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Taxation/Budget News

Finance Bill 2010 – VAT measures relating to "transitional properties".

Background
The Minister for Finance intends to introduce a Committee Stage amendment to the Finance Bill (as initiated) - Amendment Number 77 on the List of Proposed Committee Stage Amendments refers – which will substitute a new subsection for the existing subsection (10) of section 4C of the Value-Added Tax Act 1972 (as amended). This new measure, if enacted by the Oireachtas, will provide that the "big-swing" rule in the capital goods scheme ("CGS") will apply to transitional properties [1]. The situations in which this rule will apply are outlined below together with some examples of how the rule will operate in practice.

Mar 2, 2010

Finance Bill 2010

The Finance Bill replicates the tone of the Minister for Finance’s budget speech last December in that “High Earners Must Pay Their Fair Share”. The Finance Bill introduces a number of measures which will not only restrict the amount of tax relief high earners can claim, it will also ensure that certain individuals who continue to have close ties to the State will pay make a contribution to the State in respect of their citizenship.

Feb 16, 2010

Changes to R&D Tax Credit Regime – A Missed Opportunity?

Finance Minister Mr Brian Lenihan earlier this month published the Finance Bill 2010 which gives effect to the taxation measures announced in last December’s Budget. The existing R&D Tax Credit regime has been amended to cover situations where a company carries out R&D activities in different facilities in separate geographical locations and the activities in one of these facilities is permanently discontinued.

Feb 16, 2010

Taxation of individuals as employed or self employed for tax purposes – an ongoing issue

For many years there has been a divergence of opinion between Institutions of the State on the one hand and employers and individuals on the other as to whether a person hired to carry out certain duties or undertake a certain project for another person should properly be regarded as an employee or as self employed for Tax purposes.

Jan 19, 2010

Tax Deadline for UK Property looming

ACCA (Association of Chartered Certified Accountants) is warning Irish people who have UK property that their UK tax returns are due by the end of this month.

Jan 19, 2010

VAT Changes in Budget

There were two VAT changes introduced in the budget by the Minister for Finance on 11th December 2009. Firstly, the standard rate of VAT was reduced to 21%, reverting back to the rate which applied pre 1 December 2008. A change in the VAT rate gives rise to procedural issues in relation to invoices

Dec 22, 2009

Research and Development (R&D) Tax Credits

Research and development are the keys to a more knowledge-intensive economy aimed at providing a sustainable, long-term basis for growth and employment. Finance (No.2) Act 2008 included significant enhancements to the existing scheme of tax credits for R&D,

Dec 22, 2009

Budget 2010 – “turning a corner “ ?

The Minister for Finance Mr Lenihan has struck a decidedly positive note in delivering his 2010 Budget speech to the Dail. While declaring the worst is over he has announced little in the way of tax changes for the vast majority of tax payers and has introduced spending cuts of €4 billion which he says is the

Dec 9, 2009

Kilbride Consulting – Budget 2010

As expected and heralded, there have been substantial cuts to public sector expenditure in the much anticipated and certainly dreaded 2010 Budget. Public Service salaries are to be reduced as are Social Welfare payments and new entrants to the Public Service are to have reduced Pension benefits. All of these expenditure cuts will, no doubt, have been expected

Dec 9, 2009

Reduction in high earners cap will mean tax based property investments are a real cost

The Minister in his Budget speech today has increased the effective rate on taxpayers caught by the High Earners restriction from 25% up to 44%. He has increased the effective income tax rate from 20% to 30%. This income is also subject to PRSI, Health Levies and The Income Levy. Tax based property investors who paid up to 26% in equity to avail of hotel and other tax investments are now faced with the prospect that the investment was a real

Dec 9, 2009

KPMG Budget Commentary

Dec 9, 2009

Budget 2010 Overview

Today’s budget speech by the Minister For Finance, Mr Brian Lenihen has demonstrated the government’s continuing commitment to trying to address the public finance deficit.

Dec 9, 2009

PWC Budget Report 2010

As widely anticipated, the Budget focused mainly on cutting expenditure, but also included various taxation measures. The tax highlights…

Dec 9, 2009

Download attachment(s): [ 7_pwc_budget_flyer_2009.pdf ]

Budget 2010 – Seeing beyond what we already knew

I think that anyone reading the papers in the last few weeks would agree that the effectively leaked speech was old news before Brian Lenihan even sat down. Well almost! There were some words however which will have interested advisers and I would like to focus in on four quotes in particular:

Dec 9, 2009

Mazars Budget Report

Brian Lenihan, Minister for Finance, believes that the worst is over and that this Budget is the last big push of this crisis. He says that the Department of Finance is now expecting a return to positive growth within six to nine months. We sincerely hope he is right!

Dec 9, 2009

Download attachment(s): [ 6_Mazars_Budget_Report_2010.pdf ]

12 Days of Christmas

On the 1st day of Christmas my tax consultant said to me (without the singing) that there are some areas in which individuals and business owners could achieve tax savings...

Nov 10, 2009

New Procedures for making EU VAT Repayment Claims Effective from 1st January 2010

All traders who are registered for VAT in Ireland are obliged to submit a form VAT 3 at regular intervals to the Collector General’s Divison. The VAT 3 form contains figures reflecting the transactions carried on by the trader, including the amounts of VAT charged on sales and purchases

Oct 27, 2009

Pension Post Commission on Tax Report

Following the recent issue of the Commission on Taxation report we thought it useful if we provided an overview of the current pension regime and to specifically highlight the various recommendations...

Oct 13, 2009

Commission on Taxation - Proposed Reform of the Appeals System

Commission on Taxation recommendation in relation to Proposed Reform of the Appeals System and introduction of Statutory Safeguards for the Taxpayer

Sep 29, 2009

KPMG partners review the recommendations of the Commission on Taxation Report

Sep 15, 2009

Commission on Taxation Report

The purpose of this article is to provide you with a very high level summary of the key recommendations contained within the report.

Sep 15, 2009

Dont rush to judgment on Commission Report says Chartered Accountants Ireland

Don’t rush to judgment says Chartered Accountants Ireland. The Commission on Taxation report contains some controversial suggestions as to how areas like property could come into the tax system in the future. These and other issues need to be debated fully.

Sep 10, 2009

Irish Taxation Institute response to New Tax Measures proposed by Commission

Sep 10, 2009

INCOME TAX: A THIRD rate of income tax “has merit”

INCOME TAX: A THIRD rate of income tax “has merit” but should “have regard to the need to keep taxation on labour low and marginal rates competitive”, the commission said.

Sep 10, 2009

Tax reliefs in a changing environment

Irish tax legislation contains significant reliefs that are designed to assist individuals and businesses to make important and necessary decisions in a tax effective manner...

Sep 1, 2009

Investing in Distressed Assets Using Ireland as a Tax Efficient SPV Location for Investing in Global Distressed Assets

For many years, Ireland has been a popular jurisdiction for the establishment of special purpose vehicles (SPVs) for investing in all types of distressed financial assets. As the global market for distressed assets continues to grow.....

Sep 1, 2009

Trusts and Offshore Structures

Revenue’s investigation into the use of trusts and offshore structures starts on 1 September 2009. This investigation is targeting those persons who have not disclosed their trusts and offshore structures to Revenue and who have undeclared tax liabilities on these sources.......

Sep 1, 2009

The Local Government (Charges) Act 2009 - Non-Principal Residential Property

The Local Government (Charges) Act 2009, which was passed on 24 July 2009, has received very little media attention. It introduces a new charge on residential properties......

Aug 30, 2009

Green taxation is politically essential not just politically correct

Using environmental and green taxation to boost falling tax revenues needs careful planning by government and policy makers says ACCA (the Association of Chartered Certified Accountants) today as it publishes a position paper called Green taxation in a recession......

Aug 30, 2009

European Commission Proposes New Measures to Combat VAT Fraud

Aug 23, 2009

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