Five things you need to know about tax, 21 July 2017

Jul 20, 2017

Developments of interest are outlined.

Ireland

  1. The Summer Economic Statement tells us that €220 million is available for tax relief measures for Budget 2018.  While €220 million might seem like a lot of money, it won’t buy a lot of tax relief for individual taxpayers.  Read our analysis of the statement.  
  2. Minister Paschal Donohue recently addressed the European Parliament’s committee on Money Laundering, Tax Avoidance and Tax Evasion.  In his address, Minister Donohoe outlined Ireland’s response to the Panama Papers which included the offshore disclosure project, Ireland’s exchange of tax information and international co-operation measures and our approach to combating money laundering.

     

    UK

  3. Read our story on the success of the Northern Ireland Tax Committee whose recommendations on Making Tax Digital are being implemented by the government in the format of a revised timetable for income tax and a higher exemption threshold.
  4. The second Finance Bill of 2017 will be published after the UK parliament’s summer recess.

     

    International

  5. The European Commission has requested that France amend how it calculates income tax for taxpayers with foreign source income.   According to the Commission, such taxpayers cannot benefit from the same personal and family tax advantages that apply to taxpayers with income earned in France.