Top public servants can expect to pay more PRSI on their private income after the Budget, according to The Sunday Business Post, which says Government is preparing to remove a ‘block exemption’ from PRSI payments on private income, most of them hospital consultants who do not pay PRSI on earnings from treating private patients.
Landowners who reaped bonanza payments from compulsory purchase orders (CPO) in the Celtic Tiger years can expect a call from the Revenue, The Sunday Business Post reports.
A cap on retirement income would be preferable to any further reductions in tax relief on pension contributions, according to the Minister for Social Protection, Joan Burton. But the days of people in their 50s retiring on pensions of €150,000 are numbered because Ireland can no longer afford such largesse.
They may not be politically popular in the current climate of austerity where everyone is feeling the pinch, but maintaining and improving tax incentives for business must remain a core component of industrial strategy, Kevin McLoughlin, head of tax services with Ernst & Young, opines in The Sunday Business Post.
|Minister for Tourism Leo Varadkar has said the lower 9% VAT rate for tourism products will remain in place next year.
Speaking at the official opening of the Good Food Ireland conference, Minister Varadkar said: “I can confirm that the 9% VAT rate will apply throughout 2012. This rate is significant because it principally benefits home-grown employers which are based in Ireland. Many operators moved quickly to pass the VAT cut on to their customers following its introduction. Even where the rate was not passed on, it still benefited the tourism industry by helping businesses to expand”.