BETTING TAX TO DOUBLE?
The Government is supporting a doubling of the current 1% betting tax to fund current state subsidies to the racing industry, The Sunday Business Post reports.
Tag: taxation
NEW PENSION LEVY?
A 0.5% levy on private pension funds rather than any increases in income taxes will be the main funding tool for the Government’s €500m jobs initiative to be published next month, according to The Sunday Times.
YOUR TAX DATA
Unlocked server room doors and inadequate security for sensitive information are just two of the lapses uncovered in the Revenue’s first internal audit of the protection of customers’ personal data, according to The Sunday Times.
REVENUE COMMISSIONERS ANNUAL REPORT
The Revenue collected €31.9 billion in tax and duties in 2010, according to its annual report published last week and detailed in The Sunday Times.
TAX EVASION
The Revenue has warned Irish residents with Swiss bank accounts that they will be scrutinised for possible tax evasion.
TRANSFER PRICING
Ms Feehily is certainly going to be very busy next year if she hopes to complete even a smidgeon of the busy schedule she has set for herself and her staff.
GIVE YOURSELF A TAX BREAK – TAX BREAKS FOR START UPS
Awareness of tax breaks and incentives available for start-up businesses can be the making or breaking of any new enterprise, writes accountant Anthony Casey of Noone Casey, sponsor of this news-round up, in The Sunday Business Post.
“It is good practice for start-ups to learn as much about the tax breaks and incentives they can avail of, as the tax charges they are liable to pay,” Casey advises.
CORPORATION TAX & THE GERMANS
The story that just won’t go away rears its ugly head again in all of Sunday’s broadsheets. Ireland’s 12.5% corporate tax rate features in numerous articles, with the universal theme that it ain’t over until Angela Merkel sings.
TAX REFUNDS FOR FAILED DEVELOPERS
The Revenue has refunded more than €1 billion to Ireland’s bailed-out banks and failed property developers over the past two years, according to The Sunday Times.
TAXATION HOTSPOTS
The re-emergence of the black economy has attracted the interest of the Revenue Commissioners. Its special investigations unit is focusing on local, cash-intensive businesses taking in everything from pubs, restaurants, hairdressers and takeaways to builders and cash-for-gold stores, says the Sunday Business Post.
PROPERTY TAX
Reminder: annual charges on investment properties and holiday homes is due.
Property owners are now liable for the 2011 non-principal private residence charge of €200. The main types of properties liable are private rented properties, vacant properties – apart from unsold new houses – and holiday homes. If a property is let in several units, the charge applies to each individual unit. Property owners have from March 31 to June 30 to pay – a surcharge will apply from July 1. Payments can be made to local authorities or online at www.nppr.ie.
If you own an investment property or holiday home and are unsure as to your liability, feel free to contact Anthony Casey at Noone Casey.
RESTRUCTURING PENSIONS
Wealthy individuals are diverting some of their retirement savings away from pensions following the Budget crackdown on pensions that places a punitive tax on funds greater than €2.3m, says The Sunday Times. Pension funds with more than this amount are subjected to tax at 69% charged at retirement and on withdrawal of the funds.
TAX ON PROFESSIONAL SUBSCRIPTIONS
For the tax years 2004 to 2010, expenses incurred by an employer on behalf of an employee in connection with the payment (or reimbursement) of annual membership fees of a professional body were exempt from tax where such membership was regarded as “relevant to the business” of the employer.
Finance Act 2011 stated that this tax exemption is not available for the tax year 2011 and subsequent tax years.