- Deduction for Digital Services Taxes August 5, 2022 - On 5th August 2022 the Irish Revenue Commissioners issued a new Tax and Duty Manual Part 04-06-03, which provides guidance on the tax deductibility of Digital Services Taxes (DSTs). For full information, please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-06-03.pdf The guidance provides that certain Digital Services Taxes (DSTs) incurred wholly and exclusively for the purposes […]
- Residential Zoned Land Tax (RZLT) July 19, 2022 - On 19th July 2022 the Irish Revenue Commissioners published eBrief No. 148/22. For full information please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-22a/22a-01-01.pdf Residential Zoned Land Tax (RZLT) applies to land that, on or after 1st January 2022, is zoned as being suitable for residential development and is serviced, with certain exclusions. […]
- Taxation of crypto-assets transactions – Remittance Basis April 27, 2022 - On 27th April 2022 Revenue updated its guidance material to provide clarity on the tax treatment of transactions involving crypto-assets. This latest publication also provides worked examples. The terms “cryptocurrency” and “cryptocurrencies” are not defined. The Irish Central Bank places cryptocurrencies, digital currencies, and virtual currencies into the same category of digital […]
- Revenue concession for Ukrainian citizens working remotely for Ukrainian employers April 14, 2022 - Today, 14th April 2022. the Irish Revenue published guidance (Revenue eBrief No. 090/22) on the tax treatments of Ukrainians, who continue to be employed by their Ukrainian employer while they perform the duties of their employment, remotely, in Ireland. The Guidance material outlines a number of concessions which will apply for the […]
- VAT and Excise Reductions April 13, 2022 - Today the Irish Government announced the following measures to help with the rising costs of energy, in addition to the cost of living measures of €2 billion which were previously announced: A temporary reduction in the rate of VAT on the supply of gas and electricity, from 13.5% to 9%, from 1st […]
- VAT treatment of Cancellation Deposits January 11, 2022 - The VAT reclaim provisions contained in s74(4) VATCA 2010 have been abolished with effect from 1st January 2022. From 1st January 2022, a key change in the Finance Bill 2021 has been introduced in relation to the VAT treatment of cancellation fees, including non-refundable or forfeited deposits, retained by business in the event […]
- Tax charge for non-Irish resident corporate landlords January 1, 2022 - Section 18 of the Finance Bill 2021 brings non Irish resident companies, in receipt of Irish rental income, within the charge to Corporation tax. Previously these companies were liable to income tax on their Irish rental profits. Prior to the Finance Act 2021 amendment, non Irish resident companies, where no Irish branch existed, were […]
- Update of COVID Restrictions Support Scheme – Expansion of supports for businesses impacted by COVID-19 restrictions December 21, 2021 - On 21st December 2021, the Government announced the expansion of supports for businesses impacted by public health restrictions that came into effect from 20th December 2021 to 31st January 2022 including changes to: the Employment Wage Subsidy Scheme (EWSS) the Covid Restrictions Support Scheme (CRSS) and the Debt Warehousing Scheme A summary of […]
- 2% Digital Services Tax on UK based Crypto Assets Exchanges November 22, 2021 - HMRC issued it’s updated Digital Service Tax guidance material today in which it confirmed that cryptocurrencies are unlikely to meet the definition of financial instruments, commodities or foreign exchange and will therefore, not be exempt from the Digital Services Tax. For further information, please click: https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto48000 This means that exchanges dealing in […]
- Revenue announces extension to ROS Pay and File deadline 2021 November 17, 2021 - The Revenue Commissioners acknowledge the on-going efforts by taxpayers and agents and in light of the current Covid-19 developments, the Pay and File deadline for ROS customers has been extended to Friday, 19th November at 5.00pm. For full information, please follow link: https://www.revenue.ie/en/tax-professionals/ebrief/2021/no-2112021.aspx
- Digital Games Tax Credit October 21, 2021 - On 12th October 2021 the Irish Government announced the introduction of a Digital Games Tax Credit, i.e. a refundable Corporation Tax Credit available to digital games development companies. On 21st October, Section 33 of the Finance Bill introduced section 481A TCA 1997 in relation to the new tax credit for the digital […]
- EWSS Eligibility from 1st July 2021 July 9, 2021 - The Finance (Covid-19 and Miscellaneous Provisions) Bill 2021 has extended the Employment Wage Subsidy Scheme (EWSS) until 31st December 2021. It also amended the comparison periods for determining eligibility for EWSS for pay dates from 1st July 2021. The main criterion for eligibility is that employers must be able to prove that they […]
- Finance (Covid-19 and Miscellaneous Provisions) Bill 2021 published 22nd June 2021 June 22, 2021 - The Finance (COVID-19 and Miscellaneous Provisions) Bill 2021 was published today. The provisions contained in the Bill include amendments to existing supports which were announced in the Economic Recovery Plan in addition to the introduction of the Business Resumption Support Scheme. Reduced rate of VAT (9%) for the hospitality sector Section […]
- CRO update on filing date for annual returns May 27, 2021 - The Registrar of Companies has decided to extend the filing deadline for companies with an Annual Return Date falling on 30th September 2020 or later until Friday, 11 June 2021. The extension of the deadline from 28th May 2021 was in recognition of difficulties being experienced when trying to file Annual Returns in the […]
- TAX CLEARANCE May 19, 2021 - From 21st May 2021 Revenue will recommence their assessment of the tax clearance status of businesses. Please be aware that this may result in the rescinding of the tax clearance status of businesses that are currently in receipt of the EWSS and/or the CRSS. It is essential to check the status of your […]
- ROS Pay and File extended deadline to 17th November 2021 April 28, 2021 - Revenue has confirmed that the extended ROS Pay and File deadline is Wednesday, 17th November 2021. For self assessment Income Taxpayers who file their 2020 Form 11 Tax Return and make the appropriate payment through the Revenue Online System in relation to (i) Preliminary Tax for 2021 and/or (ii) the balance […]
- Research and Development (R&D) Tax Credit – Revenue eBrief No. 089/21 April 28, 2021 - Revenue published Tax and Duty Manual Part 29-02-03 – Research and Development (R&D) Tax Credit today. These updated guidelines clarify Revenue’s treatment of rental expenditure as well as including information on the treatment of subsidies received under (i) the Temporary Wage Subsidy Scheme (TWSS) and (ii) the Employment Wage Subsidy Scheme (EWSS). According to previous […]
- UK Budget 2021: First Year Capital Allowances – the Super Deduction & the Special Rate Allowance April 6, 2021 - As part of the Budget 2021, the Chancellor, Rishi Sunak, has provided for two temporary first-year capital allowances: (i) the Super Deduction and (ii) the Special Rate allowance, to apply over the next two years to boost investment and productivity levels in the UK economy. For expenditure incurred between 1st April 2021 and 31st […]
- New VAT measures to be introduced on 1st July 2021 March 25, 2021 - From 1st July 2021 there will be major changes including: The current distance sales thresholds will be abolished. All B2C sales of goods will be taxed in the EU Member State of destination. The Mini One Stop Shop will be extended to include the B2C supply of goods in circumstances where those […]
- Taxation of Proprietary Directors and Non-Proprietary Directors March 3, 2021 - There are two main types of director: a proprietary director who owns more than 15% of the share capital of the company and a non-proprietary director who owns less than 15% of the share capital of the company. In general, a director is deemed to be a ‘chargeable person’ for Income Tax purposes. […]
