Tax News

  • VAT treatment of virtual currencies and transactions – GERMANY June 27, 2018 -   On 27th February 2018, the Germany‘s Federal Ministry of Finance (MOF) issued guidance clarifying the VAT treatment of bitcoins and other “virtual currencies.”   It determined that although transactions to exchange a traditional currency for a virtual currency and vice versa were deemed to be a “taxable supply” these transaction are considered to be [...]
  • Revenue Investigations for Airbnb Hosts June 12, 2018 -     Are you letting a property through Airbnb? Have you recently received a Letter from Revenue advising you that your tax affairs are “under investigation”? Do you believe that you may be at risk of a Revenue Investigation?   The Irish Revenue is cracking down on anyone who has a listing on the accommodation [...]
  • Zero-rated GST implemented in Malaysia June 12, 2018 -   According to Malaysia’s Ministry of Finance, the supply of goods and services made in Malaysia will now be subject to the zero rated Goods and Services Tax (GST) effective from 1st June 2018.  The “Goods and Service Tax (Rate of Tax) (Amendment) Order 2018” amends the rate of tax on the supply of goods or services [...]
  • VAT Treatment of Staff Secondments (Ireland) April 24, 2018 -   Revenue eBrief 66/18, published on 23rd April 2018, contained guidance on the VAT treatment of staff secondments to companies established in Ireland from related foreign companies. https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0662018.aspx   These guidance notes confirm that staff secondments are subject to VAT at the standard rate, being 23%. This applies even where both companies are connected and [...]
  • Tax Treatment for short term rentals e.g. through online accommodation booking sites April 18, 2018 -     Yesterday, Revenue eBrief No. 59/18 was published.   This comprehensive nine page document outlines the tax treatment for income arising from the provision of short-term accommodation: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-01-20.pdf   A short term letting is defined as a letting of all or part of a house, apartment or other similar establishment: - to a tourist, holidaymaker or other visitor - [...]
  • VAT Amendments – South African Budget 2018 February 22, 2018 -   On Budget Day, 21st February 2018, the South African Minister for Finance released updated draft regulations in relation to VAT levied on electronic services provided by foreign businesses.  The aim is to extend the definition of “electronic services” to include “any service supplied by means of an electronic agent, electronic communication or the internet…” [...]
  • Nestlé UK Ltd. loses its Case – Strawberry and Banana Nesquik are liable to standard rated VAT February 16, 2018 -     Nestlé has lost its appeal against the original 2016 ruling by the UK’s First Tier Tribunal over the VAT treatment that should apply to its strawberry and banana flavoured Nesquik powders.   The First Tier Tribunal found in favour of the HMRC not repaying the £4 million of output VAT which had been [...]
  • 4% Stamp duty rebate on development land used for residential development February 1, 2018 -     A stamp duty refund scheme in respect of land purchased to develop residential property was signed into the 2017 Finance Act on 25th December 2017.   The Act provides that where stamp duty, at the new higher rate of 6%. is paid on the acquisition of land which is subsequently used to build [...]
  • Irish Employment Tax February 1, 2018 -     It’s very difficult to keep up to date with all the amendments to the Irish tax system so here is a summary of some of the changes to be mindful of in 2018:     1. Annual Membership Fees paid to a professional body (Revenue eBrief 04/18 published on 9th January 2018)  https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0042018.aspx [...]
  • Stamp Duty for Non-Residential Properties February 1, 2018 -     As you are aware, Finance Act 2017 increased the rate of stamp duty on the transfer of non-residential property from 2% to 6% with effect from midnight on Budget Day.   The change applied to instruments executed on or after 11th October 2017.   This dramatic increase will, most likely, reduce the number [...]
  • IMPORTANT TAX DATES 2018 December 15, 2017 - Deadline Date Relevant Tax Obligations     10th January 2018 •  Payment of Local Property Tax for 2018 •  Extended payment date to 21st March 2018 if payment made by SDA via ROS 31st January 2018 •  Payment of Capital Gains Tax for assets disposed of between 1st December     and 31st December 2017 [...]
  • BUDGET 2018 October 10, 2017 -   The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget today, on 10th October 2017, which concentrated more on expenditure than on tax changes.   The Minister announced a number of positive measures to assist small and medium sized enterprises prepare for “Brexit” as well as confirming Ireland’s commitment [...]
  • Taxation of Rental Income in Ireland September 29, 2017 - What is Rental Income? According to the Revenue’s website, Rental income includes: “the renting out of a house, flat, apartment, office or farmland. payments you receive for allowing advertising signs or communication transmitters to be put up on your property payments you receive for allowing a right of way through your property payments you receive [...]
  • Personal Taxes – Spain September 11, 2017 -     OVERVIEW The Spanish system has two types of Personal Income Tax:   PIT for Spanish resident individuals and NRIT for individuals who are not resident in Spain   Spanish resident individuals are generally liable to PIT on their worldwide income wherever it arises.   Non-resident individuals are chargeable to NRIT on their Spanish [...]
  • BUSINESS TAXES – SPAIN 2017 September 8, 2017 - There are a number of alternatives open to individuals wishing to invest in Spain.  These include setting up a limited company or forming a branch / permanent establishment.   Due to the number of Irish clients with trading companies in Spain, we have prepared a general summary of the taxes arising.   This is not [...]
  • Revenue eBriefs since 1st January 2017 September 4, 2017 -   Are you aware of how much has changed since 1st January 2017 in terms of Tax compliance, Tax Credits, Employee Subsistence Expenses, Personal Tax, Corporation Tax, Capital Acquisitions Tax, Capital Gains Tax, Value Added Tax, PAYE, Stamp Duty, Transfer Pricing, Local Property Tax, Revenue Audit Procedures, etc.?   Here are a list of the [...]
  • Trump Administration releases US tax reform plan April 28, 2017 - 2017 Tax Reform for Economic Growth and American Jobs The Biggest Individual And Business Tax Cut In American History    Top Line: . The U.S. tax code is overcomplicated and fails to create enough jobs, or provide relief to middle class families. -          Since 2001, the U.S. tax code has faced nearly 6,000 changes, more [...]
  • Amendment to the DWELLING HOUSE EXEMPTION February 2, 2017 -     Everyone is aware that significant changes were introduced in the 2016 Budget but have you thought what they might mean for you?   Prior to 25th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free [...]
  • RENTAL EXPENSES IRELAND – High Court decision in Revenue Commissioners v Thomas Collins January 13, 2017 -   The High Court decision in Revenue Commissioners v Thomas Collins has just been published. It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.   What was the NPPR Charge? The NPPR (Non Principal Private Residence) [...]
  • CORPORATE TAX – Payment and Filing January 10, 2017 - Corporation Tax Returns The Irish corporation tax system operates on a self-assessment basis.  Therefore, it is solely the responsibility of the company to calculate and pay its corporation tax liability within deadline.   Any company liable to corporation tax must submit a CT1 Form which is a Tax Return containing details of profits, chargeable gains [...]