VAT reclaim in the EU
February 18, 2010
New Electronic VAT Refund (EVR) procedures with effect from 1 January 2010
The following is some information on the new EVR procedures for both Irish and Foreign Traders and their agents. Read more
Budget 2010 Summary
December 16, 2009
As widely anticipated, the Budget focused mainly on cutting expenditure, but also included various taxation measures. The small business owner was saved from higher taxes but really there was no assistance or incentives given.
- No changes to income tax rates, income levy, or PRSI for 2010.
- Universal social contribution scheme to replace PRSI, the health levy, and income levy to be introduced in 2011
- No change to income tax bands, allowances or credits
- Increase in effective tax rate for high earners to 30% (plus PRSI and levies) for 2010
- Non-resident Irish nationals or Irish domiciled individuals with worldwide income in excess of €1m and Irish located capital in excess of €5m will be subject to an Irish domicile levy of €200k per annum
- Introduction of a carbon tax at the rate of €15 per tonne
- Reduction in rates of excise duty on beer and cider, wine and spirits. No change to rates of duty on tobacco products.
- Introduction of car scrappage scheme for cars of ten years and older
- Decrease in standard VAT rate from 21.5% to 21%
- Further enhancements to the R&D tax credit regime and Intellectual Property regime may be included in the Finance Bill
- Measures to bolster Ireland’s competitiveness as a centre for international financial services to be introduced in the Finance Bill
- Reiteration of commitment to 12.5% corporation tax rate
- Preliminary Tax for 2009,
- Income Tax balance due for 2008,
Extended Deadline_2009
October 19, 2009
Once again the Revenue have announced an extended deadline ….
Revenue announced an extension to the return filing and tax payment date for self-assessment customers using the Revenue On-Line Service (ROS). For customers who file the 2008 Form 11 return and make the appropriate payment through ROS for:
Tax payment Difficulties
October 18, 2009
Revenue are willing to delay enforcement action or collection of late payment of tax, in cases where a business is experiencing difficulties in meeting its tax obligations because of a delay in receiving a statutory redundancy rebate. Satisfactory evidence of the redundancy rebate due must be supplied to Revenue.
Read more
Preliminary Tax 2009
October 13, 2009
Income Levy and Preliminary Tax 2009
An extract from Revenue guide for completing Preliminary tax …
Preliminary tax for the income tax year 2009 is due on the 31 October 2009. To avoid interest charges, the amount of preliminary tax payable is the lower of: Read more
Non Resident directors
July 15, 2009
THE REQUIREMENT TO HAVE AN IRISH RESIDENT DIRECTOR IN ORDER TO INCORPORATE A COMPANY IS CHANGED TO REQUIRE A EEA RESIDENT DIRECTOR ONLY
The Companies Amendment Bill 2009 has been signed into law. Section 10 of the bill changes the requirement for an Irish resident director to a requirement for an EEA resident director. The EEA is all of the EU plus Iceland, Liechtenstein and Norway.
Tax on second homes
June 25, 2009
€200 PROPERTY TAX ON INVESTMENT PROPERTY AND HOLIDAY HOMES TO COME INTO FORCE
Yesterday Environment Minister John Gormley outlined the tax in the Local Government Charges Bill 2009, which will become law at the end of next month. Announced last October, it is expected to give local authorities up to €40m per year in additional funding. Owners of residential rental properties, holiday homes and vacant residential properties-apart from those newly constructed and unsold-will be liable to pay the charge.
Those who fail to pay face hefty fines of €20 per month-but the amount is rolled-up, meaning that the bills soar over time. For example, a person who fails to pay the tax for one year will owe €200 for the levy, plus €240 in fines giving a total of €440. Taxes and fines left unpaid will accumulate annually.
Last night the Department of the Environment said that the fines system was introduced as a deterrent for people who might try to avoid the charge.
Local authorities will be examining electricity bills to make sure owners of holiday homes pay the €200 ’second home’ tax announced yesterday. New powers mean county councils will be given access to utility bills to see if power is turned off during the winter months-suggesting that the homes are only used as summer residences. And they will also be examining the voter register and land registry records to see how many people owe the tax.
Updated Income Tax Levy
April 7, 2009
Income Tax Changes
Tuesday, April 07, 2009
The income levy rates have doubled and the exemption threshold on which the income levy will apply will be reduced from €18,304 to €15,028.
Income Levies
The income levy rates have doubled and the exemption threshold on which the income levy will apply will be reduced from €18,304 to €15,028. This means that taxpayers with gross income over €15,028 will face the following income levies rates:
2% up to €75,036
4% from €75,037 to €174,980
6% on income over €174,980
Read more
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