3.50pm No change in Corporation Tax rate of 12.5%
Revenue have introduced a facility to pay tax by credit card, limited to VISA and Mastercard. For now, payments can be made by telephone only. The dedicated telephone service is available Monday to Friday 9.00 – 17.00 on 1890 27 37 47 (+ 353 1 828 8045 for international customers). Payments by credit card will incur a transaction charge of 1.69% of the value of the payment.
The Revenue Commissioners have announced that paper receipts for tax payments will no longer issue. ROS customers will receive a Statement of Account in their ROS inbox which will confirm receipt of the tax payment. Taxpayers, who are not ROS customers, will no longer receive a receipt of payment from Revenue from 1 July 2011.
If you have difficulties registering with the Revenue Online Service (ROS) contact Noone Casey for assistance in the process.
In addition to the recent imposition of the Pension Levy, the Finance Bill 2011 reduced the maximum pension fund size. The maximum allowable pension fund on retirement for tax purposes (known as the Standard Fund Threshold (SFT)), has been reduced from €5.4 million to €2.3 million.
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.