Homeowners NOT facing €100 daily fines on property tax

On 27 February 2013, a leading national newspaper published a story claiming the homeowners face a penalty of €100 per day for failing to respond to requests for information about their property from Revenue. This is very inaccurate. Actually, it’s totally incorrect. The section referred is Section 151(5) Finance (Local Property Tax) Act, 2012.  Here’s…

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Domicile levy

31 October 2011 is the due date for return of the domicile levy. This is the first year in which returns of the levy will be made. The levy (of €200,000) applies annually to individuals who are Irish domiciled and Irish citizens: • Whose worldwide income exceeds €1m, • Whose Irish property is greater in…

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SMEs need not apply

The Irish Government appears to recognise the importance of small and medium sized entities (SMEs) to the economy (despite, in my opinion, having too high a bias towards exporting businesses). This recognition is reflected in the various initiatives intended to support the sector: Various tax reliefs for start-ups Funding for start-ups Funding and supports for…

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The new dot com bubble has just got bigger

First Facebook, then Twitter and now Skype. In a previous blog entry I wrote about how valuations put on Facebook and Twitter indicated to me that another dot com bubble was brewing. The latest to join them is Skype with news of an $8.5bn deal with Microsoft. Ebay bought Skype in 2005 for $2.6bn. in…

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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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4 year plan – taxation measures

Income tax “Government is committed to achieving the targeted direct income tax increases over the four years” €1.875m in income tax increases over the period 2011-2014, frontloaded by 40% in 2011 Increase in income to tax equivalent to a reduction in income tax credits and rate bands by 16.5%. This may be achieved by tax…

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The future of Irish and UK financial reporting

The Financial Reporting Council issued an exposure draft in October 2010 on the future of financial reporting in the UK and Ireland (LINK). It has been known for some time that the UK and Ireland accounting standards are to be replaced by the International Financial Reporting Standard for Small and Medium Sized Entities (IFRSSME). The…

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Taxing dilemmas – the tax code explained

I wish I could take credit for this, but I can’t.  It was e-mailed to me some time ago.  I don’t know from where it originated.  There has been a lot of speculation about the forthcoming budget in Ireland, about how 50% of the workforce don’t pay any tax, and how the Government can bring more…

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Stress testing of Irish banks

On Friday (23 July) all major banks in the European Union underwent a stress test.  The test was conducted by the Committee of European Bank Supervisors (CEBS) and was designed to measure the banks’ ability to withstand a double-dip recession and sovereign debt shock. In order to pass the test a bank was required to…

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