Accountingnet.ie - Taxation/Budget News News

Home Page

SEARCH THE SITE:

CHANNELS In Practice

News

In Business

News

Taxation

News

Financial Reporting

News

Law & Regulation

News

Recession

News

CPD

RESOURCES eNewsletter eTips

Excel
Word

Links

Calculators Help


		RSS Feed

		Twitter

Taxation/Budget News

Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS)

Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS). The information available in the attached report relates to the Mini One Shop Stop Scheme ("MOSS") that was introduced with effect from 1 January 2015 for businesses established both within and outside the European Union providing telecommunications, broadcasting or electronic services to private individuals (final consumers) located within the European Union.

Nov 3, 2015

Impact of BEPS for Ireland

The release of the OECD's Base Erosion and Profits Shifting (BEPS) reports are a significant milestone in the ongoing development of international tax policy. This project, which focusses on 15 different action areas, has been completed in a very tight two year time frame and has been put forward as the remedy to the problems in international taxation. Will the project achieve all of its lofty goals? Certainly not, however, the output from these reports will frame the international tax agenda for years to come.

Nov 3, 2015

Clarification of circumstances where CGT clearance certificate not required

Arising from a number of requests for clarification from tax practitioners and legal offices, the purpose of this eBrief is to set out particular circumstances in which the provisions of section 980 Taxes Consolidation Act 1997 (TCA) will not be applicable to disposals/sales of assets that are referred to in subsection (2) of that section. Disposals of assets by bodies which carry an exemption from capital gains tax (CGT)

Nov 3, 2015

Travel and subsistence expenses for sole traders

An individual sole trader is entitled to claim a tax deduction for any expenses wholly and exclusively laid out or expended for the purposes of his or her trade or profession. Whether or not an expense is wholly and exclusively incurred for the purposes of a trade is a test best interpreted with the assistance of case law. Revenue has recently published two Tax and Duty Manuals examining when travel and subsistence expenses pass this test, and are therefore tax deductible.

Nov 3, 2015

Budget 2016 Highlights - Crowe Horwath

With the fastest growing economy in Europe and an election in the coming months, the Minister has concentrated the significant tax changes in reductions to the Universal Social Charge. Finance Bill 2015 will be introduced on 22 October 2015. Our team will be closely monitoring the Bill and we will be issuing commentary on the main provisions as they arise. Any member of our team will be delighted to assist you with any taxation or business questions you may have.

Oct 14, 2015

Budget Report 2016 - Mazars

Budget 2016 is the first Budget in recent years where the focus is on supporting the economic recovery through some changes in USC for employees in the lower and middle income categories and increased Government spending across a number of areas.

Oct 14, 2015

Budget 2016 Highlights - BDO

Minister Noonan today delivered the final and most eagerly anticipated Budget of this government. This Budget is being presented in an environment of economic recovery with the Department of Finance forecasting economic growth in 2015 of 6.2% in 2015, and 4.3% for 2016 taking account of the measures announced today.

Oct 14, 2015

Getting the Balance Right? - Budget 2016 - PwC

The Irish economy is now in better shape than at any time since the beginning of the financial crisis. The Minister’s key challenge was to ensure that the resources available to him were used to underpin confidence in a strong economy, continue to facilitate the creation of sustainable employment and encourage entrepreneurship.

Oct 14, 2015

Gaining Momentum - Budget 2016 - Deloitte

Against a backdrop of a modestly slowing global economy and IMF warnings around global economic growth, but with continued, reasonable growth in Ireland’s main trading partners and Irish GDP growth of 6.2%, the Government have set the stage for their re-election campaign with an expansionary Budget.

Oct 14, 2015

Budget 2016 - Video & Analysis - KPMG

The Minister for Finance introduced the 2016 Budget (the Budget) on 13 October 2015. Further detailed measures will be included in the Finance Bill to be published on 22 October 2015. Budget 2016 is the first time that we see most Irish taxpayers reaping significant fruits from economic recovery. Following such an extraordinarily difficult financial crisis this is very much to be welcomed and it is to be hoped that this will be the first of many Budgets where relief can be afforded to Irish taxpayers and where Ireland’s economic competitiveness can be enhanced.

Oct 14, 2015

Budget Tax Alert 2016 - EY

In last year’s Budget speech the Minister for Finance, Michael Noonan TD recalled the Robert Frost poem The Road Not Taken. He indicated that “the road ahead of us diverges and we have a choice to make. Do we take the road frequently trodden by Irish Governments in the past, a road whose signposts are tax and spend where one’s journey is through boom to bust? Or do we, like Frost, take the road ‘less travelled by’? A road whose milestones are prudence and caution.”

Oct 14, 2015

Budget Highlights 2016

The Minister for Finance, Mr. Michael Noonan and the Minister for Public Expenditure and Reform, Mr. Brendan Howlin presented their fifth Budget speech on Tuesday 13th October 2015.
The attached changes have been announced and are due to take effect from 1st January 2016, unless otherwise stated.

Should you have any queries in relation to anything contained within, please contact Nicola Foster or Niall Grant at nfoster@annebrady.ie or ngrant@annebrady.ie .

Oct 14, 2015

Budget 2016 - Making Work Pay - Russell Brennan Keane

Commenting on the tax changes in the Budget, Ronan McGivern, Tax Partner, Russell Brennan Keane said that "the Minister has picked up where he left off in the previous budget with a budget firmly focused on boosting employment, ensuring that work pays and encouraging entrepreneurship. The Minister has identified the provision of jobs and ensuring there are no disincentives to work as central to his stated commitment to “keep the recovery going””.

Oct 14, 2015

Budget 2016: No Pain and Some Modest Gains - KBC

With a general election looming, it is understandable that there are concerns that a pressing political timetable would completely override economic considerations in the framing of Budget 2016. Reflecting this there has been a significant amount of commentary focussed on the merits or otherwise of adding to spending power in an Irish economy that is now growing rapidly. It is inevitable that political considerations figured prominently in the shape and scale of measures announced in Budget 2016. However, we don’t think this influence necessarily conflicted with the balance of economic arguments.

Oct 14, 2015

Use of section 615 TCA 1997 to Avoid CGT on Ultimate Disposal of Assets

It has come to the attention of Revenue that section 615, Taxes Consolidation Act (TCA) 1997, which provides relief from Capital Gains Tax (CGT) on a transfer of assets under a scheme of reconstruction or amalgamation of companies, is being used, in conjunction with the use of section 617 TCA 1997, which provides relief from CGT on a transfer of assets within a group, as part of a scheme to avoid CGT liabilities on the ultimate disposal of those assets.

Sep 22, 2015

Subsistence Rates and Pensions Deadline

Where certain conditions are met, subsistence allowances based on Civil Service rates and criteria can be paid to employees tax free as an alternative to reimbursing receipted expenditure. The Minister for Public Expenditure and Reform recently published a circular containing revised rates of subsistence allowances and standard distance requirements. In summary, the rates have been simplified and increased but the minimum distance between the temporary workplace and the normal place of work or home have also been increased.The increased distance criteria could cause problems for businesses.

Jun 23, 2015

UK Diverted Profits Tax

Jun 23, 2015

Accounting Standards Transitional Measures and Arrangements

Schedule 17A of the Taxes Consolidation Act 1997 (TCA) provides transitional rules to apply where a company’s taxable profits begin to be calculated using international accounting standards (IFRS), equivalent Irish GAAP (Generally Accepted Accounting Practice) standards, or for accounting periods beginning on or after 1st January 2015 ‘new’ Irish GAAP standards to the extent that they embody IFRS.

Jun 23, 2015

Benefits in Kind and PAYE

Employers are obligated to collect tax on Benefits in Kind (BIK) through the PAYE system. However, this can be an onerous and problematic responsibility for employers. This brochure outlines the key rules for employers when it comes to BIK.

May 12, 2015

Changes to Medical Insurance Relief

Finance (No.2) Act 2013 introduced a limit on the amount of tax relief available on Medical Insurance premiums for policies renewed or entered into on or after 16 October 2013. In March 2015, the Minister for Finance announced his intention to amend tax relief for medical insurance premiums for young adults from 1 May 2015 on foot of changes introduced under the Health Insurance (Amendment) Act 2014. Revenue has agreed to operate the changes on an administrative basis pending the provision of the underpinning legislation as part of the next Finance Bill.

May 12, 2015

The Living City Initiative

The Living City Initiative is a scheme of property tax incentives designed to regenerate both historic buildings and other buildings in specified cities. The scheme applies to certain "special regeneration areas" (SRAs) in the centres of Dublin, Cork, Limerick, Galway, Waterford and Kilkenny. These areas have been designated for the purposes of the scheme by Order of the Minister for Finance. The maps and boundaries of these SRAs can be found on the websites of the respective local authorities.

May 12, 2015

VAT Treatment of Green Fees charged by Member-Owned Golf Clubs to Non-Members

This eBrief updates Revenue’s position as set out in eBrief No. 09/14 following the judgment of the European Court of Justice (CJEU) in the Bridport & West Dorset Golf Club Ltd case (C-495/12) 1. Application of the European Court of Justice decision to Ireland. The CJEU held that where a supply of golf facilities is made by a non-profit making organisation it is immaterial whether it is provided to a member or a visitor, and found that green fees received from non-members could benefit from the exemption set out in Article 132.1(m) of the EU VAT Directive (112/2006/EC) (PDF, 475KB).

Apr 22, 2015

High Income Earner Restriction Carry Forward and Married Couples

The legislation providing for the high income earner restriction (“HIER”) is particularly complex when it comes to jointly assessed couples. A number of districts have therefore raised queries on whether or not a jointly assessed couple can both avail of a deduction from total income for excess relief carried forward under section 485F, or whether only the individual who was subject to the HIER in the first instance can claim relief. In short, when an individual has been subject to the HIER and has excess relief carried forward, then, under joint assessment, a deduction from total income for that amount is also available against the income of their spouse / civil partner in future years.

Mar 31, 2015

Diverted Profits Tax

The new diverted profits tax (DPT) will allow HMRC to apply a 25% charge on profits that it estimates have been diverted from the UK to other jurisdictions from 1 April 2015. Multinationals should review their operating structures to assess the likely impact and how they can prepare for the new tax. Draft legislation was published on 10 December 2014 by the UK Government setting out the new DPT, dubbed the ‘Google tax’ by the Press.

Mar 3, 2015

Qualifying Avoidance Disclosures under Section 811A(2A) Taxes Consolidation Act 1997

Section 87(1)(b)(i) of the Finance Act 2014 allows a taxpayer, who entered into a tax avoidance transaction on or before 23 October 2014, to settle with Revenue by paying the tax or duty due and payable and a reduced amount of interest. To avail of this opportunity, a taxpayer must make a "qualifying avoidance disclosure" in writing to the Revenue Commissioners on or before 30 June 2015.

Mar 3, 2015

Getting The Most Out Of Your R&D Tax Credit Claim

Whether you’re already claiming the R&D tax credit or just considering your eligibility, it’s essential to remember that R&D doesn’t just happen in the laboratory – quite often it’s the work a company would consider to be a day-to-day activity: developing a new product; devising or making improvements to a production process; trying out a new material to reduce costs. The list is extensive, and with a potential saving of up to 25% of qualifying expenditure, it’s worth checking if your activities meet the criteria.

Feb 17, 2015

Incorrect Medical Insurance Information Recorded on 2014 Form P35L

This notice is solely for the attention of employers who pay medical insurance on behalf of their employees as a Benefit in Kind (BIK). It does not affect returns being made where the employer is simply facilitating deductions from an employee’s pay for medical insurance.

The filing date for the 2014 P35 is 15th February 2015. In the case of ROS filers this date is extended until 23rd February.

Feb 17, 2015

Knowledge Development Box

As indicated in the recent Budget 2015, the Department of Finance has launched a public consultation process on framing a Knowledge Development Box (‘KDB’) regime. The consultation document expressly outlines the Government’s commitment to ensuring a competitive tax offering for companies that engage in innovative and value creating operations in Ireland. The ambition is that the new knowledge development box will offer companies a ‘best in class’ regime, while ensuring that the regime is acceptable under proposed new international rules.

Feb 3, 2015

Qualifying Avoidance Disclosures under Section 811A

Qualifying Avoidance Disclosures under Section 811A(2A) Taxes Consolidation Act 1997. Section 87(1)(b)(i) of the Finance Act 2014 allows a taxpayer, who entered into a tax avoidance transaction on or before 23 October 2014, to settle with Revenue by paying the tax or duty due and payable and a reduced amount of interest. To avail of this opportunity, a taxpayer must make a "qualifying avoidance disclosure" in writing to the Revenue Commissioners on or before 30 June 2015.

Feb 3, 2015

Immigration – Entrepreneurs and Investors

The Irish government introduced the Start up Entrepreneur Programme and the Immigrant Investor Programme in 2012. The purpose of these schemes is to enable non-EEA nationals and their families who commit to either a high potential start up business or to an approved investment in Ireland to acquire a secure residency status in Ireland.

Jan 13, 2015

<< prev next >>