Changing Rhythms for Latam Trade The 14th edition of UHY Global magazine is now available to read online . UHY Global draws on current analysis and commentary, including input from UHY’s member firm experts across the international network, to provide insight for today’s global business community. The result is a thought-provoking, upbeat and engaging read, exploring the issues and challenges of international business, themes that you may well be grappling with in today’s uncertain world. For example, we look at the surge in Merger and Acquisition (M&A) activity in 2021 and whether this has reached a peak this year. We also consider the rise in popularity of outsourcing, which is an attractive strategy for many businesses looking to focus down on core capabilities. The cover feature considers how far the Mercosur trade deal has benefited its South American member countries, and we also take a look at the European Union’s recovery funding programme. In addition to the usual mix of features and news, UHY Global issue 14 also includes: Client stories from Estonia and the Isle of Man The latest member firm directory Service feature on audit Listing of UHY services – and in the digital edition you can also click through to the series of network videos UHY Global’s online edition also gives you hyperlink access to source reports, additional graphics, narrative and direct contact details of UHY contributors – so if you want to find out more about any of our topics, UHY Global online makes it easy. If you prefer an offline read, the print version is downloadable as a PDF . UHY Global is not only a good read, it is also a source of valuable information about the UHY international network – our services, our commitment to quality, and a directory of offices in over 100 countries. Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #2022 #BusinessAdvisory #BusinessGuide #UHYGlobalIssue

UHY FDW have launched a new graduate programme aimed at developing and supporting their next generation of accountants and auditors. Developed in partnership and part funded by Dundalk Chamber Skillnet, the programme has been developed around the 3 pillars of Personal, Relationship and Professional development. The Personal & Relationship pillars are designed to assist the graduate understand their new responsibilities and assist with integration into a professional environment. The ability to effectively communicate with colleagues and clients is a key focus throughout. The Professional Development pillar builds upon existing skills, expanding knowledge and understanding while supporting the graduate as they prepare for professional exams. Speaking at the launch, Thomas McDonagh said “This programme is more than a technical training exercise, it includes an element of personal development and career planning that is important to us and our trainees. To develop well rounded capable professionals, we need to focus on more than academic and technical training. He continued “We could not have developed this programme without Dundalk Chamber Skillnet or Aidan Callan. Aidan has access to the best trainers and is excellent at sourcing content to fit our training requirements.” Aidan Callan, Network Manager, Dundalk Chamber Skillnet also stated, “We’re delighted with how the programme has evolved. A key objective of this programme is to retain top talent in the North East, we’ve worked hard on developing a programme to compete with the larger Dublin firms and we feel we’ve achieved that. This programme demonstrates UHY FDW commitment to developing and investing in young talent.” Source: The Argus Contact Martina Gribben or Thomas McDonagh to discuss joining our graduate programme. Martina: martinagribben@fdw.ie Thomas: thomasmcdonagh@fdw.ie For more information about our Elevate Graduate Programme, visit: Elevate Graduate Programme #2022 #Events #Student #UHYFDWTeam

The new statutory sick pay (SSP) scheme was approved by the Cabinet at the end of March 2022 and is coming into effect in September 2022. Ireland is finally catching up with other EU countries and all workers will be entitled to paid sick leave for the first time. The new legislation is set to ensure a minimum level of protection is provided to low-paid employees, who may have no entitlement to a company sick pay scheme. Leo Varadkar, the Tánaiste and Minister for Enterprise, Trade and Employment, said: “Ireland is one of the few advanced countries in Europe not to have a mandatory sick pay scheme and although many, we think approximately half, of employers do provide sick pay, we need to make sure that security, that safety net, is there for all workers, regardless of their job.” The Statutory sick pay scheme is for all employees and will roll-out over a four-year period. Once the Bill has been enacted, the scheme will come into force in September 2022. Both full and part-time employees are entitled to a rate of 70% of usual daily earnings up to €110 a day for three days. In 2024, this rises to five days of paid leave, and then increases again to seven days in 2025, and ten days in 2026. The SSP will be in addition to other leave entitlements including annual leave, parental and maternity leave as well as public holidays. An employee is entitled to avail of statutory sick pay when: • The employee has completed a minimum 13 weeks’ continuous service. • The employee obtains a medical certificate from a registered medical practitioner which must state that the employee named is unfit for work due to their illness or injury Additionally, once entitlement to sick pay from their employer ends, employees who are still unfit to return to work may qualify for illness benefit from the Department of Social Protection subject to PRSI contributions. The scheme will be enforced through the Workplace Relations Commission and the courts system. Employers are obliged to ensure that employees who take statutory sick leave aren’t treated differently and should not be penalised for their absence. Penalisation includes dismissal or layoff, coercion, demotion or transfer of duties. Additionally, any absence in relation to SSP should not affect any other employment rights – whether statutory or contract. Employment contracts should be reviewed in light of the upcoming legislation The Sick Leave Bill states that if an existing provision for paid sick leave in an employment contract is as favourable or more favourable than the statutory provision, then the employer’s obligation under the legislation is met. The Bill further states any such provision shall be a “substitution for, and not in addition to” the entitlement. Conversely, the existing pay sick leave provision will be deemed to be modified if it is less favourable than the entitlement provided under the legislation. Criteria for employers to determine whether their existing paid sick leave provision is more favourable than the proposed statutory provisions provided in the Bill: • The period of service of an employee required before sick leave is payable • The number of days an employee is absent before sick leave is payable • The period for which sick leave is payable • The amount of sick leave that is payable • The reference period of the sick leave scheme. Records of an employee who availed of sick leave must be maintained for four years. Employers must keep proper records for each employee. Regarding SSP, information that must be recorded include: • The employee’s period of employment • The dates of statutory sick leave in respect of each employee • The rate of statutory sick leave payment in relation to each employee. An employer who fails to maintain accurate records may be convicted and subject to a fine of up to €2,500. The new legislation will impose a cost on the company if they don’t have a sick leave scheme in place. However, the company should not ignore the potential benefits of practicing paid sick leave. According to the sick leave bill 2021 regulatory impact assessment document, benefits for employers include: • reduced employee turnover • managing absenteeism • promoting a safer work environment. In conclusion, the Sick Leave Bill may have been approved by the Cabinet but amendments to it may be introduced before it’s signed into law. Employees should be prepared for further changes and keep up to date with further government announcements. Our UHY FDW payroll specialist can assist with any queries you may have in relation to SSP or any other payroll matters. Contact our team to schedule a call with one of our experts. To keep up to date on all payroll and other operational matters, sign up to our e-newsletter. For more information, contact: Jane Jackson, Head of Payroll and Tax compliance, UHY Farrelly Dawe White Limited janejackson@fdw.ie , or Mairead Rooney, Tax Manager, UHY Farrelly Dawe White Limited maireadrooney@fdw.ie #LatestTopics #2022 #BusinessinIreland #Payroll #HR

WHY CYBERSECURITY IS ABOUT CULTURE AS MUCH AS TECHNOLOGY In the post pandemic world of work, robust cybersecurity defences are more crucial than ever. That is not saying anything that most of us don’t know, but it is worth repeating. The pandemic has accelerated digital transformation, making us all much more reliant on online tools and services than we were just two years ago. In our profession, we have seen a significant shift to using cloud-based bookkeeping software; and our clients expect to be able to contact us over Zoom, Teams or chat, as well as in person. We store more critical data in digital strongrooms, either in the cloud or on in-house servers. Across the corporate world, reputations, revenue and even the futures of businesses rely on being able to keep that information safe. That is not an easy task. Cybercriminals are a determined foe. DOING THE SIMPLE THINGS – EVERY TIME However, as determined as the criminals are, the reputation of cybercrime can sometimes exceed its reality. Cybercrime is rarely rocket science. The things you need to do to foil most attackers are actually quite simple – you just need to do them again, and again, and again. That means not just investing in an enterprise grade firewall, but making sure it is always updated to the latest version. It means backing up data on a daily basis. It means buying and applying Virtual Private Network (VPN) licences for employees connecting to your network remotely and making sure they use them. And perhaps most of all, it means making caution routine . Deleting an email that contains a link you don’t recognise once is not enough. You have to avoid clicking suspicious links every time you encounter them, from now until forever. That is a tough ask, because it requires constant vigilance. Drop your guard on just one occasion and the hackers might be in. THE HOLISTIC APPROACH TO CYBERSECURITY That stark truth is confirmed by statistics. A recent report found that 85% of data breaches have a human aspect ( source: Verizon, Data Breach Investigations Report 2022 ). The average cost of a data breach, meanwhile, is an eye watering USD 4.24 million according to IBM ( source: IBM.com/security ). How do you avoid the calamity of a major cybersecurity incident? It takes a holistic approach, which certainly includes technology, and might require third party support. Many UHY member firms around the world now offer cybersecurity as a professional service. Our US firm, for example, operates a rapid response unit , which has a formidable reputation for forensically investigating security breaches and containing threats before significant damage can be done. EDUCATION IS YOUR FIRST LINE OF DEFENCE But whatever else you do, your cybersecurity strategy absolutely must include employee education. In one telling study, 61% of employees failed a cybersecurity quiz, and 60% of those that failed said they felt safe from online threats. (source: talentlms.com cybersecurity survey). In my opinion, that sort of misplaced confidence is as big a threat to your organisation as an unpatched server. Cybersecurity training should now be compulsory for all employees, as part of a process of continuing learning. Annual refresher courses should cover at least the basics, from recognising phishing attacks and securing mobile devices to connecting securely to your network from outside the office. Or to put it another way, cybersecurity needs to become a habit. Your resilience to cyber attacks depends on the continuous vigilance of every member of your organisation. So put the tools in place, from firewalls and antivirus software to intrusion detection and prevention systems. But remember that cyber resilience is as much about instilling a culture of caution as it is investing in the latest technology. As an organisation, you are only as strong as your weakest link. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #Cybersecurity #UHYGlobal #LatestTopics #2022 #Technology

UHY Doing Business in Ireland report provide key issues and information for investors considering business operations in Ireland. Download Ireland Business Guide Request a printed copy of our Ireland Business Guide – email nicolamernagh@fdw.ie Contact our Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2022 #BusinessGuide #BusinessinIreland

Fears of hit to business growth from corporation tax rise Ireland has maintained its position at the top of the global corporate tax league tables*, shows a new study by UHY, the international accounting and consulting network. The Republic of Ireland’s corporation tax rate has been at an historic low of 12.5% since 1998. However Ireland has announced that it will raise its rate of corporate tax to 15% for companies with a turnover of over €750 million, which will significantly narrow its lead at the top of the league table (see table below). This move has prompted concerns that the rise in the corporate tax rate will impact the Irish economy as it recovers from the pandemic. So far, the Irish Government has made no indication that it plans to increase corporation tax further than 15% for large companies and 12.5% for smaller businesses. However, it may eventually be forced to do so in order to recoup public money spent during the pandemic. Corporate tax receipts in Ireland for the current tax year have far exceeded official projections. In December 2021, €13.5bn had been collected through the tax – 28.5% or €2.8bn higher than expected. Alan Farrelly, Partner and Managing Director at UHY Farrelly Dawe White Ltd, UHY’s member firm in the Republic of Ireland, says: “Ireland’s low corporation tax rate has made it an attractive destination for European or global headquarters, particularly amongst multinational technology and pharmaceutical businesses.” “There are concerns that the increase in rates may start to dull Ireland’s lustre amongst these multinationals and lead to a slowdown in investment and job creation.” “The higher the corporation tax rate, the less businesses have to reinvest in expansion and R&D. We need to make sure that the way we tax businesses balances the need to pay for the costs of the pandemic with remaining competitive and creating high-quality jobs in Ireland.” “The cost of the Covid pandemic, in terms of both lost tax revenues and Government assistance, has to be paid. The question for Ireland is whether the best way to do that is through taxes on business.” UHY says that the long period of declining corporate tax rates globally appears to be ending as many governments worldwide look to increase taxes on business to help pay for the costs of the pandemic. Countries including the UK and Argentina have already announced measures to increase taxation of corporates, while US President Joe Biden has also signalled his intention to roll back part of the corporate tax cut implemented by Donald Trump in 2017. OECD’s global minimum tax rate may prevent further tax rate cuts The OECD announced in October that 136 countries have signed up to a deal to enforce a minimum corporate tax rate of 15% from 2023. The deal will also allow countries to tax multinationals that make sales within their jurisdictions even if they do not have a physical presence there. As a result of growing political pressure, some lower-tax jurisdictions will likely now have to increase their corporate tax rates for multinationals. The Republic of Ireland has come under pressure for its low corporate tax rate. These corporations are a key target for government clampdowns worldwide, with some multinationals choosing to operate from lower-tax countries, resulting in them recording lower profits in higher-tax countries. Corporate tax rates worldwide hit new low of just 25.1% – but new trend of rising rates has already begun Corporate tax rates in leading economies worldwide have fallen to an average of just 25.1%, but the trend of declining corporate tax rates worldwide is likely to be over for the foreseeable future. Our new study of 33 countries worldwide shows that corporate tax rates have been steadily decreasing over recent years. The G7 average for a business recording profits of 1 million USD falling from 32% in 2014/15 to just 25.7% in 2020/21. Many countries sought to incentivise businesses to invest in their economies with attractive tax rates. France, often seen as a higher tax European economy, has lowered its headline rate from 31% to 26.5% in just the past three years. However, with the Covid-19 pandemic leaving a gaping hole in the public finances of countries around the world, some countries are already beginning to raise their corporate tax rates. The UK government already announced its intention to raise corporation tax rates to 25% from April 2023, more than two percentage points higher than the European average.  Argentina already increased its headline corporate tax rate from 30% to 35% in 2021. US President Joe Biden has also pledged to raise federal corporate income tax to 28%, after it was cut to just 21% by his predecessor Donald Trump in 2017. Lower rates for SMEs remain vital We believe governments worldwide should ensure that any move to raise corporate tax rates does not affect the lower rates used to encourage the growth of SMEs. The Netherlands has recently reduced its corporation tax rate to just 16.5% for companies with taxable income under $450,000, while Croatia now offers a rate of just 10% for companies with a turnover of less than $1,125,000. SMEs form the foundation of economies worldwide, employing millions of people and a path to sustainable economic growth. Encouraging SME development with tax incentives will be crucial to the post-covid recovery of both developed and developing nations. #2022 #BusinessinIreland #TAX #Tax2022

Is it nature or nurture? Are leaders born or made? It’s an important question, because if you believe that leadership is a genetic predisposition, you had better make sure your talent acquisition strategy is first class. On the other hand, if you think leadership can be taught and developed in people, you need to have the processes and resources in place to give talented candidates the hard and soft skills they need. In my experience, most businesses will mix and match. They will recruit new leaders and also promote from within. But the prevailing wisdom favours an educational route to leadership in business. Some people arrive in your organisation fully formed, with the talent, drive and charisma to be leaders, but arguably they are likely to be a minority. Many more will have a potential that needs to be nurtured. Doing so is critical to moving our firms forward, and maintaining stability of knowledge – the foundations to grow. More than anything else, good leadership candidates can future-proof your business, and help set tomorrow’s agenda. But what does that nurture process entail? Here are a few ideas. Identify The Best Candidates How do you identify the next generation of leaders? In professional services, excellent technical skills are a given, but you are also looking for evidence of strategic thinking. Do they come to meetings with ideas? Do they proactively suggest new ways of doing things? Do they have a grasp of the bigger picture? Good candidates may naturally take the lead on projects, but not by being the loudest or most forthright voice in the room. Persuasion is often the natural result of good ideas and clear thinking. Train Them For Leadership Potential leaders will be keen to learn, and you should give them the resources that allow them to explore their natural curiosity. Management development programmes will target ‘hard’ leadership skills like commercial awareness and business development, but soft skills are just as important. Leaders don’t shout or snap orders anymore. They persuade and motivate. They know how to manage remote teams as well as in-house. They are the number one reason other talented people come to work for your business – and stay. Give Them Reason To Stay You need a retention strategy targeted towards your very best people. One study found that the top 25% of employees are four times more productive than average – and up to eight times more productive in specialist areas (such as tax, for example). Good people tend to know their worth. If you undervalue them, they will leave. This is not necessarily a question of money. According to recent Gartner research, people want ‘radical flexibility’, which means a degree of autonomy. They want to feel cared for, so you need a wellbeing strategy. They want to have a sense of purpose and shared values. Perhaps more than anything, they want opportunities for personal growth. In terms of your leadership candidates, this could be the clincher. Give Them A Path To Success In short, your best people could leave if they do not see a path to progression. The end of that path cannot be in some distant fairytale future. Top talent needs to know that good work, commitment and the acquisition of new skills and knowledge will be rewarded with promotion. They need to know with certainty the steps they have to take to make the next rung of the ladder, and when – all being well – they can expect to achieve it. Larger organisations may implement formal leadership identification and development processes. Smaller ones may follow more informal paths, but the result should be the same. Employees with leadership potential should know how that potential is to be developed and when it will lead to concrete progress. At UHY a development priority is to encourage our leaders of the future, from formal and informal webinar and conference learning around succession planning, to providing an annual leadership forum in Spain. The UHY Forum has run since 2002 and forum alumni have gone on to achieve remarkable success in member firms throughout the UHY network. UHY’s current international chairman and the managing partner of UHY Hacker Young (London & Nottingham) in the UK, Subarna Banerjee, is an alumnus of the UHY Forum and there are many other alumni members who are now in significant leadership roles across our network. Nurture First Why is any of this important? Can you simply go out to the market and recruit the leadership talent you need? The answer is that often you cannot find the ‘right fit’ person – whatever the ‘right fit’ is! Variety of experience brings its own rewards to an organisation in the form of new ideas and developing culture. Fully formed talent is in short supply and highly valued (which makes it expensive). In the era of post-pandemic working, where great employees and potential recruits have a new-found sense of self – and arguably more bargaining power – I believe that nurturing your next generation of leaders from within is more necessary than ever. The good news is that your next management candidate is probably in your organisation already. You just have to let their promise flourish. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2022 #LatestTopics #Leadership #UHYGlobal

The new 2022 global members’ directory is now available. You can now view our member firm offices and their full contact details online or download a PDF version. For more information about UHY’s sectors and services, view our Why UHY? leaflet. Download 2022 UHY Global Directory Request a printed copy of our 2022 UHY Global Directory – email nicolamernagh@fdw.ie Contact our Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2022 #UHYGlobal

The new Why UHY? leaflet is now available. You can now view our full sectors and services, and a list of countries, by region, served by our member firms online or  download a PDF version. For more information about uhy member firm offices and their full contact details, view our 2022 UHY Global Directory Download Why UHY? Request a printed copy of our 2022 UHY Global Directory – email nicolamernagh@fdw.ie Contact our Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2022 #UHYGlobal

View our Tax Book 2022 which has all the taxation information you will need covering topics such as Income Tax Rates, COVID-19 Supports, Retirements & Pensions, VAT and much more reflecting all changes announced in Budget 2022. Download the UHY FDW Tax Book Request a printed copy of our Tax Book 2022 – email nicolamernagh@fdw.ie Download Contact our Tax Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2022 #BusinessGuide #TAX #Tax2022

“The effects from Brexit are still being felt” The April 2022 edition of Business Plus magazine is now available to read on your mobile device or desktop. The month’s issue features our very own Alan Farrelly, Managing Director and founding partner of UHY FDW. In this issue Alan provided an insight into a number of topics such as staffing challenges and effects of the pandemic and Brexit. Click here to read this edition of the Business plus magazine.  #BusinessGuide #2022 #BusinessAdvisory #UHYFDWTeam #Brexit

International Video Marks UHY’s 35th Anniversary UHY’s global network is 35 years old. In October 1986 and March 1987 the two founding firms Urbach Kahn & Werlin, US, and Hacker Young, UK, came together and launched Urbach Hacker Young (UHY) International in New York and in London. Today, with independent member firms in over 100 countries, UHY is a top 20 global accountancy network. (Source: International Accounting Bulletin World Ranking Survey) We hope that UHY – The Network for Doing Business video offers a flavour of how member firms work together across borders to support clients and help them reach their international goals; how our people work in a client-focused collaborative culture which sets UHY apart from others; and how the global footprint means clients can ask UHY experts for help and advice in over 100 countries – and growing. For more information, visit our UHY page or visit  UHY International . #UHYGlobal #2022 #BusinessinIreland #BusinessAdvisory #UHY35thAnniversary