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I have a family member who has returned from abroad and has started work in Ireland this week.
They have got the info from the company they are joining to enable them get setup on myaccount but during the sign up they were asked the question “would you like to elect to be tax resident this year” and that there may be advantages and tax implications.
Could anyone shed some light on what would be the best way to go on this?
Im assuming they would get much more tax credits if they elect to become tax resident this year but does it mean money earned abroad earlier in the year is now taxable in Ireland. They are moving from the Middle East and a county with no income taxes if that makes a difference.
Thanks.
They have got the info from the company they are joining to enable them get setup on myaccount but during the sign up they were asked the question “would you like to elect to be tax resident this year” and that there may be advantages and tax implications.
Could anyone shed some light on what would be the best way to go on this?
Im assuming they would get much more tax credits if they elect to become tax resident this year but does it mean money earned abroad earlier in the year is now taxable in Ireland. They are moving from the Middle East and a county with no income taxes if that makes a difference.
Thanks.