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The month in review Back  
June 1st - The Taoiseach unveils Irish branch of the AIA
The Association of International Accountants (AIA), the international professional accountancy examining and membership body, opened its Irish office on June 1st, which was attended by international diplomats, members of the Oireachtas, academics, and leading figures from the Irish business community.
Pictured at the opening of BOS' new headquarters (l-r): Sir Ron Garrick, chairman, BOSI, Lord Stevenson, chairman, HBOS, An Taoiseach Bertie Ahern, Mark Duffy, CEO, BOSI.

AIA is an international accountancy body, founded in the United Kingdom in 1928 which has its head office in Newcastle. From its inception, the AIA has had a presence throughout Ireland. Its specific remit was to provide a professional body of accountants with an international perspective to develop and foster the careers of its members worldwide. The Association has a presence in over 80 countries and offers an internationally recognised qualification in areas as diverse as the United Kingdom, the European Union and Hong Kong.

Jack Turnbull, Chief Director of AIA, commented:
The AIA will provide international cutting edge, affordable Continuing Professional Education (CPE).
June 2nd - Bank of Scotland announces 300 new jobs
Bank of Scotland announced that it is to establish a new customer service centre in Dundalk which will ultimately create 300 new jobs for the area, at the launch of its new offices on St. Stephen’s Green on June 2nd. The centre will open in November this year with recruitment beginning immediately, and will service the bank’s growing retail business, following the proposed acquisition of ESB’s ShopElectric premises and the establishment of a retail network.

June 2nd - Worldwide corporate tax guide launched
Ernst & Young has published its 2005 Worldwide Corporate Tax Guide. The Tax Guide includes information on taxation of corporate income and gains, how trading income is determined for tax purposes, foreign exchange controls (where they apply) and details on withholding tax rates.
Pictured at the opening of HLB Nathans' new Dublin office, Charlie McCreevy, EU Commissioner for the Internal Market, with Vivian F. Nathan, senior partner and Andy Quinn, partner.

Commenting on the Guide, David Smyth, head of tax services at Ernst & Young Ireland said, ‘Many Irish companies, when looking to expand their business abroad, are not aware of how the tax burden can impact on employee-related costs; whether or not R&D can benefit from tax incentives and the levels of mandatory social contributions required in a country. These factors can all have a serious impact on levels of entrepreneurial activity, deployment of expatriates and influence on residence decisions. The Guide illustrates at a quick glance how one country compares with another and the likely impact of the tax regime’.

June 3rd - Commissioner McCreevy opens HLB Nathans’ new Dublin offices
EU Commissioner for Internal Market and Services, Charlie McCreevy, officially opened HLB Nathans’ new offices in Ulysses House, Foley Street, Dublin 1 on June 3rd . According to the 2004 FINANCE Accountancy Survye HLB Nathans is the twelfth largest accountancy firm in Ireland, with fee income of €7.2 million.
Ernst & Young published its 2005 Worldwide Corporate Tax Guide in June.

June 10th - Call for the introduction of limited liability partnerships
The incoming chairman of the Leinster Society of Chartered Accountants, Lorcan Colclough, called on the Government to introduce Limited Liability Partnerships at the Annual General Meeting of the LSCA in Dublin on June 10th.

Colclough said,’ As the legislation currently stands, the personal assets of partners in Irish professional service firms are at risk in the event of large claims against a partnership. LLPs are a simple mechanism that combines the flexibility of the partnership structure with some of the protection that limited liability affords.

The 8th Directive on Auditing proposed by the European Commission potentially opens the Irish market up to significant European competition. Irish firms who are obliged to face joint and several liability at the moment will be at a disadvantage competing with firms based in other Member States. As a leading country in the provision of financial services, this issue must be addressed urgently’.

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