Accountingnet.ie - Taxation/Budget News News

Home Page

SEARCH THE SITE:

RESOURCES eNewsletter Lighter Side Accountants Forum eTips Templates

Excel
Word

Links

Calculators Help


		RSS Feed

		Twitter

Taxation/Budget News

P35 Return Filing - Importance of Recording the Correct PPS Number for Employees

When filing the P35 Return for 2011, employers and agents are reminded of the importance of recording the correct PPS number for each employee on the return. This will ensure that an employee's details are updated correctly to the Revenue and Department of Social Protection (DSP) computer systems with the minimum of delay. The PPS number should match the PPS number on the most recent Tax Credit Certificate issued by Revenue to the employer.

Jan 31, 2012

Budget 2012: The KPMG View - Video Analysis

In the aftermath of Budget 2012 on 6 December 2011, KPMG provides a perspective on the tax measures and their impact on Irish business.

Dec 13, 2011

Budget Report 2012 - Mazars

We expected a budget of tax increases and we got it. The 2% VAT hike represents the main extra tax move and this will hit retailers hard. Increases in CAT and CGT rates were always on the cards and Minister Noonan did not disappoint, raising them to 30% from 25%. While delivering on the Programme for Government’s commitment not to increase income tax, a new household charge of €100 will be introduced and this will broaden the tax base in line with EU and IMF requirements. Proposals to remove the current relief of 50% of employer PRSI for pension contributions and an increase in DIRT from 27% to 30% are targeted to yield substantial extra taxes. Excise duties did not escape either, with 25 cents being added to a packet of 20 cigarettes, carbon tax increasing by €5 to €20 a tonne on fossil fuels, betting duty being extended to remote betting along with a betting intermediaries’ duty, and motor taxes increasing from January 2012. So if you don’t drive, smoke or bet, these particular measures won’t get you!

Dec 6, 2011

Budget 2012 - Moving in the right direction - Deloitte

On a positive note, the Minister has once again re-iterated the Government’s commitment to maintaining the 12.5% corporation tax rate. In the context of the global economic downturn, and with recent corporate tax increases in countries such as France, it is very positive that the Irish Government continues to reiterate its commitment to maintaining the 12.5% corporate tax rate. The low corporate tax rate is the cornerstone of Ireland’s industrial policy and the Minister has once again provided reassurance to both indigenous companies and multinationals operating in Ireland in relation to the future rate of corporation tax.

Dec 6, 2011

Budget 2012 Partner Quotes - KPMG

KPMG Budget 2012 Partner Quotes:
General business view – Shaun Murphy, Partner, KPMG
“Business will welcome the positive pro growth measures in the Budget and the commitment to consider further measures in the Finance Bill”.

Dec 6, 2011

Budget 2012 Review - PWC

The measures announced in the Budget by the Minister for Finance had been signalled well in advance, and there were few surprises. The significant revenue generating measures are focused on the indirect tax side, mainly VAT and also Capital taxes, although the estimated tax take from the latter included in the documentation appears optimistic at a time when many taxpayers are nursing heavy losses.

Dec 6, 2011

Budget 2012 Briefing - Purcell McQuillan Tax Partners

Minister Noonan announced his first Budget on the 90th anniversary of the signing of the Anglo Irish Treaty on 6 December 1921. Overall his Budget creates a number of positive incentives on what was forecasted to be a very tough Budget. In our opinion, it is a fair Budget with no increase in income tax rates, a rollback on the property incentive restrictions, a reduction of 4% on stamp duty on commercial property, a new capital gains tax (“CGT”) exemption for property purchased before the end of 2013, extra mortgage interest relief for residential property purchased during 2012 and no introduction of a wealth tax. However, the increase in CGT and gift/inheritance tax to 30% may delay the passing of assets to the next generation.

Dec 6, 2011

Budget 2012 Calculator for PAYE Employees - Red Oak Tax Refunds

Find out if you or your PAYE clients are better or worse off after Budget 2012.

Red Oaks Tax Refund Budget 2012 Calculator

Dec 6, 2011

Budget 2012 Tax Measures - Wallace O'Donoghue

It may be hot off the press and we do of course need to await the Finance Bill for more specific details but here are our first thoughts on the taxation issues arising in Budget 2012.

Dec 6, 2011

Budget 2012 tax measures are Business Aware - Chartered Accountants Ireland

The imperative for the Minister for Finance in this Budget was to do as little harm to business as possible, given the financial constraints he is under. In fact many of his measures will help business, with a knock on benefit for employment.

Dec 6, 2011

Budget 2012 – mixed provisions with some surprises - Russell Brennan Keane

Budget 2012 Analysis from Mairead O’Grady, Tax Partner, Russell Brennan Keane. Budget 2012 is unique in that the proposed expenditure cuts were announced a day ahead of the tax changes and also many of its provisions were well flagged ahead of Budget Day. The financial adjustment was set at €3.8bn with €2.2bn coming from expenditure cuts and €1.6bn coming from increased taxation. Despite all the advance leaks and speculation the Minister managed to keep a number of the changes secret until the Budget Speech especially in the ar

Dec 6, 2011

VAT Increse will Kill Consumer Demand - SFA

The Chairman of the Small Firms Association, Ian Martin, has said that “Budget 2012 contains many welcome measures that will support small business establishment and development.” Specifically he welcomed the extension of the corporate tax break for start-ups to 2014, the foreign earnings deductions to support companies entering emerging markets and the improvements to the R&D tax credit scheme.

Dec 6, 2011

Rent Reviews and the role of NAMA

In today’s Budget speech the Minister for Finance, Michael Noonan T.D., set out the changes to NAMA policy in relation to upward only rent reviews in relation to tenants experiencing difficulties in paying rents. The Minister said: “I am fully aware of the difficulties that upward only rent reviews are causing for some businesses. Indeed, despite exhaustive work over the past few

Dec 6, 2011

Tax Payment Difficulties - Streamlining of Revenue Procedures

Revenue expects businesses and individuals to arrange their business and personal affairs in such a way as to ensure timely compliance with tax return filing and tax payment obligations. Revenue is happy to acknowledge that the vast majority of taxpayers and businesses do that.

Nov 28, 2011

Taxes Consolidation Act 1997 Notes for Guidance (Finance (No. 2) Act 2011 Edition)

These are the notes for Guidance on the Taxes Consolidation Act 1997 (as amended by subsequent Acts up to and including the Finance (No. 2) Act 2011), and can be downloaded in PDF.

Nov 1, 2011

Change to the operation of the Universal Social Charge from 1 January 2012

From 1 January 2012 the basis by which the Universal Social Charge (USC) is deducted will change from the present week1 basis to a cumulative basis. The operation of cumulative USC will mirror that presently used in PAYE. USC thresholds will be managed in the same manner in which Cut-Off-Points are presently managed in PAYE.

Oct 18, 2011

Computation of Amount for 2011 Preliminary Tax as shown on 2010 Notice of Assessment

A number of queries have arisen with regard to the calculation of the Amount for 2011 Preliminary Tax (PT) that appears on the 2010 Notice of Assessment.

Oct 4, 2011

Levy on Pension Schemes

Section 125B of the Stamp Duties Consolidation Act 1999 (as inserted by section 4 of the Finance (No.2) Act 2011) provides for an annual stamp duty of 0.6% of the market value of assets held for the purposes of pension schemes approved by the Revenue Commissioners under Irish tax legislation.

Sep 6, 2011

Sending Employees Abroad: Unravelling the Tax Maze

As Irish construction companies increasing seek opportunities overseas, tax expert Mary Nyhan of RSM Farrell Grant Sparks advises on how to maximise their tax position in relation to international employees. More than ever, Irish construction companies are looking for opportunities abroad. As a result, many companies are faced with international tax issues pertaining to the staff that they have seconded to their operations in foreign countries. For some this can be a potential tax mine field especially when dealing with operations simultaneously in several countries.

Sep 6, 2011

Franco / German Proposals on Taxation: C’est fini?

At the press conference following the Franco-German meeting on 16 August 2011, a number of high level proposals aimed at achieving greater Euro-Zone financial integration were aired. There was little detail provided. Two tax proposals were floated.

Sep 6, 2011

Scottish National Party call for Devolution of Corporation Tax Powers

Devolving corporation tax could improve the economy, support jobs and boost living standards, according to a report published by the Scottish Government today.

Aug 23, 2011

Restriction on the allowance of Capital Losses

This Tax Briefing describes the restriction on the allowance of capital losses introduced by section 59 Finance Act 2010. It sets out the scope of the provision and how Revenue envisages its application.

Aug 9, 2011

Changes to the operation of Relevant Contracts Tax (RCT)

Work is well advanced on developing a new system, which is expected to be introduced on 1st January 2012. It will be subject to a commencement order to be signed by the Minister for Finance.

From 1st January 2012, all relevant contracts, including those that are ongoing at the end of December 2011, must be registered on-line. Principals must notify all payments on relevant contracts to Revenue on-line from 1st January 2012. It will not be possible to notify a payment on-line unless the contract has been registered.

Jul 26, 2011

VAT – 9% rate on certain goods and services from 1 July 2011

A second reduced VAT rate of 9% applies in respect of certain goods and services for the period 1 July 2011 to 31 December 2013. The 9% rate applies to certain goods and services previously liable at the 13.5% rate, including restaurant and catering services; hotel and holiday accommodation; admissions to cinemas, theatres, certain musical performances, museums and art gallery exhibitions; fairgrounds or amusement park services; the use of sporting facilities; hairdressing services; printed matter such as brochures, maps, programmes, leaflets, catalogues and newspapers. From 1 January 2014 the rate on these goods and services will revert to 13.5%.

Jun 28, 2011

Taxation of Locums...Revenue's last word

Over the last 2 years Revenue have been reviewing the tax treatment of payments to locums in the medical sector, and over this time the tax treatment has evolved from the fragmented approach adopted by the various districts following the Appeal Commissioner’s decision in favour of Revenue in the MIDOC case to the current more unified (and fairly hard-line) approach.

Jun 14, 2011

Changes to the operation of Relevant Contracts Tax (RCT)

Revenue has published Information Note No. 3 which provides further details on the new RCT scheme and outlines the main benefits for principals and subcontractors.

Jun 14, 2011

Civil Partnership Tax Bill Published

Jun 13, 2011

VAT and Charitable Donations via SMS Text Message

Questions have arisen in relation to the VAT treatment of donations to charity, usually for specific disaster appeals, made via mobile phones using SMS shortcodes. The purpose of this eBrief is to clarify the correct VAT treatment that should apply in respect of such donations.

May 31, 2011

Jobs Initiative – May 2011

The Minister for Finance announced the Government’s 2011 Jobs Initiative on 10th May last which includes a number of measures aimed at stimulating job creation, and also details of how they propose to fund the incentives - mainly in the form a new pension fund levy.

May 17, 2011

Taxation of Retirement Lump Sums

Taxation of Retirement Lump Sums – New form where income tax is deducted under Case IV at the standard rate. Section 19 (4)(b) Finance Act 2011 inserted a new section 790AA into the Taxes Consolidation Act 1997 (TCA 1997) which provides, with effect from 1 January 2011, that the maximum lifetime retirement tax-free lump sum is €200,000.

May 3, 2011

<< prev next >>

omniad