And the “hits” keeping coming, as the old-time disc jockeys used to say. The Sunday Business Post predicts that figures for the first two months of the year – to be published this week – will show that the tax take is down 20 per cent on the same period in 2009. Vat receipts are significantly down and income tax is also below expectations.
Posts Tagged ‘taxation’
A Government stamp duty trade-in initiative to kick-start the ailing housing market has turned out to be a monumental failure. Only one property developer has availed of the scheme announced by Finance Minister Brian Lenihan in the emergency Budget last April. Anyone who accepted a property in exchange or as part-payment for a new home could avail of a deferred stamp duty payment under the scheme. The builder would not be liable for stamp duty until the swapped or traded-in house or apartment was sold on, or until December 31, 2010, which ever came first.
It’s not much fun being a tax man these days. Who to screw is a serious question. The fat-cat population is diminishing at rapid rate. The amount of tax collected from the country’s wealthiest individuals is now a third of what it was in 2007, when the Irish property market started to collapse.
Accountants, tax advisers and banks will be forced to whistle-blow on clients or potential clients involved in tax avoidance schemes under new plans being finalised by the Government. They will be automatically forced to inform the Revenue Commissioners of schemes that exploit tax loopholes and allow wealthy individuals to slash their tax bills.
If you want to keep more of your hard-earned dosh out of the taxman’s clutches then it’s time to go to the movies, advises Niall Brady in The Sunday Times.
The potential upside has increased since the government increased the threshold for investment in the film industry from €31,750 to €50,000, recognising its importance to job creation.