Chartered Accountants Ireland

September

2010-09-02T09:49:03+01:00

Thinking of up-skilling or wondering how you might recession proof your CV? You can still enrol on a Diploma/Certificate of the Chartered Tax programme this Autumn and there are numerous reasons to do so. A focus upon the practical skills – we go beyond the theory – our tutors are recognised experts who can share a ‘warts and all’ perspective A timetable designed to cause minimum disruption t...

Prepare to Succeed for the Tax Compliance Deadline Season

2010-08-30T14:41:11+01:00

The lapse of evening daylight and increase in rush hour traffice heralds the onset of autumn and of course the launch of the Chartered Accountants busy tax compliance season The key deadline on the horizon are 23 September for the ROS filing of Corporation Tax Returns with 31 December 2009 year ends and balance of corporate payments for 31 December 2009, and 16 November for the ROS filing of...

Application of Article 17 (Artistes And Sportsmen) of the OECD Model Tax Convention

2010-08-30T12:32:26+01:00

The Committee on Fiscal Affairs has examined the application of Article 17 (Artistes and Sportsmen) of the OECD Model Tax Convention and has published a public discussion draft which includes proposals for additions and changes to the Commentary on the OECD Model Tax Convention. Under Article 17 (Artistes and Sportsmen) of the OECD Model Tax Convention, the State in which the activities of a...

HMRC change policy on domicile

2010-08-30T12:28:41+01:00

In a briefing note published last week HMRC specify that they will henceforth challenge domicile only where " there is a significant risk of loss of UK tax." According to HMRC, they will take a more risk based approach for inheritance tax cases. Revenue & Customs Brief 34/10 states: "The significance of the risk will be assessed by HMRC using a wide range of factors. The factors will depend...

NIC Holiday for New Businesses

2010-08-30T12:23:48+01:00

The NIC Holiday for New Businesses, announced in the Emergency Budget, will apply to eligible businesses across Northern Ireland. HMRC have published draft legislation and guidelines, noting that the benefits of the “holiday” will come into effect on 6 September next. According to their notes, it will last from the date of the Emergency Budget on 22 June 2010 until 5 September 2013. New...

Tax Strategy Group Papers - Budget 2010

2010-08-30T12:20:26+01:00

The Tax Strategy Group (TSG) papers, prepared in advance of the 2010 Budget and Finance Act 2010, have been published on the Department of Finance website. The TSG is a committee chaired by the Department of Finance, with membership comprising senior officials and advisors from the various Government Departments. The committee is responsible for examining and developing proposals for measure...

High Earners Restriction

2010-08-30T12:17:32+01:00

As we approach the Preliminary Tax payment date for 2010, it is important to prepare computations early for taxpayers caught by the restrictions on the amounts of tax relief to which they used to be entitled. This is to help ensure that they can raise the necessary funds in time to pay the income tax liabilities falling due on 31 October. The 2010 Finance Act changed the High Earners...

Significant Changes in Financial Reporting

2010-08-30T12:12:38+01:00

The publication of the IFRS for SMEs in June 2009 marked the start of a significant change in Financial Reporting in Ireland. The IFRS was designed to provide a standalone, simplified and more understandable set of principles and rules by which the average non publically accountable entity could abide. It is only 200 pages in length compared to the 2,500 pages in the full IFRS. The major change...

Mandatory Disclosure of Certain Transactions

2010-08-30T12:13:14+01:00

We have responded through CCAB-I to the Revenue Consultation on the requirement to disclose various forms of tax avoidance schemes. In particular, our submission points out how the requirement might affect inward investment decisions, and the disproportionate recognition offered by Revenue to legal firms over accountancy practices. Our submission states that: There is a lack of clarity around...

London Calling - profile of Irish Chartered Accountant working for Credit Suisse

2010-08-27T13:06:59+01:00

Jackie Donegan ACA has a BA in Philosophy and Sociology from Trinity College Dublin and a Professional Diploma in Accounting from Dublin City University. After qualifying as a Chartered Accountant with Pricewaterhouse Coopers in Dublin in 2008, Jackie spent 12 months travelling South, Central and North America, and...

Bord Gáis latest to join Employer Partnership Scheme

2010-08-27T13:48:07+01:00

Chartered Accountants Ireland is delighted to welcome Bord Gáis Éireann as the latest member of our Employer Partnership scheme.

HMRC Change Policy on Domicile

2010-08-27T12:41:12+01:00

In a briefing note published this week HMRC specify that they will henceforth challenge domicile only where " there is a significant risk of loss of UK tax." According to HMRC, they will take a more risk based approach for inheritance tax cases. Revenue & Customs Brief 34/10 states: "The significance of the risk will be assessed by HMRC using a wide range of factors. The factors will depend...

Tax Strategy Group Papers - Budget 2010

2010-08-27T12:36:57+01:00

4 Practical Guides for Today’s Professional

2010-08-27T10:22:50+01:00

The Valuation of Businesses and Shares: A Practitioner’s Perspective , by Des Peelo. This highly practical handbook sets out guidelines, case histories, examples of valuations, and best practice for the busy practitioner in advising on valuations that can arise in many different circumstances. Integrity, meaning objectivity, independence and impartiality, is the hallmark of the professional...

IFRS Interpretations Committee publishes proposed guidance on surface mining

2010-08-26T16:20:15+01:00

The IFRS Interpretations Committee, the interpretative body of the IASB, has this week published for public comment proposed guidance on the accounting for stripping costs in the production phase of a surface mine. The Committee was asked to consider how to account for stripping costs (the process of removing waste from a surface mine in order to gain access to mineral ore deposits) given the...

IASB proposes amendments to IFRS 1

2010-08-26T16:15:42+01:00

The International Accounting Standards Board (IASB) this week published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004’ with ‘the date of transition to IFRSs’. As a result, entities adopting IFRSs for the first time would not...

HMRC Customer Satisfaction

2010-08-23T12:18:49+01:00

Research commissioned by HMRC into how they are viewed by major taxpayers was published this week. The overall result – pretty good but could try harder. The research, conducted by a professional market research organization, seems to have focused on three categories of business taxpayer - Large Business Service taxpayers, Large and Complex taxpayers that have been allocated a Customer...

Procedures for Quality Tax (PQT) – Available on CD or in Hardcopy

2010-08-23T12:08:35+01:00

At least 5 good reasons to use PQT … Reduce your compliance overheads Create value for your client Analyse your client’s compliance status Steer your way through the process of advising a client under Revenue Audit Reduce the risk of getting it wrong! To find out how and why, click here .

tax.point – August Issue Now Available

2010-08-23T12:04:24+01:00

The August issue of tax.point; Chartered Accountants Ireland’s monthly tax bulletin for tax professionals and accountants, is now available. In this months issue Des Kelly looks at some of the ways UK tax taxpayers can reduce their personal or business tax bill and in some cases even get tax back from HMRC. Desi Foley and Niamh Higgins write on the options available to companies who find...

Stamp Duty

2010-08-23T11:58:07+01:00

Revenue has updated the Frequently Asked Questions (FAQs) relating to changes in procedures introduced as part of the new e-Stamping system. The updated FAQs and information on the e-Stamping system are available on the Revenue website or by clicking here . Revenue has also made Regulations - S.I. No. 395 of 2010 in accordance with section 75(5)(a) Stamp Duty Consolidation Act (Relief for...

HMRC Customer Satisfaction

2010-08-20T11:29:29+01:00

Procedures for Quality Tax (PQT) – Available on CD or in Hardcopy

2010-08-20T11:26:22+01:00

tax.point – August Issue Now Available

2010-08-20T11:11:25+01:00

The August issue of tax.point ; Chartered Accountants Ireland’s monthly tax bulletin for tax professionals and accountants, is now available. In this months issue Des Kelly looks at some of the ways UK tax taxpayers can reduce their personal or business tax bill and in some cases even get tax back from HMRC. Desi Foley and Niamh Higgins write on the options available to companies who find...

Stamp Duty

2010-08-20T11:04:31+01:00

Enterprise Risk Management, by Bevan Lloyd … Publishing next Week

2010-08-20T10:19:53+01:00

As a direct result of the current economic crisis, the areas of corporate governance in general and enterprise risk management in particular have been receiving increased attention from their various stakeholders. Senior management, non-executive directors, internal auditors and even shareholders have been required to review, re-assess, and frequently re-design existing practices and procedur...

IASB staff draft of a forthcoming IFRS on fair value measurement

2010-08-20T10:02:32+01:00

The IASB posted to its website a staff draft of a forthcoming IFRS on fair value measurement that reflects the tentative decisions made to date by the IASB and the US Financial Accounting Standards Board (FASB).

IASB and US FASB publish proposals to improve the financial reporting of leases

2010-08-20T09:57:06+01:00

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) this week published for public comment joint proposals to improve the financial reporting of lease contracts. The proposals are one of the main projects included in the boards’ Memorandum of Understanding.

What is CPD Online?

2010-08-19T12:04:42+01:00

Delivering events and courses straight to your office marks one of the many ways we here at Chartered Accountants Ireland strive to ease the pressures in your professional life. The introduction of live CPD Online offers you greater flexibility and control over when and where you brush up on essential developments within the profession as well as getting those all-important CPD hours in the bag...

Committed To Providing Better Services As We Build For Recovery.

2010-08-18T15:46:04+01:00

Welcome to this special edition e-newsletter where we explain in detail all the fundamentals of our exciting new feature, CPD Online. As the fastest-growing professional accountancy body on this island, Chartered Accountants Ireland is devoted to keeping its members happy and providing the best possible service to the very best working in the industry. With a distinguished pedigree that can be...

A Second Chance to Clock Up your CPD

2010-08-18T15:50:00+01:00

Those members disappointed to have missed out on a course run earlier in the year will soon be able to access an extensive backlog of recorded seminars from previous months. Recognising work commitments often prevent you from attending a particular event, Chartered Accountants Ireland are thrilled to be introducing a wide-range of archived courses in the coming weeks to provide you with a more...

Read what our members had to say...

2010-08-18T15:47:51+01:00

We are not the only ones getting excited about CPD Online; members and non-members alike have been overwhelmingly positive in their response to this latest development. Here’s what some of them had to say: “From my perspective CPD Online is the perfect method to get those CPD hours in the bag minus the time wasting and expense of getting up and down to Dublin”, Mary, Cork. “As an overseas...

5 Great Reasons to choose CPD

2010-08-18T15:38:09+01:00

Time-efficient : A mountain of work commitments but not enough hours in the day is the norm for many of our members. CPD Online is the answer for Chartered Accountants who cannot afford to lose precious time travelling to Dublin but still want to avail of the variety of courses on offer. Saves you money : Saving you on petrol money, possible overnight stays, dining out and other costs incurre...

Welcome

2010-08-18T16:47:53+01:00

Welcome to this special edition e-newsletter where we explain the various aspects of our exciting new feature, CPD Online. Simply put, CPD Online entails broadcasting selected CPD courses taking place at Chartered Accountants House live over the internet. Delivering events and courses straight to your office marks one of the many ways we here at Chartered Accountants Ireland strive to ease the...

Belgium Presidency of the Council of European Union

2010-08-16T12:15:11+01:00

From 1st July to 31st December 2010, it is Belgium's turn to take over the Presidency of the Council of the European Union. The Presidency has announced its programme of priorities. Tax priorities include continuing discussions on methods for the reform of levies on savings income, the extension of third party exchange of information agreements, and the modernisation of the general VAT system...

General anti-avoidance proposal

2010-08-16T12:10:40+01:00

As part of the June Budget proposals on tax policy making, the Government announced a consultation to consider introducing a General Anti Avoidance Rule (GAAR). This informal engagement is to be part of a wider consultation on the tax policy making process. At the time of the June Budget, HM Treasury published “Tax policy making: a new approach”, comments on which are due by 22 September. To...

Draft Regulations Published to Increase DOTAS Penalties

2010-08-16T12:08:21+01:00

HMRC published draft regulations to increase the penalties under the Disclosure of Tax Avoidance Scheme (DOTAS) regime in certain circumstances. These regulations amend the Tax Avoidance Schemes (Penalty) Regulations 2007 (SI 2007/3104) (“the principal regulations”). The principal regulations increased the maximum penalties for failure to comply with certain disclosure obligations from £600 to...

Procedures for Quality Tax - Republic of Ireland

2010-08-16T12:04:38+01:00

Reduce the risk of getting it wrong! For most practices tax is their highest risk service. Are you reducing this risk by adopting good procedures? Procedures for Quality Tax - a thorough series of user-friendly checklists is designed to help ensure that busy Chartered Accountants ask the right questions to capture essential details for Personal Tax, Corporation Tax, PAYE, VAT, RCT and Revenue...

Facilitators for Chartered Tax Consultant Professional Qualification

2010-08-16T12:02:05+01:00

Chartered Accountants Ireland welcomes applications from talented tax professionals for the role of facilitator on our new professional qualification “Chartered Tax Consultant”. For full details see here .

Large Return for VIES (VAT Information Exchange System)

2010-08-16T11:59:24+01:00

Revenue has published a guidance note which describes the process for capturing large return for VIES. VAT registered traders in Ireland supplying goods to VAT registered traders in other EU member states, without charging Irish VAT, must complete a VIES return for Revenue. Further information on VIES responsibilities and the VIES Large Filer Guide are available here .

Form 8-2 for 2009 Now Available

2010-08-16T11:55:48+01:00

Form 8-2 ‘Return of Third Part Information by Persons in Receipt of Income of Others’ is now available. The return should be completed by persons in receipt of any money or value or of profits or gains which are chargeable to income tax, belonging to another person. The return date for persons other than companies is on or before 31 October 2010. Companies should file the Form 8-2 no later th...

Capital Acquisitions Tax (CAT) - 31 August Valuation Date

2010-08-16T11:40:58+01:00

As readers will be aware, Finance Act 2010 introduced significant changes to CAT and probate requirements. Among the main changes was a new fixed pay and file deadline of 31 October for all gifts and inheritances with a valuation date in the 12 month period ending on the previous 31 August. That means that where the valuation date occurs before 31 August 2010, the pay & file deadline will be ...

Website Maintenance

2010-08-13T16:22:15+01:00

The website will be offline on Sunday 15th August from 6 pm for 2 hours. Apologies for any inconvenience caused.

Belgium Presidency of the Council of European Union

2010-08-13T12:27:13+01:00

Draft regulations published to increase DOTAS penalties

2010-08-13T12:22:07+01:00

HMRC this week published draft regulations to increase the penalties under the Disclosure of Tax Avoidance Scheme (DOTAS) regime in certain circumstances. These regulations amend the Tax Avoidance Schemes (Penalty) Regulations 2007 (SI 2007/3104) (“the principal regulations”). The principal regulations increased the maximum penalties for failure to comply with certain disclosure obligations fro...

Capital Acquisitions Tax (CAT) - 31 August Valuation Date

2010-08-13T12:18:10+01:00

Auctioneers and Valuers - Audit Exemption

2010-08-13T10:12:17+01:00

The Companies Registration Office ('CRO') have pronounced in their latest ezine newsletter that Auctioneers and valuers are entitled to claim audit exemption provided they meet the relevant criteria . According to the latest CRO ezine : "Since February 2005, CRO has operated on the basis that auctioneers and valuers which meet the criteria, ARE entitled to claim an audit exemption under the...

Procedures for Quality Tax - Republic of Ireland

2010-08-13T09:49:03+01:00

Facilitators for Chartered Tax Consultant Professional Qualification

2010-08-13T09:45:45+01:00

Available now … Client Science, by Rachel Killeen

2010-08-13T09:35:03+01:00

How do you stand out from the crowd? How do you attract clients in the face of intense competition? How do you build long-term profitable relationships with your existing clients? In five simple steps, Client Science provides professionals with practical marketing techniques to help attract more clients. It combines the author's broad experience in professional services marketing with insight...

Procedures for Quality Tax - Republic of Ireland

2010-08-09T14:15:19+01:00

Facilitators for Chartered Tax Consultant Professional Qualification

2010-08-09T14:12:33+01:00

Recently opened consultations

2010-08-09T12:21:41+01:00

True to its word on Budget day, the Government chose 27 July to launch several new consultations on aspects of tax policy with responses required in four weeks on the pension proposals and by September/October on the other consultations. Set out below are details of these recently opened consultations:- Pension Scheme Relief Taxation of Foreign Branches Furnished holiday lettings PAYE IHT...

Revenue & Customs Brief 31/10: HM Revenue & Customs position following the Court of Appeal Judgment in Insurancewide and Trader Media Group

2010-08-09T12:17:56+01:00

This Brief explains HMRC’s position following the Court of Appeal judgment in Insurancewide.com Services Ltd and Trader Media Group Ltd (Case ref A3/2009/1300).The Court of Appeal found against HMRC and upheld the decision of the High Court that certain supplies of insurance introductory services provided via the internet are exempt from VAT. HMRC are not appealing this decision further. In lig...

HMRC to launch further ‘Toolkits’

2010-08-09T12:12:45+01:00

HMRC are launching a further six toolkits to assist taxpayers and practitioners. The first six toolkits were launched on 17 May following what HMRC referred to as very positive feedback from the pilot scheme which ended on 31 January. HMRC have stated that interest in the toolkits since the May launch has been high with over 11,000 unique visits to the initial landing page in the first month,...

Spotlights updated

2010-08-09T12:00:53+01:00

Spotlights has been updated to include schemes recently disclosed under the DOTAS rules and make it clear that such disclosed schemes are not HMRC approved. The intention of 'Spotlights' is to provide an understanding of what HMRC are likely to see as tax avoidance by identifying the types of arrangements or scheme which HMRC are likely to challenge. HMRC seek to achieve this by providing detai...

New ROS Form IT38

2010-08-09T11:56:28+01:00

The Capital Acquisitions Tax Form IT 38 has been enhanced in relation to Favourite Niece/Nephew Relief and in relation to Capital Gains Tax. The ROS IT 38 form was launched by Revenue in June. To install the most up to date version of the IT38 form: Open the ROS Offline Application Select “Download” Select “Refresh” Scroll to the “Form IT38” Select the “Upgrade” button Readers who have prepared...

July Exchequer Statement

2010-08-09T11:47:55+01:00

The Department of Finance last week published the Exchequer statement for July. Total tax receipts are 1.4% short of the target of €17.4bn for the period. Taking the same period in 2009, total receipts are down €1.5bn. The target for the year stands at over €31bn, leaving €13.9bn to be collected in the remaining 5 months. The July exchequer statement shows that approx €850m was collected from...

ASB presents on its proposals for the future of UK and Irish GAAP to CCAB-I audience

2010-08-06T13:33:44+01:00

ASB Chairman Ian Mackintosh and Technical Director David Loweth made a presentation to a CCAB-I audience at Chartered Accountants House today on the ASB's latest thinking with regard to its proposals on the future of UK and Irish GAAP. This follows the consultation on the policy document the Board published in August 2009 and represents the Board's tentative decisions following its considerati...

Diploma in Forensic Accounting – exam success!

2010-08-06T12:14:38+01:00

Congratulations to all those who participated and successfully completed the June 2010 sitting of Chartered Accountants Ireland Diploma in Forensic Accounting . The next Diploma in Forensic Accounting starts this September with limited places still available ; the successful candidates at the last sitting are as follows: Denis Baily Peter Bond Michelle Brigdale Alan Byrne Kate Carew Caroline...

Chartered Tax Consultant- Your Questions Answered

2010-08-06T12:07:15+01:00

What are some of the key features of the Chartered Tax Consultant qualification? One of the key features is that Chartered Tax has been designed specifically for and is available only to Chartered Accountants. Running over one year, it is an intense qualification in two progressive stages, Applied Tax (January- April) and Integrated Tax Consultancy (May-December). The small class size is anothe...

Motor Trade ‘Italian Claims’ Suspended by HMRC

2010-08-06T10:23:56+01:00

HMRC is reviewing its policy position regarding 'Italian claims' by motor traders to take into account the effect of the ECJ decision in Nordania Finans A/S v Skatterministeriet Case C-98/07. The review is being led by HMRC’s CT&VAT team and will consider the impact on claims that have already been paid as well as claims where decisions have not yet been made. HMRC aims to keep any delay to a...

CHARIOT build - August 2010 - Latest content added

2010-08-06T10:21:49+01:00

The recent build (August 2010) of CHARIOT has been updated and now contains the following content - BYE LAWS Bye Laws (Updated -Effective 18 May 2010) General Affiliate Regulations (New) CCAB-I Memo CCAB-I Memo Companies (Miscellaneous Provisions) Act 2009 SIP SIP 19B (revised) updating existing SIP Professional Update Bulletin Professional Update Bulletin 13 -...

July Exchequer Statement

2010-08-06T10:16:27+01:00

The Department of Finance published this week the Exchequer statement for July. Total tax receipts are 1.4% short of the target of €17.4bn for the period. Taking the same period in 2009, total receipts are down €1.4bn. The target for the year stands at over €31bn, leaving €13.9bn to be collected in the remaining 5 months. The July exchequer statement shows that approx €850m was collected from...

APB emphasises the importance of Scepticism for Audit Quality

2010-08-06T09:55:24+01:00

The Auditing Practices Board (APB) of the FRC has this week issued for comment a Discussion Paper entitled ‘ Auditor scepticism: Raising the bar’. This has been developed in close co-operation with the Professional Oversight Board (POB) and its Audit Inspection Unit (AIU), which monitors the conduct of audits of larger entities. Comments on the Discussion Paper are invited by 31 October 2010.

Enterprise Risk Management, by Bevan Lloyd … Publishing this Month

2010-08-06T09:26:51+01:00

Procedures for Quality Tax - Republic of Ireland

2010-08-03T14:36:15+01:00

Facilitators for Chartered Tax Consultant Professional Qualification

2010-08-03T14:34:10+01:00

HMRC v Dr Piu Banerjee – HMRC’s Appeal Dismissed by England and Wales Court of Appeal

2010-08-03T13:36:50+01:00

HMRC brought an appeal against an order of the High Court (June 2009) which dismissed their appeal against the General Commissioner’s decision (August 2005) that expenses incurred by the taxpayer for the purpose of her employment as a specialist registrar in dermatology, were deductible for tax purposes. HMRC’s appeal was dismissed by the Court. This case concerned section 198(1) Income and...

End of year Income Levy Certificate 2010

2010-08-03T13:21:33+01:00

Revenue has published on their website the end of Income Levy Certificate 2010 . Employers should give a copy of this certificate to employees along with their Form P60.

VAT Treatment of “Forced Sales”

2010-08-03T13:19:19+01:00

Considering the current property market and the increased number of “forced sales” occurring in situations where financial institutions exercise a power of sale or similar right in relation to a loan in default, Revenue has published Tax Briefing Issue 10 which considers the VAT treatment of the options available to financial institutions in such circumstances. The Tax Briefing article focuses ...

Far Reaching Proposals issued by HMRC to Improve the Operation of Pay As You Earn?

2010-08-03T12:46:59+01:00

A discussion document exploring the option to move to a system that collects information on Pay As You Earn (PAYE) deductions at the time employers pay individuals has been issued by HMRC. The business processes behind PAYE have remained unchanged for 66 years. HMRC’s discussion document considers whether there are alternative ways of collecting information that would reduce administration cost...

Inheritance Tax Disclosure

2010-08-03T12:42:34+01:00

HMRC have issued a consultation document inviting comments on how the Disclosure of Tax Avoidance Schemes (DOTAS) regime may be extended to Inheritance Tax (IHT) as it applies to trusts, and provides draft regulations to enable same. The con-doc specifically invites comments on: The description of the schemes that would have to be notified The administrative arrangements for providing that...

Northern Ireland Tax Policy being Re-examined

2010-08-03T12:38:24+01:00

The Northern Ireland Affairs Committee is to hold an inquiry into Corporation Tax in Northern Ireland on foot of the Chancellor’s announcement that he will review measures to rebalance the NI economy including consideration of mechanisms for changing the corporation tax rate. There has been a continuing debate around the different corporation tax rates between Northern Ireland and the Republic ...

HMRC Publish 2009/2010 Accounts

2010-08-03T12:35:22+01:00

HMRC have recently published their 2009/2010 accounts. Specific items to note are as follows:- Overall, for the year to 31 March 2010, HMRC collected just over £436.3 billion (before provisions) across the various heads of tax and duties. This represents a fall of some £4.7bn (or 1.1%) from 2008-2009, though the fall in tax revenues has stabilised compared to the fall from 2008 to 2009 of £20.6...

Finance (No. 2) Act 2010

2010-08-03T12:13:04+01:00

The Finance Bill published on 1 July 2010 has now received Royal Assent and has become Finance (No. 2) Act 2010 . The Bill is now an Act of Parliament and, overall, the final Act is not significantly different to the original bill which was analysed in Chartered Accountants Tax News last month. It is recommended that readers take the time to scan the final Act for any particular areas of...

VAT and Public Bodies

2010-08-03T12:00:18+01:00

Readers will be aware that since 1 July 2010, a range of activities of public bodies were brought within the scope of VAT. Arising from a detailed engagement to ensure VAT compliance, between Revenue and public bodies, two documents, which draw together the conclusions from this engagement, were published on the Revenue website. VAT Guidance Note for Public Bodies The Guidance Note sets out th...

Revenue Statement of Practice - Treatment of Patent Royalties

2010-08-03T11:48:52+01:00

Revenue published on their website a Corporation Tax Statement of Practice: SP-CT/01/10 – 'Treatment of Certain Patent Royalties Paid to Companies Resident outside the State'. Generally royalty payments are subject to deduction of 20% withholding tax by the payer ( section 238 TCA 1997 ). Chapter 6 of Part 8 TCA 1997 ( sections 267G – 267M ) provides that withholding tax will not apply to...