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Tax relief for working abroad ?

Tax relief for working abroad ?

Foreign Earnings Deduction

If you are tax resident in Ireland for tax purposes, but spend some time working abroad, you may be able to claim FED. There are certain conditions that you must meet in order to qualify.

If you work abroad during the tax year you may qualify for FED. In order to qualify you must work in a relevant state for at least 30 qualifying days in 2017 to 2022.

You must work the number of qualifying days during a tax year or during a continuous 12 month period that spans two tax years.

Relevant states are listed on www.revenue.ie and principally include emerging markets in Asia & South America and does not include UK, USA or EU.

The amount of the allowance due is less than or equal to €35,000 or the specified amount.

The specified amount is calculated using D x E / F.

is the number of qualifying days worked in a relevant state during the tax year

is all the income received from the employment in the tax year. This includes any taxable gain realised by share options less any qualifying pension contribution or premium. It excludes allowable expenses payments, Benefits in Kind (BIK), termination and restrictive covenants payments.

is the total number of days that the employment is held by you in the tax year (there are 365 days in a full tax year).

The specified amount is reduced by your income earned on qualifying days for which Double Taxation Relief is available under a tax treaty.

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie

 

 

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