potential partnership opportunities from 18-20 October, if interested in meeting with incoming delegates or hosting them at your office for a meeting, please email international@dublinchamber.ie

 


Partnership Opportunities with China - Briefing & B2Bs 
Date: Friday 10 November

What's it all about: A delegation of 40 companies will visit Dublin on 10 November and wish to meet with potential partners. The full list of delegates so far can be viewed online here - sectors include finance, pharma, ICT, investment, energy, insurance, real estate and others. There will be briefing on the day, followed by B2B meeting opportunities.

 


Save the Date - Mission to Hong Kong

Date: Jan 2018

What's it all about: Mary Rose Burke, CEO and Brendan Foster, President of Dublin Chamber will lead a mission to Hong Kong on 13-20 of January 2018. This high level mission is being organised by Dublin Chamber of Commerce, the Ireland Hong Kong Business Forum, the Consulate General of Ireland to Hong Kong and Macau and Hong Kong Trade Development Council.


Past programme highlights included:

  • Free entry into the Asian Financial Forum (normal cost $1300)
  • Reception at the Consulate General of Ireland
  • Networking breakfast with members of th Irish Chamber of Commerce in Hong Kong
  • Business roundtable with key businesses operating in the Ireland-Hong Kong space
  • Site visits and briefings
  • Study trip to Guangdong to explore opportunities for Irish businesses in the mainland
  • Hong Kong races

if interested in participating, email stephanie@dublinchamber.ie

Business Ireland Q3 - Coming Soon!
 
The Autumn issue of Business Ireland - the quarterly magazine produced by the Chamber in association with The Irish Times, will be published on Wednesday 18th October. The magazine is distributed nationwide as a supplement within The Irish Times (circulation 70,000+) and offers an unprecedented reach. Read for details on how to advertise.
‘Business Ireland’ - now Ireland’s largest circulation business magazine, continues to go from strength-to-strength in 2017.

Published quarterly by The Irish Times, the magazine’s agenda reflects that of Ireland’s vibrant and innovative SME community. Covering topics relevant to Irish businesses today, from international concerns relating · Booking

  • Booking Deadline: Tuesday 3rd October 2017
  • Advertising Copy Deadline: Friday 6th October 2017
  • Publication Date: Wednesday 18th October 2017

to Brexit, US tax reform, EU regulations and global economic shifts, to more local issues such as rising energy costs, personal and business taxation, skills shortages, and infrastructure deficits, our mission is to bring top-class coverage of the topics & issues which matter most to Ireland’s business community.

The Q3 issue of ‘Business Ireland’ magazine is due to be published on Wednesday 18th October 2017 and key content themes will include: workplace wellness; pensions; the business of sport; commercial property; and a special focus on the southern region of Ireland.

Inserted into The Irish Times newspaper and surfaced at irishtimes.com, ‘Business Ireland’ circulation and readership reaches an unrivalled business audience, as follows:
  • Print Circulation: 62,423
  • Integrated Print / Digital Circulation: 77,657
  • Per issue Readership (Print or Website): 534,000
  • Per issue Readership (Print): 340,000

‘Business Ireland’ brings compelling and practical insights into current & emerging business and economic issues through a lively combination of expert opinion and feature articles written by our team of highly rated business journalists and we want you to be a part of it!

To avail of the special member advertising rates which are currently on offer and to find out about the tailored media partnership opportunities ‘Business Ireland’ can deliver for your organisation and which are now exclusively available to Dublin Chamber members, please contact The Irish Times Special Reports Team on 01 893 0000 or email jpatterson@irishtimes.com today.

Please note, key ‘Business Ireland’ October Issue project deadlines are, as follows:

*** See the recent July / Q2 issue of ‘Business Ireland’ at: http://www.irishtimes.com/special-reports/business-ireland-magazine ***
Maximise Your Membership
 
Are you looking for ways to better engage with the Chamber via your membership but not sure how? We are running ‘How to Maximise Your Membership’ workshops to teach you just that! We will provide advice and practical tips on how to network as well as a light lunch to keep you energised. The next session will run on Wednesday, October 18th, here in the Chamber. Get in touch with Grace if you have any questions: grace@dublinchamber.ie.
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