CAMELOT
Investors are flocking to join the Section 481 tax relief scheme that helps finance TV and movie productions, according to a report in The Sunday Business Post.
Tag: taxation
LENIHAN TO BROADEN TAX BASE?
People who are not currently earning enough to pay income tax could find their situations changing shortly under the government’s latest initiative to broaden the tax base, according to the main news story in The Sunday Times.
OFFSHORE TRUSTS
The Revenue has received details from the controllers of 62 trusts – which contain 1,000 individuals – in the latest stage of its investigation into offshore trusts, The Sunday Tribune reports.
RYANAIR
Most people will consider them petty and an endless source of bad publicity but those extra charges accounted for €663m in turnover according to its latest figures – almost 25% of Ryanair’s total revenues, The Sunday Business Post notes.
HALIFAX & THE REVENUE
Halifax is closing its current account business from June 18th 2010. All Revenue On-line Service customers with such accounts should ensure that their ROS Debit Instructions have been amended to reflect their new current account details prior to that date.
ROS Debit Instructions can be amended on line by selecting the Complete/Amend/Download an RDI link on the ROS “My Services” page.
In case of difficulty, contact ROS Payment Support Unit at rospayments@revenue.ie
LEAP YEAR
‘Leap Year’ the romantic comedy filmed last year in Ireland and panned by critics has become a smash hit for investors, according to The Sunday Business Post.
The investors are set to share almost €9m from Lef Productions, the company incorporated to raise finance for the movie under the Section 481 tax break. Lef is now being wound up and its surplus of €8.87m will be distributed among the investors.
The movie was among 18 films and 46 TV series that received Section 481 breaks last year.
SUPREME COURT FOR RYAN FAMILY
The Revenue is taking a Supreme Court challenge over a scheme used by the wife of Shane Ryan – son of the late Tony Ryan – to minimise tax on the sale of shares, according to The Sunday Business Post.
Lorraine Kinsella sold €19m worth of Ryanair shares in 2003 but paid less than €40,000 in tax in Italy, where she was tax resident (albeit in a ‘tiny apartment’ as noted by Judge Peter Kelly in the High Court). Kinsella took a successful High Court action against the Revenue’s claim she should have been liable for Capital Gains Tax in Ireland.
THE REVENUE & THE LOTTO
Every silver lining has a cloud. Apparently, one individual who won the Lotto recently is now being chased for tax debts that had been written off by the Revenue because of inability to pay, The Sunday Business Post reports.
CASH REGISTERS
The Revenue have recently issued an information leaflet on cash registers which applies to all VAT registered customers who deal in cash. The most significant change affecting cash register records is that each record must
CARBON TAX APPLIED TO HOME HEATING FUELS:
The carbon tax announced in the budget last December will be applied to home heating oil and natural gas from 1 May. The levy will also apply to peat briquettes, however no date has as yet been set for its introduction.
REVENUE PLANS TAX BLITZ
You might have thought that there wasn’t much room left for mass tax evasion in the Irish economy – but the Revenue Commissioners don’t agree. Revenue is planning a new “blitz” on businesses in towns and cities
REVENUE COMMISSIONERS
The Revenue is stepping up its investigations into Irish taxpayers with off-shore bank accounts, according to The Sunday Business Post.
A report by Ian Kehoe claims the Revenue is using new powers to uncover transfers that have been made from Irish accounts to banks in offshore jurisdictions. This information was previously confidential.
CORPORATION TAX
Ireland’s low corporation tax advantage could be short-lived, writes The Sunday Tribune.
Brussels lobbyist Conor Foley warns that the European Commission have renewed plans to harmonise corporation tax rates across the union.