The number of people claiming tax reliefs has more than trebled in the past five years, new figures from the Revenue Commissioners show.
More than 1.4m people claimed reliefs last year, according to The Sunday Business Post. The average rebate was around €380 with most claims arising from medical costs and work-related expenses.
The article notes that the 238,000 people who claimed for service charges last year will have that particular avenue closed to them after 2010, with reliefs on waste charges etc being phased out in last week’s Finance Bill.
The Tax Man is looking for access to the controversial list of suspected tax defaulters who may have squirreled their money away in secret Swiss bank accounts.
The German authorities have paid €2.5m for the leaked list of 1,500 individuals in a move that has soured Swiss-German relations. The Revenue is now planning to ask for a peek, something the Germans have agreed to do in the past with similar documents in its possession.
The Sunday Business Post reports that “getting information about Swiss bank accounts would be a massive coup for the Revenue, even if no names turned up on the list”.
“According to Revenue sources, it would prove that the era when tax evasion was widespread in Ireland had come to an end,” it says
After a delay of a year, the government will shortly introduce its proposed €200 parking levy on spaces provided by employers, The Sunday Business Post reports.
The levy on employees who drive to work was first announced in October 2008 but remained wishful thinking for “logistical reasons”. The teething problems now appear to have been overcome and the scheme will be rolled out on a phased basis, beginning in Dublin city centre.
It will then be extended across the country in main urban centres.
Investors put €100m in Irish films and TV productions last year, taking advantage of enhanced tax incentives for the industry, The Sunday Business Post reports.
The investment under Section 481 cost the exchequer €40.9m in revenue foregone but 46 TV series and 18 films received investment under the scheme during 2009. The number of productions was the highest since 1995.
Under the new regime introduced in 2008 to boost the industry, 100% of a movie’s budget can be offset against tax – up from 80% previously. The amount an individual could invest was also increased substantially.
It’s not all doom and gloom out there – and certainly not for a group of entrepreneurs who have just sold their Letterkenny-based technology start-up for $20m.
Iontas, a firm specialising in business process systems, has been sold to US company Vermint Systems, according to The Sunday Business Post. The deal comprises a cash payment of $14.8m and the remainder in earn-outs for the key personnel in the company over the next two years.
The Iontas founders and management will net more than €6m for the 30% stake they retain in the company. They include chairman and chief executive Joe Stockton and chief technical officer Martin McCreesh.