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Tag Archive for Ireland

Rental Expenses Ireland – High Court Decision

Claire McNamara

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.

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Corporate Tax Payment & Filing – Ireland

Clare McNamara

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 and other relevant information as outlined in Section 884 TCA 1997.

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Corporation Tax Residence And Registration – Ireland

Claire McNamara

Registration

If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form:

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Ireland Minister For Finance Proposes 2017 Budget

Today, the Minister for Finance Michael Noonan T.D. delivered Budget 2017.

Until the Brexit negotiations begin, it is impossible to know the impact for Ireland. However today’s budget gave Minister Noonan the opportunity to affirm the stability of Ireland’s tax policies while at the same time introducing measures to promote economic growth.

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Why Did The EU Order Apple To Pay Billions In Tax?

John Stancil

The background for the European Union (EU) assessing a $14.5 billion tax on Apple for its sales in Ireland is a rather complex maze of laws, treaties, and politics. It is not my purpose here to delve into those complexities. I am attempting a simple explanation of the issues involved and why the EU levied the tax, even though Apple and Ireland were both very content with thing the way there were.

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EU Commission Ante’s Up Texas Hold’em Bet, $13 Billion Against Apple

William Byrnes

The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid.

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And Now, The Great IRS-Facebook Face-Off!

I am not sure, if I were asked to, which one I would put my money on in this battle. While both are mammoth forces to be reckoned with, social media giant Facebook might be smarter. However, the IRS has been indomitable for decades.

According to the IRS, Facebook owes them billions – roughly $3 to $5 billion!

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Planning On Preparing Your Own 2015 Tax Return In Ireland?

For all those individuals currently preparing his/her own 2015 Tax Return, please be aware of the significant changes in Finance Act 2014, especially in the areas of:

1. Research & Development Tax Credits

2. Capital Allowances for the Provision of Specified Intangible Assets

3. Three Year Relief for Start-up Companies

4. Employment and Investment Incentive (EII)

5. Company Residence

R&D Tax Credit

Up to 1st January 2015, Section 766 TCA 1997 provided that the Read more

Death of The “Double Irish Dutch Sandwich”? Not So Fast!

We originally posted we originally posted Ireland’s plan to close a “Double Irish” tax loophole could cost Apple and Google Billions of Dollars which discussed that following pressure from the United States and EU, the Dublin government said it planned to change a rule underpinning this system which allows a company to be registered in Ireland but not resident there for tax purposes.

In his budget, Ireland’s Finance Minister Michael Noonan has also announced changes to the intellectual property tax regime in the hope of keeping Ireland an attractive destination for business.

Ireland’s plan to close a “Double Irish” tax loophole could cost U.S. companies including Read more

Ireland’s Plan To Close A “Double Irish” Tax Loophole Could Cost Google And Apple Billions of Dollars

Following pressure from the United States and EU, the Dublin government said it planned to change a rule underpinning this system which allows a company to be registered in Ireland but not resident there for tax purposes. In his budget, Ireland’s Finance Minister Michael Noonan has also announced changes to the intellectual property tax regime in the hope of keeping Ireland an attractive destination for business.

Ireland’s plan to close a “Double Irish” tax loophole could cost U.S. companies including Apple and Google billions of dollars. Analysts and tax advisers predict that corporations which need access to the EU’s 500 million consumers will find it difficult to set up equally effective schemes in other member states. Read more

2015 Budget Announced Today In Ireland

Here is a brief Summary of some of the Taxation Measures for introduction in Ireland in 2015.

Income Tax

There will be an increase in the standard rate band of income tax by €1,000 from €32,800 to €33,800 for single individuals and from €41,800 to €42,800 for married one earner couples.

There will also be a reduction in the higher rate of income tax from 41% to 40%.

Artists’ Exemption

The threshold for the artists’ exemption will be increased by €10,000 to €50,000. Read more

Compliance 2014 – Capital Acquisitions Tax – Ireland

The 2010 Finance Act introduced a fixed pay and file date for all gifts and inheritances with a “valuation date” after 14th June 2010. As a result, the Capital Acquisitions Tax year runs from 1st September to 31st August in the following year.

C.A.T. arising on gifts/inheritances, where the “valuation date” falls within the twelve month period ending on 31st August in a particular tax year, must be paid and filed with Revenue by the 31st October of that year.

What do we mean by “Valuation Date”?

The “valuation date” is the date on which the property making up the gift or inheritance is valued. The “valuation date” for a gift is the date the individual receives the gift but Read more

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