Friday, October 29, 2010
The European Commission set out a series of solutions in two reports aimed at boosting the single market. In the EU Citizenship Report, the Commission proposes measures to assist citizens exercise their EU rights to get married, buy a house or register a car in another EU country. To boost growth, .....
Friday, October 29, 2010
HM Treasury have been in contact with Chartered Accountants Ireland this week to provide a short update on the Government’s commitment to building a new approach to tax policy making in the UK. Exchequer Secretary to the Treasury David Gauke also confirmed a move away this year from ‘the significan.....
Friday, October 29, 2010
The VAT Consolidation Bill 2010 was published this week. The purpose of the Bill is to consolidate the law relating to Value Added Tax. The Explanatory Memorandum and the Memorandum, which indicates where in the new Bill the corresponding provisions in the Value-Added Tax Act 1972 (whic.....
Friday, October 29, 2010
The Accounting Standards Board this week publishes its proposals for the future of financial reporting in the UK and Republic of Ireland. The Exposure Drafts set out proposals for a three-tier reporting framework, which aims to balance the needs of preparers and users of accounts. The document.....
Friday, October 29, 2010
The International Auditing and Assurance Standards Board (IAASB) this week released for public exposure proposed International Standard on Related Services (ISRS) 4410, Compilation Engagements. The proposed standard is the first step in the IAASB’S work to create robust standards for services that .....
Friday, October 29, 2010
The Committee of European Securities Regulators (CESR) has this week published the ninth extract from its database of enforcement decisions taken by EU national supervisors of financial information that participate in the European Enforcer Coordination Sessions (EECS). EU national supervisors monit.....
Friday, October 29, 2010
The IFRS Foundation trustees are conducting a review of the Interpretation Committee (formally known as IFRIC) in order to assess its effectiveness. The review is being conducted by means of a questionnaire, which is attached here, the questionnaire has been designed to help the Trustees asse.....
Friday, October 29, 2010
The International Accounting Standards Board (IASB) has this week issued requirements on the accounting for financial liabilities. These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB’s project to replace IAS 39.....
Friday, October 29, 2010
The European Commission is conducting a public consultation in order to gather stakeholders' views on financial reporting on a country-by-country basis by multinational companies. Country-by-country reporting is a concept that would require multinational companies to disclose financial information-.....
Friday, October 22, 2010
As part of this weeks announcements the Chancellor made it clear that aside from the June tax increases in VAT and Capital Gains Tax, and the restriction of tax relief on pension contributions, by far the largest contribution to reaching ‘consolidation’ on the UK’s deficit is sought to be achieved .....
Friday, October 22, 2010
The EU Council has formally adopted a directive concerning the refund of VAT to taxable persons not established in the member state of refund but established in another member state. The new directive provides for the exceptional extension of the deadline, for the submission of refund applications .....
Friday, October 22, 2010
The October issue of tax.point; Chartered Accountants Ireland’s monthly tax bulletin for tax professionals and the official journal for Chartered Tax Consultants, is now available. In this months issue Norah Collender looks at ways to succeed for the income tax compliance deadline with minimu.....
Friday, October 22, 2010
Revenue has confirmed to Chartered Accountants Ireland that it will endeavor not to schedule comprehensive audits or final meetings during the week leading up to the October filing deadline of 31 October and the week leading up to the ROS return filing deadline of 16 November. .....
Monday, October 18, 2010
An investigation under EU state aid rules has commenced to establish whether the municipal tax exemption granted by Italy to real estate used by certain non commercial entities constitutes illegal state aid. At this stage, the Commission considers that the real estate in question could also be used.....
Monday, October 18, 2010
The Council has adopted a regulation aimed at enabling the member states to step up their efforts in combating fraud with regard to value-added taxation The main innovation involves the creation of Eurofisc, a network of national officials to detect and combat new cases of cross-border VAT fraud. T.....
Monday, October 18, 2010
A new Tax Policy Group which brings together personal representatives of EU Finance Ministers to discuss key tax policy issues held its first meeting this week. Ireland’s representatives are Mr Michael O’Grady, Revenue Commissioner and Mr Derek Moran, Head of Taxation with the Department of Finance.....
Monday, October 18, 2010
Last week the Court of Appeal delivered it’s long awaited judgement in the case of Prudential v HMRC. Unfortunately the Court decided that Legal Professional Privilege (LPP) should not be extended to clients of non legally qualified tax advisers. LPP currently only applies to clients of lawyers and.....
Monday, October 18, 2010
The Institute’s Director of Taxation suggested to the annual conference of the Irish Association in Newry on Saturday last that the time may have come to take the first steps in devolving the power to set a separate corporation tax rate for Northern Ireland. Brian Keegan pointed out that as an all .....
Monday, October 18, 2010
The value of the retail price index, as published by the Office for National Statistics, for August 2010 is 224.5 (January 1987 = 100). Tables showing the Indexation Allowance for assets disposed of in August 2010 are now available.....
Monday, October 18, 2010
HMRC have published a revised DT Digest to include more information about UK personal allowances and which categories of non-residents may claim them. The Digest is a guide to possible entitlement to double taxation relief for certain types of UK income received by the residents of the territories .....
Monday, October 18, 2010
Many readers will need no reminder that 2009/10 Self Assessment paper returns are due for filing by 31 October. If the deadline is missed, it could be costly as paper returns filed after this date could mean a £100 penalty. And with the forthcoming filing deadline for paper returns looming, HMRC ha.....
Monday, October 18, 2010
Revenue & Customs Brief 43/10 has been published giving information concerning a review by HMRC of the proper treatment of claims submitted as a result of the Italian Republic ECJ decision (C-45/95). The claims are for output tax over-declared on car sales where input tax was blocked on the pur.....
Monday, October 18, 2010
HMRC have published SI 2286 together with a detailed explanatory memorandum. This Order amends the Capital Allowances (Energy-Saving Plant and Machinery) Order 2001 (S.I. 2001/2541). With effect from 8 October , the revised lists of qualifying technologies issued by the Secretary of State for Energ.....
Monday, October 18, 2010
HMRC have provided a further update on miscellaneous matters which will mainly be of interest to employers and practitioners engaged in this area – these are informal highlights provided by HMRC as a result of working in partnership with Agents and advisers. Filing P11Ds HMRC have confirmed that it.....
Monday, October 18, 2010
Last week, the Government announced that, from April 2011, the annual allowance (AA) for pensions contributions will be £50,000 and that from April 2012 the lifetime allowance (LTA) will be £1.5million. Financial Secretary to the Treasury Mark Hoban announced in last Thursday’s ministerial statemen.....
Monday, October 18, 2010
The Chartered Tax Consultant Stage 2 programme is now full however we are taking names for a standby list and should places become available these will be offered to those on this list. However applications from those holding an existing tax qualification and eligible for an exemption, are still be.....
Monday, October 18, 2010
According to a report published last week, HMRC might be able to increase tax revenues by providing more support to professional tax agents and other third parties paid by taxpayers to act on their behalf. In a report to Parliament last Wednesday, the National Audit Office (NAO) states that ‘good t.....
Monday, October 18, 2010
In response to uncertainty relating to the rate of VAT applying to refilling and inkjet printer cartridges, Revenue has updated Chapter 5.02 of the VAT Manual which clarifies the correct VAT rate to be applied. .....
Monday, October 18, 2010
A Double Taxation Agreement between Ireland and Montenegro was signed earlier this month. This brings to 60 the number of comprehensive double taxation agreements which Ireland has signed. According to a statement from the Department of Finance, negotiations for new agreements with Armenia, Kuwait,.....
Monday, October 18, 2010
According to the Minister for Social Protection, Éamon Ó Cuív, the Government has agreed to advance the proposal to move to a "new" Defined Benefit (DB) model as outlined in the National Pensions Framework. The National Pensions Framework, agreed by Government in March 2010, maintains that th.....
Monday, October 18, 2010
Revenue has announced that the ROS support opening hours will be extended over the pay and file 2010 deadline. Details of the extended opening hours are available here.....
Monday, October 18, 2010
Readers are reminded that if an individual received a gift or inheritance with a valuation date in the 12 month period ended 31 August 2010, and they have not already filed a CAT return, a return and payment must be made by 31 October 2010. Where the return and payment are made through Re.....
Monday, October 18, 2010
Unhelpful suggestions that the Corporation Tax rate is under threat have been completely dismissed by the Department of Finance and the Finance Spokespersons from the major opposition parties. Chartered Accountants Ireland has corresponded directly with the Minister, Mr Noonan and Ms Bur.....
Friday, October 15, 2010
A new Tax Policy Group which brings together personal representatives of EU Finance Ministers to discuss key tax policy issues held its first meeting this week. Ireland’s representatives are Mr Michael O’Grady, Revenue Commissioner and Mr Derek Moran, Head of Taxation with the Department of Finance.....
Friday, October 15, 2010
Yesterday, the Government announced that, from April 2011, the annual allowance (AA) for pensions contributions will be £50,000 and that from April 2012 the lifetime allowance (LTA) will be £1.5million. Financial Secretary to the Treasury Mark Hoban announced in yesterday’s ministerial statement th.....
Friday, October 15, 2010
Readers are reminded that if an individual received a gift or inheritance with a valuation date in the twelve month period ended 31 August 2010, and they have not already filed a CAT return, a return and payment must be made by 31 October 2010. Where the return and payment are made throug.....
Tuesday, October 12, 2010
Corporate Fraud represents a significant risk for all organisations. In his new book entitled 'Corporate Fraud, Andrew Brown, a Chartered Accountant with Deloitte & Touche and an experienced fraud investigator, draws on his experiences to help the reader to understand the various aspects of thi.....
Monday, October 11, 2010
The documents published by the Commission this week underline how they are lagging behind on matters of international tax policy. The thought leadership on the taxation of the Financial Services Sector has already been done by the IMF. As reported in Chartered Accountants News of 26 April the.....
Monday, October 11, 2010
Finance (No.2) Bill 2010 (the third Finance Bill of this year) was published on Friday 30 September. Much of this draft legislation was previously published in advance in July to deal with technical tax proposals “inherited” from the previous government but which have yet to be enacted. The Bill wa.....
Monday, October 11, 2010
Revenue has published a number of updated lists and forms on their website: Approved buildings and gardens for the purpose of section 482 TCA 1997 Individuals who qualify for the artists exemption during the period April 2002 to 30 September 2010 Form CA 26 (2010 edition) - Capital Acquisitions Tax.....
Monday, October 11, 2010
The deadline for filing the 2009 Income Tax return is 31 October 2010, but this deadline is extended to 16 November 2010 where the return is filed via Revenue Online Service (ROS) along with payment of the relevant taxes due. Revenue has advised that, agents who wish to paper file their clien.....
Monday, October 11, 2010
The policy and confidence vacuum is dragging pundits out from every corner breezily predicting the demise of Ireland’s Corporation Tax rate as we doff our hats to foreign paymasters. Despite the economic uncertainty, we along with our European neighbours still operate under the rule of law.&n.....
Friday, October 08, 2010
The documents published by the Commission this week underline how they are lagging behind on matters of international tax policy. The thought leadership on the taxation of the Financial Services Sector has already been done by the IMF. As reported in Chartered Accountants News of 26 April the.....
Friday, October 08, 2010
As noted in last Friday’s Chartered Accountants News, ‘Finance (No.2) Bill 2010’ (the third Finance Bill of this year) was published on Friday 30 September. Much of this draft legislation was previously published in advance in July to deal with technical tax proposals “inherited” from the previous .....
Friday, October 08, 2010
The policy and confidence vacuum is dragging pundits out from every corner breezily predicting the demise of Ireland’s Corporation Tax rate as we doff our hats to foreign paymasters. Despite the economic uncertainty, we along with our European neighbours still operate under the rule of law.&n.....
Friday, October 08, 2010
The deadline for filing the 2009 Income Tax return is 31 October 2010, but this deadline is extended to 16 November 2010 where the return is filed via Revenue Online Service (ROS) along with payment of the relevant taxes due. Revenue has advised that, agents who wish to paper file their clien.....
Friday, October 08, 2010
October is the peak filing season for the Companies Registration Office ('CRO'). The 30th September is the single most common annual return date for companies registered with the CRO. In the CRO's latest eZine they have outlined a list of common errors and other helpful tips for filing the ann.....
Friday, October 08, 2010
On Monday, 11 October, IASB staff will present a live webcast introducing amendments to IFRS 7 Financial Instruments: Disclosures. It follows the publication of the IASB’s enhanced derecognition disclosure requirements for transfer transactions of financial assets on Thursday, 7 October. .....
Friday, October 08, 2010
The International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation, this week issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities. For further details, please click her.....
Friday, October 08, 2010
The Auditing Practices Board (APB) of the FRC has this week issued for comment a consultation draft of a revision of Practice Note 27 “The audit of credit unions in the United Kingdom.” The consultation period ends on 7 January 2011. The consultation draft updates the current guidance to refle.....
Friday, October 08, 2010
CHARIOT (Chartered Accountants Reference and Information Tool) has recently been updated. Please see below a list of content added and removed from the October 2010 build. Content Added Information Sheets under the Audit Section IS 04/2010 European Communities (Statutory Audits) (Directive 2006/43/.....
Friday, October 08, 2010
The Registrar of Credit Unions has written to all auditors of credit unions outlining particular areas of focus in respect of the financial year ending 30th September 2010. The letter includes some reminders on the reporting requirements of the Credit Union Act as well as outlining the c.....
Friday, October 08, 2010
It has been brought to the Technical Department's attention lately that Cork County Council have been requesting a new version of an accountant's report as part of a waste management permit application. The Institute advises members not to sign this report. Instead the Institute recommends the.....
Monday, October 04, 2010
The EC formally requested Germany, Greece and Belgium to change discriminatory tax rules. The discriminatory regimes in question concern the inability of non-German companies to offset losses against profits within a group, Greek rules on withholding taxes on outbound dividends, Brussels region's b.....
Monday, October 04, 2010
The European Commission issued four separate requests to The Netherlands to change discriminatory tax rules. The discriminatory tax regimes in question concern succession and gift duties on country estates, taxation of real estate income for non-resident charities, taxation of interests held by non.....
Monday, October 04, 2010
The European Commission has formally requested the UK to change its Finance Act 2007 to ensure that the period during which taxes levied in breach of EU rules can be reimbursed is proportional to the objectives pursued. Under EU law, the reimbursement of taxes paid in violation of EU rules should b.....
Monday, October 04, 2010
The Global Forum on Transparency and Exchange of Information for Tax Purposes issued phase one peer reviews covering the legal and regulatory frameworks for transparency and exchange of tax information in Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Pan.....
Monday, October 04, 2010
Following confirmation by the Irish Revenue of an agreement at EU level to grant an extension to VAT refund claims under the VAT Refund Directive, Chartered Accountants Ireland have been informed that the EU Council has now in principle unanimously agreed to the extension of the deadline for applic.....
Monday, October 04, 2010
HMRC have published version eight of the savings income reporting guidance notes. These guidance notes accompany the Government’s legislation implementing European Directive 2003/48/EC on taxation of savings in the form of interest payments, adopted at a meeting of the ECOFIN Council on 3 June 2003.....
Monday, October 04, 2010
HMRC have now published an updated guide to EIS. The information in this guide relates only to shares issued on or after 6 April 2009. The full guidance can be accessed her.....
Monday, October 04, 2010
HMRC have now published detailed guidance relevant to making historic VAT claims. The detailed guidance now published deals with historic VAT claims and can be found here. By way of background and as many readers will be aware, in 1996 and 1997, the Government introduced a three year limitation per.....
Monday, October 04, 2010
The deadline for businesses to submit their 2009 Cross-Border VAT refund claims is to be extended from 30 September 2010 to 31 March 2011. As reported in last Monday’s Tax News, the Revenue Commissioners have also noted the extension to this deadline. See also coverage of this item in o.....
Monday, October 04, 2010
As noted in last Monday’s Tax News, ‘Finance (No.2) Bill 2010’ (the third Finance Bill of this year) was published on Friday 30 September. Much of this draft legislation was previously published in advance in July to deal with technical tax proposals “inherited” from the previous government but whi.....
Monday, October 04, 2010
Revenue has published updated Guidance for Practitioners regarding the 'Extracts from Accounts' section of the Form 11 and CT1 returns. The guidance clarifies the most common errors which Revenue maintain are made by practitioners when completing the ‘Extracts from Accounts. Also includ.....
Monday, October 04, 2010
Revenue has published Tax Briefing Issue 12 which clarifies a number of tax issues relating to Share Farming and sets out some examples which illustrate the tax implications of Share Farming transactions. Share farming is the term used to describe an arrangement where two parties, the landown.....
Monday, October 04, 2010
Practitioners and taxpayers are reminded that the deadline for filing the 2009 income tax return and making payment of the relevant taxes due is fast approaching. Paper returns are due on or before 31 October 2010. For taxpayers who pay and file through ROS, the deadline is extended to midnight Tue.....
Monday, October 04, 2010
Budget and Finance Bill 2010 did nothing to the income tax circumstances of most of the population. There was little the Minister could do in December 2009, having already announced swinging cuts to public service pay which mirrored the experience of the private sector. Following last w.....
Monday, October 04, 2010
This year's submission to the Minister for Finance by the accountancy profession focuses on measures to boost confidence in the economy. The main recommendations in the submission, co-authored by Chartered Accountants Ireland, the Association of Chartered Certified Accountants, the Institute of Cer.....
Friday, October 01, 2010
The Global Forum on Transparency and Exchange of Information for Tax Purposes issued phase one peer reviews covering the legal and regulatory frameworks for transparency and exchange of tax information in Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Pan.....
Friday, October 01, 2010
Following confirmation by the Irish Revenue of an agreement at EU level to grant an extension to VAT refund claims under the VAT Refund Directive, Chartered Accountants Ireland have been informed that the EU Council has now in principle unanimously agreed to the extension of the deadline for applic.....
Friday, October 01, 2010
HMRC has published three more toolkits as part of a project to make it easier for tax agents and advisers to get clients' tax returns right. The newly published toolkits cover VAT input tax, Inheritance Tax and expenses and benefits from employment. As a reminder, these toolkits provide guidance on.....
Friday, October 01, 2010
Practitioners and taxpayers are reminded that the deadline for filing the 2009 income tax return and making payment of the relevant taxes due is fast approaching. Paper returns are due on or before 31 October 2010. For taxpayers who pay and file through ROS, the deadline is extended to midnight Tue.....
Friday, October 01, 2010
Budget and Finance Bill 2010 did nothing to the income tax circumstances of most of the population. There was little the Minister could do in December 2009, having already announced swinging cuts to public service pay which mirrored the experience of the private sector. Following yester.....
Friday, October 01, 2010
Chartered Accountants Ireland, in conjunction with CCAB-I, has published new anti-money laundering and terrorist financing guidance as Miscellaneous Technical Statement M42 (revised) Anti-Money Laundering Republic of Ireland to replace the original M42 and related procedures document.....