Mortgages: Mortgage Interest Relief (MIR) is being increased to 30 per cent for first-time buyers who bought their home between 2004 and 2008. First-time buyers who purchase in 2012 can get MIR at 25 per cent, while it will be available at 15 per cent for non-first-time buyers who purchase this year.
Stamp Duty: Stamp Duty will now come under self-assessment, as with other taxes.
Universal Social Charge: The minimum threshold to qualify for making the payment is being raised from €4,004 to €10,036.
Tax evasion: The Bill proposes granting the Revenue extra powers when investigating serious tax offences or fraud to apply for a court order to access documents or information.
Skilled workers: A Special Assignee Relief Programme is being introduced to cut employers’ costs in hiring skilled workers from overseas to work in their Irish-based operations. Employees signed up for at least one year and a maximum of five years will be exempt from income tax on 30 per cent of salary between €75,000 and €500,000.
DIRT: The Deposit Interest Retention Tax is being increased to 30 per cent (up 3 per cent), and to 33 per cent for some longer-term savings products. This applies for interest paid or credited on or after 1 January 2012.
R&D tax credits: Companies who receive a research and development tax credit can give all or part of it to key employees. The claim cannot exceed the corporation tax payable by the company over that accounting period. Key employees cannot be the company’s directors and three-quarters of their work for that period "in the conception or creation of new knowledge, products, processes, methods and systems". Retirement relief: In an effort to incentivise farmers to transfer their agribusiness to their successor sooner, the Bill introduces an upper limit of €3m on retirement relief for business and farming assets disposed of within the family when the person doing the transfer is over 66 years of age. (This was introduced in the Budget and applies for people who are aged 66 now or who will be by 31 December 2013.)
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Domicile levy: The Bill removes the condition of Irish citizenship for the payment of the €200,000 domicile levy from this year onwards. The changes mean that non-residents in Ireland will not be able to avoid the payment on the basis of their not being an Irish citizen. Note: it applies for individuals whose worldwide income exceeds €1m, whose Irish property is valued at more than €5m and whose tax liability in a tax year is less than €200,000.
(21 Sep 2009)
The President of the Institute of Certified Public Accountants in Ireland (CPA) has called on the Minister for Finance to clarify the commitment in the NAMA Bill that banks will "increase their capacity" for borrowing to the SME sector by 10%.
(07 Sep 2009)
The Commission on Taxation Report will be available to download here on Monday 7th September 2009 at 11:00 am.
(07 Sep 2009)
Linda Scott has been appointed the Chair of the Ulster Certified Public Accountants in Ireland.
(25 Aug 2009)
ISLAND’S BUSINESSES ARE SHARPENING THEIR COMPETITVE EDGEAS RECESSION CONTINUES TO BITE, ACCORDING TO SURVEY
(24 Aug 2009)
Contact Patrick Cunningham to find out how you can apply 047 84955 patrick@amatino.ie Closing date 4th of September 09.
(10 Aug 2009)
Closing Date 4th September 09- The Government, through the Department of Enterprise, Trade and Employment, has initiated the Employment Subsidy Scheme, managed by Enterprise Ireland, to support the retention of jobs in viable exporting enterprises that might otherwise be made redundant as a result of the impact of the global and financial economic crises.
(05 Aug 2009)
Last week saw the launch of a new RTE programme about start up agri businesses. A fantastic show which will surely inspire the entrepreneur in all viewers.
(31 Jul 2009)
We have positions available in our Monaghan office!
(23 Jul 2009)
Please let us know what you think of our new website. If there are any topics you would like us to cover via the blog - let us know.