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Tag: taxation

THE PENSION LEVY – WHAT CAN YOU DO?

The obvious answer is “not much” but The Sunday Times does advise some possible ways of mitigating the damage of the levy.

“If you can afford to top up your pension you must do so before the end of 2011 because the government is likely to curb tax relief on contributions, on top of the new levy,” writes personal finance editor, Niall Brady.

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THE SHADOW ECONOMY

The Revenue is targeting teachers who give grinds as part of an investigation into the so-called ‘shadow economy’, according to The Sunday Business Post.

Principals in some Dublin schools received letters from the Revenue last week asking them to remind teachers any additional income from delivering grinds was subject to tax.

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MORE ON THE PENSION LEVY

On Tuesday 10th May 2011, the Minister for Finance announced the introduction of a new tax. It is called a Pension Levy and will be applied on Private Pension Scheme assets. It was included in the government’s announcement on a Jobs Initiative.

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WHAT’S IN THE 2012 BUDGET!

As part of the EU/IMF deal, the Government will now be forced to raise income taxes despite giving commitments to the contrary in the Programme for Government, The Sunday Business Post reports in its main front-page article.

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NEW PENSION LEVY?

The pensions industry may mount a legal challenge to Government proposals to take €450m a year from private pensions to fund its Jobs Initiative, The Sunday Times reports.

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R&D TAX CREDITS

Companies are being warned they should be prepared for both technical and financial audits if they claim tax credits for R&D expenditure, according to The Sunday Business Post.

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TAX INCENTIVES FOR PATENTS

The reintroduction of tax incentives for patents and the launch of new initiatives to attract large-scale manufacturing are just two of the measures being urged on Government by the founder of Grant Engineering, an Offaly-based company employing 220 people.

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TAX HIKES?

The good news is you can allegedly forget tax increases. The bad news is the Irish solution to an Irish problem – the LEVY – looks set to become even more ubiquitous.

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VAT

When it comes to taxation policy, consistency obviously isn’t the new Government’s forte. It may have ruled out more income tax increases but in other areas it would appear confusion reigns. A VAT reduction may be in the offing for some goods and particularly services but previous ‘untouchables’ now seem to be on the table.

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SHARE OPTIONS

A multinational in the technology sector has indicated to the Department of Finance it had actually deferred a decision to announce new jobs because of the uncertainty surrounding a move to impose immediate new PRSI changes to share option payments, The Sunday Business Post reports.

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