Posts Tagged ‘taxation’

REVENUE COMMISSIONERS

The Revenue has allowed around 900 companies to pay tax debts amounting to €84m in instalments because of financial difficulties, The Sunday Business Post reports.

Under the Case Decision Escalation Framework introduced last year, companies can plead inability to settle in full and opt instead for phased payments. So far, 900 companies have availed of this.

Revenue chairwoman Josephine Feehily said the taxman had no desire to come down hard on innocent victims of the recession but urged businesses to engage early and openly.

However, the Revenue has never disclosed the criteria for allowing phased payments and warns that “it will not become a banker of last resort”.

MOVIES

Sean Penn will film his next movie in Ireland solely because of the artists’ tax exemption.

This Must be the Place is about a wealthy retired rock star and Penn is believed to have chosen Ireland as the logical place to base his character because of the tax perk.

The script says the former rock star is an American who now lives in Ireland because of the tax exemption for artists, The Sunday Times reports, describing it as a case of “art imitating life”.

NATIONAL PENSIONS FRAMEWORK

The National Pensions Framework was published by the Department of Social and Family Affairs last week. Key recommendations made include:

  • An effective tax relief on personal pension contributions at 33%
  • A mandatory approach to pension scheme membership
  • A cap of €200,000 on the tax free lump sum
  • Increasing the state pension age

REVENUE AUDIT

In a Revenue Audit special, The Sunday Business Post gives two pages of salient advice on how to avoid a tax audit and how to deal with one if the taxman does decide to call. It tries to answer such salient questions as “if you find something is wrong, should you own up before the Revenue Commissioners arrive and how do I minimise the disruption of an audit?”

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