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Friday, January 18, 2013
In December 2012, the European Commission adopted an Action Plan outlining future initiatives in the areas of company law and corporate governance. European company law and corporate governance should make sure that companies are competitive and sustainable. The Commission's analysis and cons.....
Friday, December 21, 2012
The FRC's Financial Reporting Lab is calling for listed companies and investors/analysts to participate in a new project on the reporting of Audit Committees in annual reports.This project is an opportunity for companies to better understand what it is that the investment community wants to see rep.....
Friday, December 21, 2012
The Minister for Finance, Mr Michael Noonan, TD, today welcomed the enactment of legislation to implement the Commission on Credit Unions Report and provide for major reforms in the credit union sector. The Credit Union and Co-operation with Overseas Regulators Act 2012 has been signed in to.....
Friday, December 21, 2012
The Minister for Jobs, Enterprise and Innovation signed Statutory Instrument No 510 of 2012, the European Union (International Financial Reporting Standards) Regulations 2012 on 13th December 2012. The Regulations allow companies which have opted to prepare IFRS individual and group acco.....
Friday, December 21, 2012
The Companies Bill will be published this morning. The pdf version of the Bill will be available this morning from approximately 10am on the Oireachtas website at www.oireachtas.ie under the link for "Bills & Legislation". Hard copies of the Bill can be ordered from the Government Publications .....
Friday, December 21, 2012
With the busy tax season and online Self-Assessment filing deadline just over a month away, it is timely to issue a reminder warning taxpayers not to respond to any emails promising a tax repayment. Some taxpayers might let their guard down this festive season and be tempted by the promise of addit.....
Friday, December 21, 2012
The December issue of tax.point; Chartered Accountants Ireland’s monthly tax bulletin for tax professionals and accountants is now available. In this month’s issue, Ireland’s Budget 2013 and the UK Autumn Statement 2012 are the feature articles. Also in the December issue are summaries of key.....
Wednesday, December 19, 2012
The Central Bank of Ireland has published a consultation paper on the fitness and probity regime for credit unions. This consultation takes into account the recommendations of the Report of the Commission on Credit Unions. The regime will focus on improving governance standards at board and m.....
Monday, December 17, 2012
Ireland’s seventh EU Presidency coincides with the 40th anniversary of its membership of the European Union. The full Presidency programme was published last week. Around 170 meetings will be held in Ireland during the Presidency. As set out in the Presidency programme, objectives in the tax agenda.....
Monday, December 17, 2012
The European Parliament has approved the proposed introduction of a financial transaction tax (FTT) by eleven EU countries under an enhanced cooperation arrangement. On Wednesday, the European Parliament approved the resolution by 533 votes to 91, to introduce a FTT in Austria, Belgium, Estonia, Fr.....
Monday, December 17, 2012
HMRC have issued a reminder that the electronic PAYE payment for this month is due by Saturday 22 December 2012. To avoid paying late and late payment penalties, HMRC must have cleared funds by the payment date. Postal payments are due by Wednesday 19th December. The 22nd falls on a weekend this mo.....
Monday, December 17, 2012
The fifth Employment-Related Shares & Securities Bulletin providing information and updates on developments relating to employment-related securities has now been published. Bulletin 5 contains an update on changes to tax-advantaged employee share schemes as a result of the Autumn Statem.....
Monday, December 17, 2012
HMRC has published guidance for tax agents and advisers to help manage the 31 January 2013 Self-Assessment (SA) deadline. By way of reminder, online returns for SA must be submitted by Thursday 31 January. However the deadline for online submission is 31 December, where HMRC are to collect tax owed.....
Monday, December 17, 2012
Readers are reminded that new legislation is due to come into effect from 1 April 2013 that will enable HMRC to address dishonest conduct by tax agents, and issue civil penalties of up to £50,000. It will apply to dishonest conduct on or after 1 April 2013. The new legislation will allow HMRC to: i.....
Monday, December 17, 2012
As is now tradition after the Autumn Statement, last week draft Finance Bill 2013 clauses were published together with explanatory notes and other tax updates including responses to a range of consultations on different matters. The closing date for comments is Wednesday 6 February 2013. The .....
Monday, December 17, 2012
Revenue has published updated guidance on the tax treatment of RSUs. The guidance sets the PAYE procedures to be applied to facilitate granting of double taxation relief in real time. The guidance follows engagement between practitioner bodies and Revenue under the TALC forum on the implicati.....
Monday, December 17, 2012
Revenue has published eBrief No. 68/12 which sets out their position with regard to the interaction of Professional Services Withholding Tax (PSWT) with the calculation of the amount of preliminary tax payable to the Collector General. Revenue advises in the eBrief that the amount of preliminary ta.....
Monday, December 17, 2012
The Social Welfare Bill was passed in the Dáil last Friday and will be debated in the Seanad this week. The Bill gives effect to a number of social welfare measures announced in the Budget last week. These include the abolition of the weekly PRSI allowance of €127 from 1 January 2013 and an increas.....
Friday, December 14, 2012
Time is running out – Accounts filing deadline 31 December 2012 Over 300,000 registered companies must file their accounts no later than Monday 31 December 2012. If you are one of them, don’t leave it to the last minute and risk a penalty – file early and file online. http://www.companies-house.gov.....
Friday, December 14, 2012
The Public Company Accounting Oversight Board released a report summarising inspection observations related to deficiencies in registered public accounting firms' audits of the internal control over financial reporting (ICFR) at public companies. View For further information see the news release. V.....
Friday, December 14, 2012
The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published a report on the application of AML/CTF for e-money in the EU. Vie.....
Friday, December 14, 2012
The European Parliament has approved the proposed introduction of a financial transaction tax (FTT) by eleven EU countries under an enhanced cooperation arrangement. On Wednesday, the European Parliament approved the resolution by 533 votes to 91, with 32 abstentions to introduce a FTT in Austria, .....
Friday, December 14, 2012
As is now tradition after the Autumn Statement, this week draft Finance Bill 2013 clauses were published together with explanatory notes and other tax updates including responses to a range of consultations on different matters. The closing date for comments is Wednesday 6 February 2013. The draft .....
Friday, December 14, 2012
The Social Welfare Bill passed Second Stage and moved to Committee Stage in the Dáil on Wednesday. The Bill gives effect to a number of social welfare measures announced in the Budget last week. These include the abolition of the weekly PRSI allowance of €127 from 1 January 2013 and an increa.....
Friday, December 14, 2012
Chartered Accountants Ireland Publishing, the only specialist accountancy publisher for the island of Ireland, is delighted the current Publishing Catalogue is available both in print and electronically. The publications programme at Chartered Accountants Ireland extends across the Institute and in.....
Thursday, December 13, 2012
CHARIOT (Chartered Accountants Reference and Information Tool) has now been updated online. CHARIOT online is a free CAI Members (including Students) only service and is updated bimonthly. You will need your Member ID and password to access CHARIOT. If you have forgotten your password, yo.....
Monday, December 10, 2012
The European Commission last week announced recommendations and action plans to counter tax avoidance and tax evasion. However, the Commission’s initiative will involve nothing new for Ireland as the Irish tax compliance environment is just as rigorous for cross-border transactions .....
Monday, December 10, 2012
The above pilot has now been extended until 31 March 2013 and further expanded to include the submission of forms SA1 and CWF1. The pilot was originally launched in March 2012 to test the benefits of an email channel for agents to contact HMRC. HMRC state that by the end of October over 1,000 email.....
Monday, December 10, 2012
We’ve gotten used to the Government’s Autumn Statement being a bit of a damp squib in recent times but last Wednesday’s announcements were still closely watched by many and analysed at length by Tax Practitioners around the country. Let’s take a look at some of the tax measures included. Cor.....
Monday, December 10, 2012
As part of his Budget 2013 speech, Minister Noonan announced that a public consultation on the taxation of micro enterprises would be undertaken. This joint consultation between the Department of Finance and Revenue has now been launched with interested parties invited to make submissions on .....
Monday, December 10, 2012
The Finance (Local Property Tax) Bill 2012 was published on Friday December 7 together with an Explanatory Memorandum, and is available on the Oireachtas website. The Revenue Commissioners have also published a FAQ document and an online calculator to assist in calculation of the Local Proper.....
Friday, December 07, 2012
The European Commission yesterday announced recommendations and action plans to counter tax avoidance and tax evasion. However, the Commission’s initiative will involve nothing new for Ireland as the Irish tax compliance environment is just as rigorous for cross-border transactions as for dom.....
Friday, December 07, 2012
We’ve become used to the Government’s Autumn Statement being a bit of a damp squib in recent times but Wednesday’s announcements were still closely watched by many and analysed at length by Tax Practitioners around the country. Let’s take a look at some of the tax measures included. Cor.....
Friday, December 07, 2012
Designed for students on financial reporting modules of Masters in Accounting programmes and for students studying for the later stages of the financial reporting examinations of the professional accounting bodies, this new textbook presents a series of case studies, with detailed and comprehensive.....
Friday, December 07, 2012
In relation to the EC Proposals on the Accounting Directive of 25 October 2011 and following the final report of the European Parliament Legal Affairs Committee (JURI) of 25 September 2012 and the Presidency compromise text of the Council of 19 June 2012, FEE wishes to further inform the debate and.....
Friday, December 07, 2012
The Financial Reporting Council has issued Feedback Papers that summarise the comments received in response to its consultation documents: Sanctions Guidance to Tribunals and Disciplinary Schemes – Proposed Changes. These Papers also outline proposed amendments in response to those comments. The or.....
Friday, December 07, 2012
The Registrar has announced their intention to proceed on the 21st day of December 2012 to cancel the registration in respect of each Industrial and Provident society mentioned in a published list on the grounds that each society has failed to send in annual returns. The list can be fou.....
Thursday, December 06, 2012
Expert panel discussion of the measures announced in the Budget Speech, 5 December 2012. Panellists Liam Lynch (KPMG), Marie Barr (Barr Pomeroy), Brian Keegan (Chartered Accountants Ireland). Listen here.....
Wednesday, December 05, 2012
Important links to published content on Budget 2013 can be accessed at the following: Department of Finance Revenue Commissioners Department of Social and Family Affair.....
Wednesday, December 05, 2012
Increase to the rate of Deposit Interest Retention Tax (DIRT) and Exit Taxes were announced. The rate of DIRT will increase from 30% to 33% on payment made on or after 1 January 2013. This is the fifth successive year of increases to the DIRT rate which has seen increases from 20% rate in 200.....
Wednesday, December 05, 2012
Revised structures for both VRT and motor tax for vehicles taxed on the basis of CO2 emissions will take effect from 1 January 2013. Motor tax rates for vehicles taxed on engine capacity will also be increased. VRT VRT CO2 emission bands A and B will be restructured to include subclasses with.....
Wednesday, December 05, 2012
Changes to the PRSI liability for employees and the taxation of maternity pay were announced in the Budget. PRSI The current weekly PRSI floor of €127 available to employees will be abolished. This is an exemption of €6,604 of income from PRSI in a full year and the change announced in today’.....
Wednesday, December 05, 2012
FATCA is part of a United States effort to combat tax evasion by US persons holding investments in offshore accounts. It requires US taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report on those assets, but also requires foreign financial institutions.....
Wednesday, December 05, 2012
Months of speculation concerning a Property Tax, now known as the Local Property Tax (LPT) were resolved by Minister Noonan this afternoon. The real mischief involved with the tax will become fully apparent in the Finance Local Property Tax Bill 2012 which we understand is being published tom.....
Wednesday, December 05, 2012
Reforms are afoot for the Film Tax Relief Scheme. The Budget also introduces an accelerated capital allowance scheme for the aviation sector and the EII Scheme is extended to 2020. Film Relief The Film Tax Relief Scheme is to be extended to 2020. The Minister also announced refor.....
Wednesday, December 05, 2012
It was announced that Real Estate Investment Trusts (REITs) will be introduced into Irish legislation. One of the aims of the regime is to provide an after-tax return for investors similar to that of direct investment in property, while also giving the benefits of risk diversification. The re.....
Wednesday, December 05, 2012
Chartered Accountants Ireland has produced the following Budget Day infographic to explaining the implications of changes to two central themes of Budget 2013 - property and motoring related taxes. This is part of the Institute's wider commentary and analysis of the budget, all available online her.....
Wednesday, December 05, 2012
A number of not unexpected increases were introduced. A 10% decrease in each of the thresholds at which Capital Acquisitions Tax (CAT) applies to gift and inheritance received after 5 December 2012; A 3% increase in the rates of CAT and Capital Gains Tax taking the rate of each to 33% from midnight.....
Wednesday, December 05, 2012
Tax rules on pensions are set to be amended to restrict tax relief to pension schemes which deliver income of more than €60,000 per annum. It was also announced that taxpayers will have the facility to make a once-off withdrawal of up to 30% of the value of the pension fund derived from Addit.....
Wednesday, December 05, 2012
The Agri-Food Industry also features in the Tax Reform Plan, with extensions announced to stock relief, the broadening of the definition of registered farm partnerships. However, a reduction to the VAT flat-rate addition was also announced in the Budget. Stock Relief The general .....
Wednesday, December 05, 2012
Tax Reform Plan announced to support the domestic economy with measures affecting 3 Year Relief for Start-up Companies, Close Companies and the VAT Cash Accounting Threshold 3 Year Relief for Start-up Companies The 3 Year Relief for Start-up Companies is to be extended to allow any unused re.....
Wednesday, December 05, 2012
The key personal tax measures announced by Minister Noonan concern an increase in the USC rate for individuals aged 70 or over and changes to the tax relief available on charitable donations and termination payments. The Budget documents contain details of other measures which will impact ind.....
Monday, December 03, 2012
Last week, HMRC spoke at a seminar in Belfast attended and watched online by over 100 members. The seminar contained guidance on getting prepared for RTI which HMRC is introducing to PAYE from April 2013. As readers will no doubt be aware, the vast majority of employers are required to start submit.....
Monday, December 03, 2012
In the Annual Growth Survey for 2013, the European Commission advises Member States to shift taxes away from areas that impede growth such as labour and corporate taxes towards growth-friendly taxes on consumption and the environment. The Survey also recommends broadening the tax base by removing t.....
Monday, December 03, 2012
Ireland’s VAT group rules which allow a non-taxable person to be a member of a VAT group are not contrary to EU law in the opinion of the Advocate General. This opinion was issued on foot of infringement proceedings brought by the Commission against Ireland on the grounds that Irish VAT Group.....
Monday, December 03, 2012
The fourth employment-Related Shares & Securities Bulletin providing information and updates on developments relating to employment-related securities, including the tax-advantaged employee share schemes has now been published. This bulletin contains articles on scheme approvals – company resol.....
Monday, December 03, 2012
Members are advised that applications for authorisation for zero rating under Section 56 Value-Added Tax Consolidation Act 2010 should be made on Form VAT 56A. This provision was previously contained in Section 13A Value-Added Tax Act 1972. Section 56 Value-Added Tax Consolidation Act 2010 p.....
Monday, December 03, 2012
Income tax in the order of €1 billion was expected from the self-employed in November. Even though the Exchequer Statement for November will not be published until tomorrow afternoon, the 2013 Estimates which issued at the weekend suggest an income tax shortfall in 2012 in excess of €200 mill.....