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Tag: Budget 2011

POST BUDGET SEMINAR

Post Budget Seminar Wednesday 8th December 6.30pm Chamber of Commerce, Clare St, Dublin

We are co-hosting a post budget seminar with CPL on Wednesday evening to identify the financial and taxation changes impacting on IT professionals going into 2011. All welcome.

Further details here

BUDGET 2011 – THE FORECAST

While every household will feel a severe pinch on Tuesday, those at both ends of the earnings spectrum will experience blunt force trauma, according to Susan Lynch, a director of Ernst & Young’s personal tax services division writes in The Sunday Business Post.

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INCOME TAX

Taxpayers are being advised to avail of the four-year window for claiming tax reliefs to make the likely cuts due in Tuesday’s Budget that bit easier to bear, The Sunday Business Post writes.

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THE BLACK ECONOMY

Taxi drivers, ethnic shops, ebay sellers, market stall holders, fast food outlets and couriers are among those being targeted by the Revenue in a crackdown on the now burgeoning ‘shadow’ economy, according to The Sunday Business Post.

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IBEC’S TAX POLICIES

Homeowners should pay a flat-rate property tax of €500 from next year and pensioners ‘on reasonable incomes’ should be taxed, according to Danny McCoy, director of the employers’ lobby group, IBEC.

McCoy told The Sunday Business Post that a direct, transparent once-off property tax would be the best way to minimise damage to economic growth.

“The political spine has never been there to do this before but we are in a very different place now. Let’s face up to this now: the state needs cash,” he said.

McCoy said the current proposed tax of €100 a home, which would increase over time in line with a site evaluation system, would not generate enough revenue. And he also said it was time some pensioners were brought into the tax net.

“The elderly on a lower income should not have to take a hit, but it is ridiculous tat those on reasonable pensions should not have to contribute something – like every other group across society.”

However, he also described the proposal to reduce private pension relief from 41% to 20% over the next four years as “potentially reckless”.

BUDGET 2011 & FILM FINANCE

Taoiseach aspirant and minister for culture Mary Hanafin has lobbied her colleague Brian Lenihan to extend tax breaks for investment in film production in Tuesday’s Budget, The Sunday Business Post reports.

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YO, HO, BLOODY HO…

If any Machiavellian spin doctor had bad tidings to announce, this would have been the week to get them out there. The media preoccupation with the possible ramifications of the government’s four-year austerity measures and the likely impending bailout left little room for other business stories in the Sunday broadsheets.

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MORE ON PENSION RESTRICTIONS

“Personal private pension contributions may become a thing of the past if the Recovery Plan’s proposals are implemented to restrict tax relief for personal pension contributions for employees and the self-employed,” according to John Heffernan, head of Ernst & Young’s regional tax services.

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BUDGET 2011 PROPERTY TAX

The flat-rate property tax for 2012 announced in the national plan last week will have to be paid on top of the €200 already liable for those who own a second property, The Sunday Business Post reports.

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PATENT ROYALTY TAX EXEMPTION

A plan to scrap a tax break on patent royalties could have a serious impact on innovation and investment in hi-tech companies, according to The Irish Software Association (ISA) and others in the sector.

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NATIONAL RECOVERY PLAN & PENSIONS

Our friends in Acumen & Trust have isssued the folowing note on the pension implications of the National Recovery Plan.

On 24th November 2010, the Government published the National Recovery Plan, which aims to rectify the country’s monetary position. This signals some potentially radical changes to pension funding and benefits.

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