Minister Donohoe outlines measures to support individuals and businesses impacted by COVID-19 The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, today (Wednesday) welcomed the ongoing work of the Central Bank of Ireland, Banking and Payments Federation Ireland (BPFI), and the Revenue Commissioners to support customers in difficulties due to COVID-19. “Today, I had a constructive meeting with the five CEOs of our retail banks and with Banking and Payments Federation Ireland (BPFI). I note that a meeting will also be held with the Central Bank tomorrow. I welcome the ongoing work that is taking place to assist customers who are impacted by COVID-19. “The proposed actions by the banks will build on the government response, and the European Central Bank’s monetary and regulatory policy measures to deliver real support to individuals, SMEs and companies in these difficult times. These actions are the translation of European and national policies into individual supports that best assist the needs of our bank customers in the period ahead.” Support for Bank Borrowers The banking sector’s coordinated approach to supporting customers whose income has been impacted by COVID-19 is to be welcomed. The range of supports proposed by the BPFI, and to be discussed with the Central Bank, are customer focused so as to cater for the different impacts of COVID-19 on each individual customer. These proposals include: flexible arrangements, including a payment break for mortgages and other loans. Customers affected by COVID-19 must contact their bank to discuss the flexibility available to them, including the possibility of a payment break of up to 3 months support for buy-to-let bank customers with tenants affected by COVID 19 – customers with rental property in which the tenants are adversely impacted by COVID-19 will also be provided with flexibility including with an opportunity to seek a payment break of up to 3 months, which will allow them to exercise due levels of forbearance to their tenants extensive supports for SME customers – banks are working to ensure a wide range of credit, cash flow and supply chain supports are offered to businesses who are trying to manage the pressures arising from COVID-19. A deferral of up to 3-months on loan repayments will be of assistance to many businesses in addition, the banks are adopting a customer-focused approach to these businesses with a wide variety of tailored supports including extensions of credit lines, risk guarantees, and trade finance These supports complement the range of Government supports available through the  Strategic Banking Corporation of Ireland. Customers facing difficulties due to COVID-19 are urged to contact their bank as soon as possible to make alternative arrangements that will assist them to come through this difficult period. Banks will work to ensure that these supports are made available to borrowers in a straightforward manner and aligned to the processes rolled out by the  Department of Employment Affairs and Social Protection. Central Bank Prudential Policies The Minister welcomes the Central Bank’s decision to reduce the Countercyclical Capital Buffer, from 1% to 0%. This decision will free up bank capital that can be used to provide credit, and to restructure and extend the loans of bank customers, both individuals and SMEs. The release of this regulatory buffer by the Central Bank in this time of need shows the importance of the Central Bank’s introduction of the buffer two years ago in stronger economic times. The impact of the reduction of this buffer to 0% will free up in excess of €1 billion of bank capital. This capital amount has the potential to support approximately €13 billion of restructured lending to bank customers that need assistance. Combined with the relaxation of Pillar 2 guidance and the Capital Conservation Buffer by the European Central Bank, the reduction in this buffer will ensure that banks have significant resources at their disposal to support borrowers. The Minister also welcomes the Central Bank’s ongoing work with European colleagues to ensure that bank customers, whether personal or business customers, impacted by COVID-19 are extended forbearance without their loans being classified as defaulting. The Minister has also decided to defer the introduction of the Systemic Risk Buffer while all of the key players in the banking sector are working together to support customers. The actions taken by the Central Bank and Single Supervisory Mechanism to allow banks to focus on the task of supporting their customers is welcome as it strikes the right balance between allowing banks to meet their customers’ immediate needs, while ensuring there is proportionate regulatory oversight. BPFI Actions to Ensure Operational Continuity The Minister acknowledges the extensive work that has been ongoing across the BPFI and its members to ensure the continuity of banking services to the public. The proactive approach of the BPFI and its members in working together should minimise possible disruption to payment services. Changes to Assist Public Health Policy In order to support public health policy, the Minister is requesting that industry increase the limit on contactless payments to €50. This change covers most transactions given the average value of contactless transactions is €12.23 and the average value of debit card transactions is €41.52. Deferral to Stamp Duty The Minister has decided to defer the collection of stamp duty on credit cards to July, which is normally levied in April, for which he will legislate for in due course. Non-Bank Lending The Minister welcomes the fact that initial discussions with Credit Service Firms and with those non–bank lenders who provide mortgages have taken place with the BPFI. Both the Credit Service Firms and non-bank lenders have issues which need to be addressed with the Central Bank of Ireland, but both are committed to working with the government and industry to provide the flexibility that people need at this time. The Minister concluded by stating: “We are all acutely aware of the impact of this public health crisis on our fellow citizens, both in terms of serious illness but also in terms of income loss. “The proposed actions provide real support to those most impacted by COVID-19. It is incumbent on those citizens who continue to receive their full income to do their part by paying their bills, taxes, and loans on time, so as the maximum amounts of supports are available to our fellow citizens who are most in need. “We must work together and support each other.” Minister for Housing, Planning and Local Government, Eoghan Murphy TD, in support of the measures announced today added: “Today’s announcement by the banking sector represents a first step in protecting both tenants and landlords in the current crisis. “These actions remove pressures on landlords who have shown a willingness to exercise forbearance in relation to tenants who are experiencing difficulty with rents due to the loss of income resulting from contracting the COVID-19 virus, being in self-isolation as a result of the virus or having lost all or significant employment. “I have spent the last number of days engaging with both landlords and tenants organisations as well as charities and NGOs and I expect to be in a position to announce further measure to compliment today’s announcement shortly.” Useful Resources: Employer Information Note on Covid 19 (provides details on the scheme available to businesses having to lay off staff) Covid 19 Jobseekers Emergency Payments Guide (information for employees [source: Gov.ie  18 March 2020] We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #BusinessinIreland #Covid

Please find below a message from the Department of Business, Enterprise and Innovation with further details on the COVID-19 Payment scheme The Department of Business, Enterprise and Innovation has issued some useful information for employers. See below their advice and useful links to relevant information and resources. Please note the update on Twitter from the Department of Employment Affairs and Social Protection at https://twitter.com/welfare_ie/status/1240237296483364864 Our dedicated phone line for #COVID19 payment queries is open today from 9am to 5pm: 01-2481398 / 1890-800-024. Please do not go in to your local Intreo Centre if at all possible COVID-19 Information for Employers and Employees is available online here https://www.gov.ie/en/campaigns/4cf0e2-covid-19-coronavirus-information-for-employers-and-employees-test/ Our colleagues in the Department of Employment Affairs and Social Protection have confirmed that the scheme is currently being finalised and more information for employers can be found at https://www.gov.ie/en/publication/612b90-covid-19-information-for-employers/ This link will be updated when the full details of the refund scheme for employers is available. Please see below information from the Department of Employment Affairs and Social Protection. Q & A in relation to Refund of €203 per employee per week for employers who continue to pay their staff if they have had to close their business due to effects of the Covid-19 pandemic. Q 1. Can self-employed receive this payment if so how? Yes a self-employed person can apply for the Covid-19 payment. They can download the form online and return by post. The application form can be found at the following link. www.gov.ie/pandemicsupport Q2. What rate will part-time people receive Where someone working part time is let go they may be entitled to the new Covid-19 payment at a rate of €203 per week for a period of up to 6 week maximum. The person will have to make a Jobseekers payment as soon as possible but before the 6 week Covid-19 payment ceases. Details on this payment and how to apply can be found at the link below. If the person is working part time and already receiving another payment they should still submit the application for consideration. www.gov.ie/pandemicsupport Q3. Do people working on a Stamp 2 or Stamp 4 basis qualify Yes, people with a Stamp 2 and Stamp 4 can apply for the COVID Emergency payment for 6 weeks. Q4. What is the mechanism for reclaiming the amounts and at what intervals do they need to apply for a repayment.  What paper work do they need to maintain and provide to Intreo and/or other agency to demonstrate the qualifying payment? The final details of the scheme are being worked out and expected to be announced very shortly and this information and other relevant information for employers can be found at the link below https://www.gov.ie/en/publication/612b90-covid-19-information-for-employers/ Q5. If employers retain staff on full pay are they entitled to reclaim a contribution of €203 from the state? Yes where a business has temporarily ceased trading due to the impact of the Covid-19 pandemic and continue to pay staff on full rate of pay they will be entitled to claim the refund at a rate of €203 per employee per week. Q6. If it transpires that an employee doesn’t have sufficient stamps to claim job seekers allowance will employers have to absorb the non-refundable elements.  No, where an employer continues to pay employees they will receive the rate of €203 per employee per week regardless of the outcome of any jobseeker claim. Where a claimant does not have the necessary stamps for Jobseeker’s benefit they can apply for Jobseeker’s allowance which is a means tested payment. All applications for jobseeker’s can be made online. We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #Covid #GrantScheme #Payroll

As we enter uncharted territory we wish to make you aware of some initiatives announced in recent days to try and ensure as much as possible that you and your business can survive the next six weeks. The Government have launched several schemes to try and streamline the process for employees who are either in self-isolation or have been let go by their Employer. Amounts ranging between €203 and €305 are available to employees who are in this situation and we can assist you in providing more information on these schemes. The banks have also pledged that they will work with clients to extend short term facilities and loans to assist you in riding out the storm for the next few weeks and we strongly urge you to touch base with your banking contacts to explore these opportunities. The government has also pledged more funding for start-ups and businesses to be rolled out through the SBCI scheme. We want you to know that at UHY FDW we are here to work with you in these challenging times to ensure you and your business can survive the challenge ahead. We attach some links that may be useful for you and please feel free to contact us with any queries you may have. We will share more information via our social media channels as it comes available so please ensure you are following us. @UHYFDW | Twitter | Facebook | LinkedIn | Instagram Check out our Tough Times Business Checklist Find more useful information on the following websites: Citizens Information Revenue CRO GOV.IE County Meath Chamber Please contact a member of our Team for more information. +353 42 933 9955 info@fdw.ie #2020 #Covid

UHY Capability Statement 2020 An annual publication showcasing the breadth and depth of UHY member firms’ services and cross-border business development capabilities presented through a series of client case studies. This edition includes six case studies featuring a range of international clients across a variety of market sectors: Biotech, media & communications, Not-for-Profit, recruitment & managed services, renewable energy and transport and infrastructure. Read Here #2020 #CapabilityStatement #UHYGlobal

• Ireland has one of the highest tax burdens among European countries High earners in The Republic of Ireland pay 14% more in tax compared with the European average according to new research from UHY International, the international accountancy network* Individuals earning 250,000 USD per annum in Ireland pay on average 114,473USD in tax (46% effective tax rate) compared with an average of 100,398 USD in tax and social security contributions (40.4% effective tax rate) among European countries. For those earning 1.5 million USD per annum in Ireland, they pay on average 764,523 USD in tax (51% effective tax rate) compared with an average of 661,576 USD in tax and social security contributions (44.2% effective tax rate) among European countries. In the Finance Act 2018, several changes were made to income taxes to try and alleviate the tax burden on middle income taxpayers. For example, the threshold for the higher rate of income tax was increased to €35,300, up from €34,550 previously. Ireland has the 5th highest tax burden out of the 30 countries who participated in the study, according to how much tax the government takes from the incomes of high earners (see table below). Out of all the countries studied, Russia had the lowest income tax rate, where all tax payers, including high earners, pay just 13% income tax. Denmark taxes individuals earning 1.5 million USD, over half of their income – 53.2% in total – ranking the highest among the 30 countries studied, Alan Farrelly, Managing Partner at UHY Farrelly Dawe White, member of UHY comments: “The Irish government has to be careful not to alienate high earners with an uncompetitive tax rate.” “At the moment high earners in Ireland take home 54% of their pay compared to 59% on average among other European countries. That is a noticeable difference that could create a long-term challenge to our aim of attracting in high paid jobs in areas like financial services and technology.” “With the Budget around the corner, the income tax rate is unlikely to change with Minister for Finance Paschal Donohoe saying it would be far better to preserve resources to deal with the possibility of a no-deal Brexit, rather than reducing taxes in Budget 2020 and that he would not make the mistake of cutting income tax rates now, only to have to increase them in the next Budget.” “Ultimately however a balance needs to be struck between the Government collecting enough tax revenues and not overtaxing to the point that high earners are disincentivized.” Western countries move to reduce taxes for high earners UHY notes that high earning Western European taxpayers are still being taxed at a higher rate than peers in BRIC and developing economies. G7 countries including France, Canada the US and UK, have all recently taken measures to reduce or withdraw top rate tax bands imposed following the financial crisis. In 2014 for example, France’s rate of 45.8% (on a 250,000 USD income), was substantially higher than the current rate of 40.0%. In 2014, the French government also decided to scrap the country’s 75% marginal rate on incomes above €1 million. Rick David, Chairman of UHY International, says: “Taxes on the top earners residing in G7 economies have eased off slightly since the changes imposed after the financial crisis.” “Many Western European governments are still concerned though that their jurisdictions may become uncompetitive given the low tax rates in other developing jurisdictions so a number of countries have now taken steps to reduce their top rate of tax.” “However as developing countries mature and their middle classes expand, governments may decide to increase their marginal rates of tax on higher earners to meet greater demand for public services. This is beginning to happen in Asian countries such as India and China which have gradually been taxing higher incomes more and lower incomes less.” “Over time, as the population of developing countries becomes wealthier, this tax disparity between the G7 and BRIC economies could reduce.” Ireland taxes individuals earning 250,00 USD, 46.0% of their income – ranking Ireland the fifth highest among the 30 countries studied *UHY studied tax data in 30 countries across its international network. The study captured the ‘take home pay’ for low (25,000 USD), middle (250,000 USD) and high income workers (1,500,000 USD), taking into account personal taxes and social security contributions. The calculations are based on a single, unmarried taxpayer with no children. Please contact a member of our Tax Team for more information. +353 42 933 9955 info@fdw.ie #2019 #BusinessinIreland #CompanyTax #TAX

In our Autumn 2019 issue: The Autumn issue of our UK / NI Newsletter contains various interesting tax articles including: Mileage allowances for employees how much can be claimed? It’s the quality not the quantity! Beware: penalties could go up not down! Junior ISAs Pre-letting repairs Insure the key person Read the Autumn Newsletter #2019 #UKNI

Budget Summary On 08 October 2018, The Minister for Finance Paschal Donohoe introduced the budget and spending measures proposed for 2020. Find out what new measures were announced and how they might affect you and your business. We have a video to view with a brief summary or an in-depth Budget Highlights download available. Contact our team with any queries you have +353 42 933 9955 or info@fdw.ie Watch our Video Highlights Download our Budget 2020 Highlights Contact our Tax Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #2019 #Budget #Budget2020 #BusinessinIreland

• UHY Farrelly Dawe White Limited (UHY FDW) expands their offering with the addition of Darren Connolly and Alison Gray UHY FDW has announced that it has expanded its team of professionals with the addition of Darren Connolly and Alison Gray formerly of BCK, an accounting firm located in Dublin that services a diverse range of clients. UHY FDW Managing Director, Alan Farrelly, comments “We are thrilled to welcome Darren Connolly and Alison Gray to the UHY FDW family. Darren and Alison have developed strong relationships with their clients over the years and we share a common vision of providing excellent client service every time.” “We welcome the expertise they will bring to UHY FDW, adding to our already strong team. This expansion will allow us to enhance our services to our existing and new clients through our combined capabilities and specialisms.” Michael Bellew, Director with UHY FDW comments, “For UHY FDW these additions are in line with our ambitions for the firm. UHY International is continually expanding globally and is now located in more than 300 major business centres in over 100 countries. We want to remain one of the top accounting firms in the Irish market and will explore all opportunities for growth across Ireland and beyond.” UHY FDW is an independent member of UHY, the 16th largest international audit, accounting, tax and consultancy network nationwide. This expansion increases our team to over 75 across offices in Dublin city, Balbriggan, Dundalk and Newry. Darren and Alison will move from their current location to our Dublin offices. Richard Berney commented, “This expansion has resulted in upgrading our Balbriggan office, as the majority of the team joining UHY FDW will operate from this location. We have also opened a new office at 4 Waterloo Road, Dublin, where a number of our team will be based. Darren Connolly comments, “We are excited to be part of a global organisation by joining UHY FDW, the Irish member firm of the UHY network. This move provides great opportunities for clients and our team. We look forward to expanding services to clients and are excited at the opportunities and resources available to our clients and team from an international network.” Alison Gray, also commented, “We share common values and visions with UHY FDW and I am confident this move will benefit our clients and our team.” UHY FDW will continue to provide the same high quality professional services to our current, new and future clients. Please contact a member of our team for more information. +353 42 933 9955 info@fdw.ie #2019 #UHYFDWTeam

In this issue of UHY Global we look in detail at: A NEW WORLD ORDER? IN NEED OF CHARITY INNOVATIVE AFRICA SUCCESS AND SUCCESSION View UHY Global Issue 8 #2019 #BusinessAdvisory #UHYGlobalIssue

In our Summer 2019 issue: Our Summer issue contains various interesting tax articles including: Cash In On Tax-Free Savings! IHT: Is Your Property ‘Related’? Business Loan Write-Offs: Not All Bad News? Marriage allowance Are the costs associated with having an empty rental property tax deductible? Are tax books an allowable tax deduction? Read the Summer Newsletter #2019 #UKNI

Do you have a Cyber Security Plan? 1 in 5 small businesses will suffer a cyber breach this year 81% of all breaches happen to SMBs 97% of breaches could have been prevented with today’s technology and best practice We have partnered with Sync IT to help you make your business secure. Talk to us about how we can help you protect your business against a cyber attack. Download the brochure Contact our Team Thomas McDonagh thomasmcdonagh@fdw.ie Brendan Rogers brendanrogers@fdw.ie Call: +353 42 933 9955 #2019 #Cybersecurity #UHYFDWTeam

Owners and occupiers of Commercial Property are entitled to tax relief (capital allowances) on certain assets within buildings under current tax legislation. Our specialist Capital Allowances Team can ensure your tax relief claims are both optimised and professionally managed. Read our brochure for more information. Contact Niall Donnelly, our Head of Corporate Tax Structuring, to discuss this service or any other tax queries you may have. Download the brochure #BusinessinIreland #2019 #CaseStudy #GrantScheme #TAX