Parking Levy Shelved
It has been reported in the Irish Independent that plans to charge employees €200 for parking their car at their workplace have been shelved. According the Independent a goverment source said “It’s definitely been put on the back burner now. In fact, I can’t see it coming in at all.
Jobs Initiative
The Irish Minister for Finance, Michael Noonan, introduced a Jobs Initiative yesterday, designed to improve Irish economic competiveness and stimulate job creation. The Jobs Initiative included a number of measures dealing with business and employment taxes, including:
Commitment to keeping the 12.5% Corporation Tax Rate
Abolition of Employer’s PRSI charge on share based remuneration
Temporary halving of the lower rate of Employer’s PRSI
Amendment of the R&D tax credit regime to enhance flexibility in how companies can account for the credit
Introduction of a new lower rate of VAT of 9% in respect of tourism-related services
Air Travel Tax reduced to zero
The measures introduced in the […]
Revised USC Frequently Asked Questions
Revised USC FAQs dated 15th March 2011 have been published on the Revenue website at www.revenue.ie/en/tax/usc/universal-social-charge-faqs.pdf
Annual membership fees of a professional body
Finance Act 2011 – change to section 118(5E) Taxes Consolidation Act 1997For the tax years 2004 to 2010, Section 118(5E) TCA 1997 provided that expenses incurred by an employer on behalf of an employee in connection with the payment (or reimbursement) of annual membership fees of a professional body were exempt from tax where such membership was regarded as “relevant to the business” of the employer.
Following the enactment of Section 7 of the Finance Act 2011, this tax exemption is not available for the tax year 2011 and subsequent tax years. Accordingly, the deductions of tax, PRSI […]
Share-Based Remuneration – Finance Act 2011 Changes
The Budget and Finance Act 2011 made several changes to share-based remuneration, in particular charging certain gains made by employees to universal social charge (USC) and to PRSI. These changes also impact on employers who are to be responsible for deduction and payment of most of the relevant charges.
Department of Finance statement on PRSI
The Department of Finance published a statement on its website (http://www.finance.gov.ie/) on 14 March 2011 in relation to the ‘grandfathering’ of the new PRSI provisions. This states that the charge to PRSI (both employer and employee) will not apply where share-based remuneration was […]
EuroPayX – Irish Language P60’s
EuroPayX irish payroll package has now improved its support for the Irish language by including Irish Language versions of the P60 and Levy cert prints. This complements our already available Irish language payslip stationery. We would be insterested to hear any suggestions as to how to improve the Irish language support within EuroPayX, you can do so by making comments or by emailing us @ info@ardbrook.ie
New Programme for Government
The programme for government of the new Fine Gael / Labour government has been published and contains some proposals that will effect taxation
Maintenance of Ireland’s 12.5% corporation tax rate
No increase in the standard 10.75% rate of Employers’ PRSI, and a reduction of 50% of the lower 8.5% rate up to the end of 2013 on jobs paying up to €356 per week
No further changes to income tax rates, bands or credits, and a review of the USC
Property tax reliefs and other shelters which benefit very high income earners will be reduced, capped or abolished
An acceptance of the EU/IMF bailout conditions for at […]
Ardbrook Website given a Facelift!
Ardbrook’s website http://ardbrook.ie/ has been given a facelift! This, we hope, will make it easier to locate infomation regarding our irish payroll products and our electronic payments software. So if you find any problems on the new website, just post a comment below so that it can be corrected.
Changes to the operation of Relevant Contracts Tax (RCT)
On Budget day, 7 December 2010, the Minister for Finance announced that significant reforms would be made to the Relevant Contracts Tax (RCT) scheme to enhance its effectiveness, reduce opportunities for fraud and help decrease the administrative burden for businesses and Revenue. The Finance Act (enacted on 6 February 2011) gives a legislative base to the reform of the RCT scheme. The provisions are contained in Section 20 of the Act. In essence, the Finance Act amends the Taxes Consolidation Act in Chapter 2 of Part 18 by inserting twenty-two new sections after Section 530. These sections comprise a […]
Mini Budget in June?
It has been announced by Fine Gael one of the parties likely to form the next government after the general election on Friday 25th February, that it will be introducing a “Jobs Bill” within a 100 days of taking office. This “Jobs Bill” may include their plan to reduce the 8.5% employer PRSI rate by half, this change may required changes to Payroll systems