Revenue notification of changes to RCT (C2) system

Revenue has issued a notifcation of forthcoming changes to the Revelant Contracts Tax System (RCT). It doesn’t give very much more information than was contained in the Finance Act. Interested parties should be making representations to their respective industry bodies to ensure their concerns are addressed. Read Revenue’s announcement here; or view my previous blog…

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Artist’s exemption Finance Act 2011 changes

Finance Act, 2011 introduced a cap of €40,000 on the amount of profits or gains in respect of which an individual is entitled to claim the artist’s exemption. The benefit of the exemption had been reduced since 2007 by virtue of the specified relief restriction. The specified relief restriction is the mechanism for ensuring high…

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Radical changes to relevant contracts tax (RCT)/C2

A radical change to the current RCT/C2 regime was announced in Budget 2011. Under the current system principal contractors must deduct tax at 35% from payments to subcontractors unless the subcontractor holds a C2 card and the contractor holds a RCT payments card for that subcontractor. The Minister for Finance announced on Budget Day that…

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Another dot bubble?

Adrian Weckler wrote an interesting column in the Sunday Business Post this week “Twitter’s $10bn bubble tag”.  It reminded me of a piece I had written and not published about the value put on Facebook after a fund raising: An investment in Facebook in January valued the company at $50bn.  Investors put $500m into the…

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