THE BLACK ECONOMY
And talking of nets, a Revenue trawl of the fishing industry has discovered ‘systematic’ tax evasion, including the routine processing of payments through false names and bogus accounts, The Business Post reports.
Tag: taxation
SELF EMPLOYED OR PAYE?
Also, it would appear the Revenue is reaching its tentacles into numerous other business sectors it largely ignored when tax money wasn’t considered a problem. Following on from The Sunday Business Post report of last week which lists university staff, airline pilots and doctors among those being targeted by the Revenue, it would appear numerous other categories are also on the taxman’s radar.
REVENUE DEBT & BANKRUPTCY
The Revenue believes owners of luxury homes who cannot pay their debts should be forced to sell off their large piles and move to more ‘modest’ homes, The Sunday Business Post reports.
TAXING THE ACTIVITIES OF ARTISTES & SPORTSMEN
The OECD Committee on Fiscal Affairs invites public comments on draft changes to the Commentary on Article 17 of the OECD Model Tax Convention, which deals with cross-border income derived from the activities of entertainers and sportsmen.
TAX TIP: DEPOSIT INTEREST, DIRT & THE LEVIES
DIRT deducted at the standard rate of tax by Irish financial institutions satisfies the individual’s full liability to income tax on the interest income but this income must be disclosed in the individual’s return. The health levy of 2%/2.5% is also payable on interest income. The Income Levy does not apply to EU sourced deposit interest
KEY TAX DATES FOR AUGUST 2010
14th
P30 monthly return and payment for July 2010
14th
RCT30 monthly return and payment for July 2010
21st
Corporation tax preliminary payment for accounting periods ending between 1 – 31 September 2010
21st
Corporation tax returns for accounting periods ending between 1 – 30 November 2009
21st
Corporation tax balancing payment due for accounting payments ending between 1 – 30 November 2009
REVENUE EMAIL SCAM
Revenue has warned taxpayers of a fraudulent email headed ‘Revenue Irish Tax & Customs’ purporting to come from Revenue.
TAX TIP: INTEREST RELIEF ON INVESTMENTS
Tax relief on interest on borrowings to invest in a company is given at the marginal rate of tax where the borrower is an employee/Director who has a material interest in the company i.e. greater than 5%.
An individual should therefore minimize borrowings for investments where little or no interest relief is available e.g. an investment in quoted shares.
MINUTES OF TALC MEETINGS
The Minutes of the Taxation Administration Liaison Committee (TALC) Meetings of 9 February 2010 and 31 March 2010 can be found here.
The Taxes Administration Liaison Committee (TALC) was established in 1989 and is a liaison committee between the Revenue Commissioners, the Irish Taxation Institute (ITI), the Consultative Committee of Accountancy Bodies of Ireland (CCABI) and the Law Society of Ireland.
TALC is a forum for the making of representations between Revenue and practitioners on the administration of tax in Ireland. It is not a forum for legislation or policy formation. TALC comprises a main committee and six sub-committees.
When TALC was set up 1989, the terms of reference were set down as follows:
- The function of the Committee is to review and make recommendations to achieve more effective and efficient administration of the direct taxes, stamp duties and value added tax. These may relate to either administrative practices of the Office of the Revenue Commissioners or of tax practitioners.
- In the formulation of any recommendations, the Committee shall have due regard to the views and responsibilities of the Office of the Revenue Commissioners and the interests of taxpayers and tax practitioners and its recommendations shall be consistent with the objective of achieving an efficiency and consistency of administration which has due regard to statute, minimises compliance costs, promotes the highest possible level of voluntary compliance by taxpayers and the expeditious treatment of taxpayers by the Office of the Revenue Commissioners.
- The Committee shall not accept representations on behalf of, or consider matters relating to, individual cases.
- Membership will be at senior level from the Office of the Revenue Commissioners and appropriate bodies representing tax practitioners. The Committee will itself keep under consideration its current membership and any requests for amendment or extension.
These terms of reference govern TALC today.
UK BUDGET SUMMARY
Billed as a ‘tough but fair’ Budget, Chancellor George Osborne has announced his plans to tackle the UK’s record deficit while sustaining the economy.
SECTION 481 & CAMELOT
The Sunday Times devotes a full page to the question of whether Ireland’s tax breaks for film investments should be cut because they have failed to deliver a sustainable indigenous movie industry.
KEY TAX DATES
KEY DATES FOR JUNE 2010:
14th P30 monthly return and payment for May 2009
14th RCT30 monthly return and payment for May 2010
21st Corporation tax preliminary payment for accounting periods ending between 1 – 31 July 2010
21st Corporation tax returns for accounting periods ending between 1 – 30 September 2009
21st Corporation tax balancing payment due for accounting payments ending between 1 – 30 September 2009
TAX IS A BURDEN
Forty-four per cent of Irish businesses believe that the current tax structure does not encourage start-ups, according to an Irish Taxation Institute (ITI) survey carried out by Red C Research in the Sunday Business Post.