3 Ways to Avoid Tax (Legally) in Ireland
HTML-код
- Опубликовано: 3 авг 2024
- "In this world nothing can be said to be certain, except death and taxes" - Benjamin Franklin. Ben was right, the tax code does its very best to ensure that Revenue are collecting tax bills wherever possible. However, just like how there are rules which say that you have to pay taxes, there's also rules which say that you don't have to pay taxes or have to pay less taxes in certain scenarios.
Unfortunately, Revenue aren't going to openly contact you and tell you how to minimize your tax bill. In this video, I discuss three ways that you can avoid tax legally in Ireland.
0:00 Introduction
1:26 Pensions
6:52 Tax Efficient Investing
8:43 Know Your Tax Reliefs
If you enjoy the video, or have any questions/feedback, let me know in the comments section! Leave a like on a video, subscribe to the channel and I'll see you in the next one!
Check out some of my other videos 🎥
Investing Success Playlist ✔️
• Investing Success
Tax Education 💡
• Tax
Socials 📸
Instagram: / malone_financial
TikTok: / malonefinancial
Facebook: / malonefinancial
LinkedIn: / malone-financial
#tax #taxation #pension #taxrelief #taxcredit #etfs #investing #incometax #capitalgainstax
What are your tax questions? Let me know 🧐
Hello I have a question ! I am a bit confused with my situation .
I was born in Poland , I had been in Ireland for 20 years, I have Irish passport . Basically I have dual nationality.
Now I have been living in Vietnam for 5 years now.
I have shares and crypto on etoro and bit in binance .
I have connected Irish bank to my accounts and the bank address is in Ireland which was my old house, I used to rent .
My question is “should I pay taxes? If so, how do I do it and to which country ?
Looking forward to your response.
Thank you in advance.
Do I pay tax on my pension when I access it? Thanks
@@ciaran8908 hey Ciaran! You’re allowed take a tax free lump sum up to €200,000. After that yes you are taxed
What are the tax implications of spread betting?
Hi Dan, Great video! Very informative. Do you have any videos (or, could you make one?) on being a RUclipsr / Twitch Streamer / Content Creator in Ireland? Specifically, what Tax Reliefs can we get? Can I claim for my PC, PS5, Camera Gear, Microphone, Lights, Studio Set/Backdrop, Internet, Computer Games, Peripherals, etc. Any information would be greatly appreciated! Thanks, Tac.
This was amazing. It’s really informative and easily applicable to people living in Ireland. Thank you so much 👍
What a handy video! Thank you for leading the way for Irish investors. Much appreciated :)
No problem, thanks for watching 🙏
Great video....really informative... Keep it up.
Cheers Martin 🙏
Great video Dan 👍🏻 Crazy the amount of people that haven’t much of a clue about pensions! Free money as you said 😂
Cheers Dar, free money usually gets people a bit more interested so hopefully the message cuts through 😁
Just hit the like and it was the 1 k
(if this is accurate) well done on your knowledge acquisition and articulation of the topic
Thanks for being the 1,000th like!
Cheers Dam, well explained
Nice one Brian
Very informative
Thanks for watching!
Another information video, we'll done Dan! Just want to add that for qualified part-time courses, the disregard is 1500 euro rather than 3000.
Thanks a million 🙏 you’re absolutely correct on the part-time courses, thanks for highlighting that 😁 just wanted to use the full time courses as an example here
Do you have a spanish sibling!?! I am a spaniard building his investment plan. Started with your channel threading the needle of ETFs. Your channel is really great, even if it doesn't apply to my country! 😂😂😂Every citizen in Ireland should know about it.
Great info Dan
I know the tax book is huge. But even to learn the basics at a young age. So many people don't even know the tax credits.
Great points 👏 👍 👌
Cheers Ellie, the tax books are a different kind of animal for sure 😂 so much information in there
@@malone_financial yes, half the time you wouldn't even think its English. So much deciphering, lol
Really interesting video, thanks. Good to see Irish content too. Do you have any advice or videos on investing in index funds as an Irish person?
Cheers Ben, lots of videos on this topic on the channel
I subscribe you this video help a lot thanks!
Glad to hear!
Hi Dan, great video. Can you please list the books you used ? Thank you in advance.
Great video
Cheers
Great video Malone, appreciate the insights. I'd love your advice on pensions. I've an occupational pension with my current employer. I'll likely change employers many times before retirement, would you recommend merging all my pensions from different employers into one pension pot or is there a benefit in having multple pensions funds from the different employers I have over the years?
Hey man. Thank you for the great video. I am non-EEA person who will be working in Ireland. The pension fund thing is applicable for me as well? Many thanks in advance!
Great video! Thank you for sharing this!! For very small businesses, can I make business related purchases, such as new software, and new laptop, etc and reclaim tax on that, even if my earnings are at a deficit of my outgoings, or I earned below tax threshold?
One more question, what way do they calculate tax for online businesses,or You tubers and content creators? And if one is travelling or say based overseas,then do they still gotta pay tax? Or is there a specified time period they gotta be outside the country of Ireland? Hope that makes sense. Your content is so helpful, just found it and sharing 🙏
Thanks in advance.🍀
Hi Malone, great video. Can you write off development fees - say purchasing an investing course against income or gains? I think they can do that in Australia or elsewhere.
After the video's explanation, discount 3000 to fees and deduct tax on the remainder amount
Another great video!
Cheers 🙏
Hey Malone, I'm just wondering where would you recommend setting up a pension? An account with a bank that you pay in every week? Or elsewhere? Also how do you set it up so that Revenue recognize your pension and acknowledge your payments to the pension before you are taxed so you are simply taxed on the rest of your income? Thanks for the help, great video!
Hey Cian, the first port of call is your employer. Check to see whether a) they offer an occupational pension scheme, if so go with that, or b) which personal retirement savings account (PRSA) they’ve nominated. If you’re self employed you’ll need to contact one of the life companies yourself (for example Irish Life) and get setup with a PRSA. You’ll need to file a tax return each year with Revenue to get your tax back if you’re self employed, but if it’s done via employer you get the tax relief immediately.
You talk about your other ETF video, you should put it under your description.
Hey Dan. Loved the video. How much can directors of Irish limited companies put towards their pensions and do have any recommendations for good funds or companies?
Hey Cormac, I'll attach a link to a calculator that works it out for you. It's based on a few factors. As for recommendations, I haven't setup a company scheme myself so I don't have an exact recommendation. Best bet is to shop around:
Link: tools.friendsfirst.ie/mfc
pension money is taxed, the money will be locked away until you are in your 60's and then it will be taxed when you take your pension
I have work 2 months for 2023 and have now stopped working in Ireland. I have been taxed over 3,000 euros. How much tax back can I claim? Great video by the way.
Many thanks for the helpful video :-) I’d really appreciate if you could explain:
1. the tax implications of investing in ETFs within a PRSA - can you just disregard deemed disposal & CGT since it’s in a pension? (And just pay the marginal rate after your lump sum on draw-down?)
2. The tax implications of investing in a traditional (non-ETF) index fund vs an ETF?
1. Correct - pension investments grow tax free (both capital appreciation and dividends)
2. The tax implications of investing in mutual funds follows the same rationale as ETFs. Irish and EU domiciled funds will be liable to tax at 41%, with non-EU domiciled funds being liable to tax at 33% (CGT) and marginal rate tax (dividends)
@@malone_financial Much appreciated, thank you!
Informative video Malone. What is the tax implication wise when one is drawing down the pension? The sad fact of the matter is this little country is determined to screw the ordinary working person either during their work life or when retired.
Depends what option you go for Paul. Tax free lump sums are permitted up to €200,000. Any cash withdrawals in excess of 200k (up to 500k) are taxed at 20%. Anything more is taxed as normal.
Thank you Malone for your good explanations. I want to settle in Ireland and I am studying the Irish tax system.
Would you name some Pension-ETF or pension-Funds? May I save for pension in any ETF taxfree? Can I use an e.g. Austrian ETF for pension taxfree?
Hi Diego! Thanks for the question. Unfortunately, Ireland's choice of pension funds is largely limited to mutual funds offered by the life companies (Irish Life, Aviva, Zurich etc.). It is possible to invest directly in ETFs using a pension however this requires a particular type of account which isn't readily accessible for the average Joe on the street. Check out the Pensions Authority website for PRSAs (Personal Retirement Savings Accounts). They will show you all the options available
Hello I have a question ! I am a bit confused with my situation .
I was born in Poland , I had been in Ireland for 20 years, I have Irish passport . Basically I have dual nationality.
Now I have been living in Vietnam for 5 years now.
I have shares and crypto on etoro and bit in binance .
I have connected Irish bank to my accounts and the bank address is in Ireland which was my old house, I used to rent .
My question is “should I pay taxes? If so, how do I do it and to which country ?
Looking forward to your response.
Thank you in advance.
What book would you recommend book for CGT?
Great Video. Thanks for the valuable info.
I’m aged 28, currently a tax resident in Ireland and part of my salary goes to pension. Anyhow I plan to move back to my home country after 15 years and is there way I can withdraw my all my pension savings when I move out of Ireland.
Cheers Surya. With respect to your pension, you can request that it be transferred to a pension in your home country. This will apply where I) you have left employment in Ireland II) you have requested a transfer III) the benefits provided by the pension scheme in your home country are similar to those provided by Irish pension schemes IV) the pension scheme in your home country is approved by a regulated body. Hope that helps
Hi. Great video. But I have a question. I was reading somewhere that after 8 years of holding stocks/ETF you have to pay capital gains tax even if you didn't realize the profit or loss. Is it true? Because you are saying in many of your videos that once you didn't realize the profit/didn't sell the stock you are not paying any tax. Thank you
Hi Monika! What you're referring to is the deemed disposal tax regime applicable to ETFs here in Ireland. Check out my ETF Tax video to learn more. This rule does not apply to normal stocks in companies.
The tax man always seems to win. When you retire, dont they still tax the monthly wage at the standard rates? Imagine saving monthly for 30 years and being dead at 70….2 years of pension v 30 years of less income….
On retirement you're entitled to a tax free lump sum up to €200k. The next €300k in lumps sums is taxed at 20%. Anything over €500k is taxed at marginal rates. Having the view "what if I die?" isn't really valid imo - because it can be equally countered with "what if I live until 90+?" - at least if you have a pension and die, your estate will get something. No point being broke in retirement because you think you're going to die young
Average age in Ireland is in the mid 80s.
So half of people will live longer.
No point saying "sure I might die at 70..."
You might, but it's not likely.
@@malone_financial Also I believe the money can go to your spouse and/or family in the case of death, right? Cause once an year they send a form asking you to nominate who will receive it and how much.
I prefer leaving money behind when I go than being a burden while I'm alive.
Do you have videos about setting up a business in Ireland. I have no idea where to start or how much I can earn before I register.. 🤦♀️
Do i need to report capital gain thru cg1 if i incurred losses and i dont plan to enter a stock i need to report tax here in the future?
Hey Malone, amazing video, thanks a lot! I have a question, I work as a sole-trader and my income will be higher than 37500€ so I'll need to pay tax and additionally 23% of VAT. Is there any way not to pay the VAT when you cross the 37500€ earnings? I'm happy to switch to other business types.
Depending on your income level, it may be advantageous to establish a Limited Liability Company (LLC) and conduct business through it. especially from a tax point of view.
Any pointers to good value pension options? The standard 1% of capital charged by a PRSA each year is ridiculously high compared to a UK SIPP and represents a significant % of the overall long term return. Is there any way we can make use of any pensions provided within the EU for example?
Unfortunately we can’t avail of non-Irish pension schemes. Your best bet is to avail of a company pension scheme if available as they normally have lower costs. As you’re talking about a PRSA I’d assume this is not an option. Definitely agree that the charges are high, however there is regulatory reform coming in this area in the near future. I’d still recommend getting started regardless!
Hi Malone, Great video, Quick question, we have only started working in Ireland from last week. I just received Pension form to fill and the maximum i can contribute is 4% . I want to know what I decide to move back to my country- what happens to the pension fund? I will be able to withdraw all of it ?
You can transfer it to an overseas scheme in your own country whenever you decide to move back. Also, the 4% maximum in the COMPANY’S limit. You’re entitled to contribute up to your full limit which is based on your age (you would do this via a personal pension product in addition to your company scheme)
@@malone_financial Thanks, I want to withdraw the contribution rather than a transfer whenever i'm moving back. Is this possible?
I'm thinking of doing an 8% contribution to 'Aspire Retirement Strategy' . This is the default invst choice. Would you recommend it? There are other funds such as aspire cash portfolio, passive global equity hedged fund etc.
@@Anish-qv5kv you can’t freely withdraw from your pension as you wish, that would defeat the purpose. You’d likely need to transfer it and see if possible in the country you move to. As for the investment options, it’s not possible for me to comment without seeing the investment profile and fees
Great video, I am in the UK and one day looking at moving to Ireland so I have been researching how Ireland would tax ETF's.
In the UK these are typically wrapped in ISA'S so free from any tax. I understand from your other video that Ireland only taxes Irish and EU ETF's at 41% but assuming due to Brexit that no longer includes the UK?
I'm guessing it would be similar to the USA and taxed at 33% on capital gains only if and when sold.
Looking in on this I can see the UK is perhaps fortunate to have ISA's, though I'm surprised Irish people don't just hop over to the UK or just across the border for a year or so when they want to invest £20-40k x2 for a couple "set and forget" and then do the same when the funds are needed or just sell bits off from inside Ireland to stay under the capital gain allowance?
A deemed disposal every 8 years must massively disrupt investment growth, if I understand this right a fund of £20k growing at 6% would be taxed £5k at year 8?
I think I now know why alot of Irish people who have worked in the UK hang onto their UK ISA's!
Hi Gary, I'm fairly sure Revenue have clarified that UK domiciled ETFs will continue to fall under the remit of the 41% tax treatment.
The deemed disposal rule can be a nuisance however if you watch my ETF analysis video you'll see that it isn't as bad as people think. The reason why it exists in the first place is because investment funds aren't taxed on their capital gains or investment income in Ireland, therefore this gives the investors years of tax free growth. The deemed disposal rule is there to ensure that Revenue are collecting some form of tax return over the course of the investment life.
@@malone_financial thanks, I noted an article that the Irish revenue has pulled its guidance re. Non-EU ETF's in September leading people to think they may move from the 33% to the 41% system.
This maybe all well and good, but when you're trying to build a portfolie to create a FIRE fund for early/semi retirement pre-pension this creates a logistical headache when moving to Ireland.
As I understand it you don't even get an income tax personal allowance to offset, even if this is your only source of income?
With the 33% system I could probably drawdown and use Irish CGA annual allowance, to keep a fund level a bit by spending the gains as they arise.
Its also a bit more complicated as I also have a product called a Lifetime ISA, invested in ETF which cannot even be accessed until 60 (without a 25% hit from UK HMRC), so quite how you would pay 41% from an inaccessible fund is beyond me!
@@malone_financial Ireland has a thing called "non domiciled" in its tax code, which looks interesting and you can be taxed on a remittance basis for money brought into Ireland - don't know if you are covering this in your studies but this would be an interesting one to cover?
5:20 "John would never have that €3600". Well, he would if he was receiving benefits from the state in retirement. But point taken, a pension fund is still wise.
What is tax status w?
It is better to set yourself as a sole trader in Ireland or in the UK?
Mr Malone, if I immigrate to Ireland and have a pension fund available to me that Im paying every month but decide to leave Ireland when I go on pension to another country, do I loose my Pension Fund ?
Your content is good but presenatation could be better. Try to add some graphics for example or number charts in excels instead just reading essay. Your view ll be increased
How you doing man? Do you do any personnel one to one chats?
In south africa we have tax consultants that ask very low fees and make tax returns effortless. I'm moving to Ireland in a couple of months. Is the same service available in Ireland
Hi, I'm trying to find out about donations. Now, I'm not talking about Corporate companies donating to charities for tax benefits, what if you setup a youtube media channel as a registered soul trader teaching people how to cook for example and people sent you a donation as a "thank you" as they benefited from your video. Do you have to declare that donation and is it taxable? I cannot find anything about donations to non-charities in Ireland. Thanks for your help in understanding this tax minefield!
What’s the retirement age in Ireland now ? 104 ?
What pensions would you recommend? I’m always worried about going with pensions in case they liquidate before I retire or something. Is there a government pension body?
There's a new European pension product called PEPP that's being rolled out which will likely be the best option for Irish investors. Alternatively, auto-enrolment is being rolled out in 2024 which will be managed by the State but it's being directed to the life companies so its the same thing as investing via a PRSA really
Can you recommend some accumulating dividend ETFS or stocks?
Have a look at my 'ETFs and Index Funds' playlist!
I love my pension. No tax for you Mr. Taxman. I do have a question. I am also an Australian Citizen. Would there be any benefit to retiring in Australia and taking up residency there again as a legal way to avoid tax when I draw down on my pension?
Hey Ronan, great to hear and thanks for the comment! The pension provider deducts tax at source before you ever receive any payment and there's no way around that unfortunately! This makes sense as the taxman eventually has to receive something for all those tax benefits he provided you with along the way!
Hi Malone is the max AVC contribution % of basic salary or actual salary including bonuses etc. thanks
Including bonuses Michael
@@malone_financial thanks
Hi I am a working nurse in HSE hospital in Ireland, I completed two yrs here planning to move to another country but how can I claim my pensions and taxes which they are cutting from my salary in each month? If u knows pls let me know
Hi any advice on the below would be great;
So ive moved to Dubai set up a Dubai business and have Dubai residency and I'll be living in Dubai for at least 183 days this year am I still due to pay Irish income tax?
So far this year 2022 I've spent from Jan up until Feb 15 in Ireland and won't be returning until the same time next year. I also spent 282 days in Ireland last year 2021. I've seen some rule that if I spend 30 days in Ireland they can tax me as an Irish resident is this true?
Thanks in advance
Hey Conor, I can’t give you advice but I can give you direction. Check out split year residence relief. You can file a claim to revenue that you’ll only be liable to Irish income tax up to the point when you left the country (provided you intend to be non-Irish resident in the following tax year). This applies to employment income only.
As for other sources of income, you’ll be considered ordinarily resident and domiciled for Irish tax purposes. This means Irish Income tax is charged on worldwide income (excluding foreign employment/self employment), until ordinary residence is lost (after 3 consecutive years of non-residence). You also remain liable to Irish CGT until ordinary residence is lost.
Again this isn’t advice, just some tips for direction. If you want certainty then go for a tax consultation. Hope that helps!
I've maxed my annual pension/AvC. In 10 years I hope to also have 500k in a taxable share account. I'm thinking on retirement going non resident in 0% capital gains county.
Any advice on this or countries?
Or should I just take 10% a year from it. Considering markets tend to rise roughly 10% annually?
Great to hear you’ve maxed the pension contributions 👏 with respect to the taxable account, be aware that there are clawback provisions in the tax acts which prevent against temporary non resident with respect to capital gains. On the pension side of things, if the fund was transferred to an ARF on retirement you’d be required to take a minimum percentage each year (4% I believe)
@@malone_financial thanks for that. Yea, looks like the latter idea would be the better..
Thanks again
How do I do the pension thing? Do I apply, is it automatic, do you call the tax office, how? What will it say on my payslip?
Haha all of the questions! Just contact whoever manages your payroll and say you want to contribute X% of your salary to the company’s nominated pension plan.
Am I obliged to reside in Ireland if I want to set myself as a sole trader in Ireland?
Can I still declare my crypto from last year after the deadline ?
Hi Malone
I am on a €47k a year and pay 5% into my pension - monthly tax deduction total of €1000. I think I need to increase my percentage towards the pension in order to give less money to the government. Am I right on thinking that way?
Correct - the more you contribute, the more tax relief you receive (up to your specified limits)!
I'm thinking of moving to Ireland as a non dom.
How can I open this pension account to invest in stocks or crypto?
Hey Alen! You can open a Personal Retirement Savings Account (PRSA) with any of the life providers (Irish Life, Aviva, Zurich etc). Alternatively, your employer may already offer a pension scheme which you can invest into. It'd just be a case of inquiring to find out
Hi Dan, I,m a retired Dutch national and receive a Dutch pension. I'm residing in Ireland since jan 2022 and trying to find out which Irish taxrules apply in my case.
Have any tips?
Hey Charles, Google "irish tax resident receiving dutch pension tax" and click on the first result (revenue guidance on the taxation of foreign pensions) that should help!
@@malone_financial Hey Dan, thanks for you speedy reply. If I cannot make heads or tails out of it , I may call again...
Can this be withdrawn if you are here on employment visa, an later wish to move abroad
There are specific international tax rules which allow you to continue to contribute to a pension scheme in your home country if you so choose, that could be an option. Otherwise you can transfer your Irish pension to your home country, again once certain circumstances are satisfied
Hi Dan,
Does it make sense to contribute to an Irish Pension scheme if a person's annual gross salary is:
a) €18,500 ( tax credits at this salary mean that you pay zero PAYE tax )
b) €40,000 ( below higher tax bracket )
Based on the assumption that this person is single and without any children
Cheers,
how we can contribute to pension scheme when doing job that is net 36k
Talk to your employer
Can you do illegal version
Haha maybe
If you transfer shares that have a gain on them to someone else is that deemed a taxable event? Ny reading of citizens info and rev is that its not but it seems implausible to me
Yes, it will be (provided there’s a taxable gain)
❤❤❤❤
Is the total tax on etf's 74%. 41 + 33.
Nope just the 41%
Hi can u please help me i left my old job
And i got new job ther my tex getting cut high...
Sounds like emergency tax - contact your payroll department and they'll give you guidance. Or you can just register the new job on Revenue's website
Become a politician/ banker and you can avoid taxes apparently.
Yes very clever people I say
Want to gift someone a large amount of money to say help buy a house. Make a loan agreement for it to be paid back in say 50 years time thus avoiding the gift tax.
Can you task about non-dom? how non-dom people can use that status for their benefit?
I can add this to the list
Artists exemptions and art donations are tax write offs. All legal through revenue
A tax is loosely defined as a contribution imposed: a contribution being a gift, and to impose it to trick by deception. All taxes are therefore voluntary. In fact, there is no law (acts/statutes/legislations are not laws) stating that we have to pay taxes for anything.
This is just simply incorrect
@@malone_financial would you care to elaborate?
@@alancaheny777 Sure. To use Ireland as an example, the Taxes Consolidation Act is official Irish legislation, and is therefore legally binding. All of the acts set out therein are considered to be law. The Acts contain all the provisions relating to the payment of all tax heads as well as the penalties associated with failure to do so. This is the same everywhere globally. Why do you think tax evasion is an offence punishable by imprisonment?
@@malone_financial Acts/Statutes/Legislation are not law, my friend. They can only be given the "force" of law through our individual and/or mutual consent, whether it be written or verbal. I, nor you, nor the circa 5 million men and women of Ireland ever consented to be governed in the first place, therefore acting upon said acts/statutes/legislations without our consent is a criminal act of terrorism. These acts/statutes/legislations do not apply to us (living men and women). They only apply to our all-CAPITALISED Cestui Que Vie Trust name, which is often referred to as our person (strawman/legal fiction). No living man or woman in history have ever been imprisoned for tax evasion. It is the trust that is imprisoned. We've been lied to about everything, brother.
@@alancaheny777 You should ask your crack dealer for tax advice next time you are making a transaction
So could someone gift someone €3000 in crypto currency they cash it out for themselves and that would be a small gift then do this few different times to different people and that person wouldn't have to pay CGT because it was sent to a wallet address with no identification attached. Or is it just Money laundering
Im a malone too 😆🤣
Let's go Dillon!
Someone has to pay for all those refugees bed and board.. 😂
I resent the fact that investment vehicles such as etfs are taxed unfairly. I've therefore decided to get rid of all savings like a drunken sailor, travelling the world while I still can and let the government look after me in my dotage. If you really do want to secure your old age, but land and lease it... The income is tax free, and land historically has beaten inflation.
One big problem with putting your money into a pension is in the future a gangster like phillip green or robert maxwell will steal it and get away with it.
Distrust for the financial system isn't a reason to miss out on the benefits of investing!
Yes it you pension fund could collapse the week before your retirement
I don't think there are any illegal ways 🤣to avoid tax, tax evasion on the other hand...
Youre better off having nothing. Live off the state for life.
Ahh the reliable pensions .. give you money to a stranger for 20 .. hoping you'll get a return .. this old chestnut doesnt fly
Hi Dan I am now living in Ireland and I am still an American citizen. I have a full time job here in Ireland. Will I have to pay tax to the United States also on the money I made here in Ireland?
Thanks.Bill
Hey Billy, look into split-year tax relief. I'm not sure how American's tax worldwide income when residing in another country.
hello, how much is tax now if i take 5000 euro montly from youtoube and faccebook? i have page on faccebook and youtube chanel.
Totally depends on how much income you're earning from all sources. It could be taxed at the lower or higher rate depending on what you're earning across the board (plus USC and PRSI)