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KEY TAX DATES FOR AUGUST 2010

14th
P30 monthly return and payment for July 2010

14th
RCT30 monthly return and payment for July 2010

21st
Corporation tax preliminary payment for accounting periods ending between 1 – 31 September 2010

21st
Corporation tax returns for accounting periods ending between 1 – 30 November 2009

21st
Corporation tax balancing payment due for accounting payments ending between 1 – 30 November 2009

TAX TIP: INTEREST RELIEF ON INVESTMENTS

Tax relief on interest on borrowings to invest in a company is given at the marginal rate of tax where the borrower is an employee/Director who has a material interest in the company i.e. greater than 5%.

An individual should therefore minimize borrowings for investments where little or no interest relief is available e.g. an investment in quoted shares.

MINUTES OF TALC MEETINGS

The Minutes of the Taxation Administration Liaison Committee (TALC) Meetings of 9 February 2010 and 31  March 2010 can be found here.

The Taxes Administration Liaison Committee (TALC) was established in 1989 and is a liaison committee between the Revenue Commissioners, the Irish Taxation Institute (ITI), the Consultative Committee of Accountancy Bodies of Ireland (CCABI) and the Law Society of Ireland.

TALC is a forum for the making of representations between Revenue and practitioners on the administration of tax in Ireland. It is not a forum for legislation or policy formation. TALC comprises a main committee and six sub-committees.

When TALC was set up 1989, the terms of reference were set down as follows:

  1. The function of the Committee is to review and make recommendations to achieve more effective and efficient administration of the direct taxes, stamp duties and value added tax. These may relate to either administrative practices of the Office of the Revenue Commissioners or of tax practitioners.
  2. In the formulation of any recommendations, the Committee shall have due regard to the views and responsibilities of the Office of the Revenue Commissioners and the interests of taxpayers and tax practitioners and its recommendations shall be consistent with the objective of achieving an efficiency and consistency of administration which has due regard to statute, minimises compliance costs, promotes the highest possible level of voluntary compliance by taxpayers and the expeditious treatment of taxpayers by the Office of the Revenue Commissioners.
  3. The Committee shall not accept representations on behalf of, or consider matters relating to, individual cases.
  4. Membership will be at senior level from the Office of the Revenue Commissioners and appropriate bodies representing tax practitioners. The Committee will itself keep under consideration its current membership and any requests for amendment or extension.

These terms of reference govern TALC today.

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