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Budget Briefing 2018

Published on 10/10/17

The new Minister for Finance and Public Expenditure and Reform Paschal Donohoe delivered his first budget this afternoon.   As publicised in press reports over the last week the reduction in the USC and other changes to income tax thresholds are being partly financed by an increase in stam...


The Domicile Levy

Published on 04/10/17

It is not unusual to read reports in the media of individuals using tax losses to their advantage and availing of the loopholes to reduce their tax liability.  The domicile levy which was introduced in 2010 is the complete opposite.  It is an example of the State seeking tax from individua...


Thinking of Moving to Ireland

Published on 04/05/17

An English speaking country neighbouring the UK, Ireland offers many advantages for individuals who wish to relocate from the UK and maintain access to the European Union. In Ireland, an individual’s residency and domicile determine their liability to income tax.  Individuals who are Iri...


Tax Tables 2017

Published on 18/04/17

The must have PMQ Tax Tables 2017 are now available.   If you would like a physical copy contact us at pmq@pmqtax.com.


Tax Appeals Determination Summaries April 2017

Published on 04/04/17

As part of the reform of the tax appeals system, with effect from 21 March 2016, the functions of the Appeal Commissioners were taken over by a corporate body known as the Tax Appeals Commission (TAC).  Since the establishment of the TAC, all appeals by taxpayers are made directly to the Appeal...


Revenue Issue Letters to 500,000 Taxpayers on Undeclared Offshore Assets

Published on 23/02/17

The penalty for undeclared income and gains is 100% of the tax on the undeclared amounts.  However, where a person makes a qualifying voluntary disclosure to Revenue reduced penalties apply.  In addition, details of the settlement amount are not published and Revenue will not consider pros...


Finance Act 2016

Published on 14/12/16

Introduction Finance Act 2016 was signed into law by the President on 25 December 2016. The Act contains a number of positive measures from a business perspective as follows: • Special Assignee Relief Programme (SARP) has been extended to the end of 2020 • Foreign Earning...


Budget Briefing 2017

Published on 11/10/16

Minister Michael Noonan delivered his sixth budget since becoming Minister for Finance in 2011.  Against a backdrop of a reduced GDP growth forecast for 2017 of 3½% due to Brexit, he has given a little to everyone. Capital Taxes Inheritance and Gift Tax Thresholds • The tax ...


New Revenue Staff Guidelines on RCT Penalties

Published on 26/05/16

The Irish Taxation Institute has circulated a copy of Internal Guidelines issued to its staff by Revenue on how to deal with the relevant contracts tax (RCT) penalty regime and the basis for penalty mitigation. A principal who makes payments to subcontractors within the RCT system is obliged to not...


Revenue Annual Report for 2015

Published on 25/05/16

The Revenue recently issued their annual report for 2015.  Some interesting facts which are contained in the report are as follows: • Net tax receipts for 2015 were €45.78 billion compared with €39.4 billion for 2014.  Taxes on income, which include USC, DIRT, dividend...


Finance (Tax Appeals) Act 2015

Published on 11/04/16

The Finance (Tax Appeals) Act 2015 (the Act) was enacted on 25 December 2015 to bring into effect the long awaited reform of the tax appeals system.  The provisions of the Act are due to come into effect on a day appointed by the Minister for Finance.  The necessary statutory instruments w...


Interest Paid By Companies and To Non-Residents

Published on 30/03/16

Tax law provides that, subject to certain exceptions, companies are required to withhold tax at 20% from interest payments and persons other than companies are required to withhold tax at 20% from interest paid to non-residents.  The requirement to withhold tax does not apply to interest paid t...


Deadline for Accessing AVCs Fast Approaching

Published on 11/02/16

A reminder that the deadline for pre-retirement access to AVCs is 26 March 2016.  You can access up to 30% of the value of your AVCs.  Amounts accessed are subject to income tax but not PRSI or USC.  This can be useful if you require access to cash or if your fund is approaching the &...


Budget Briefing 2016

Published on 13/10/15

Introduction The Minister for Finance introduced the final Budget of the 31st Dail.  He advised that it is considered that as a result of this Budget that the recovery will be felt in every home in the country.  The only taxation increase introduced is an extra 50 cents on every packet of...


Employee Subsistence Allowances

Published on 13/07/15

Employers may reimburse employees for business expenses incurred without deducting PAYE from the payments made in two situations: (a) Where the payments are made based on vouched receipts provided by the employee; or (b) Where flat rate allowances are paid which do not exceed the rates p...


Tax Treatment of Exchange Traded Funds*

Published on 24/04/15

Revenue have issued a Guidance Note on the tax treatment of Exchange Traded Funds (ETFs) outlining their view of the tax treatment of income and gains from investments in such products with effect from 1 January 2014.  Revenue’s view on the tax treatment is summarised in the following tab...


Budget Briefing 2015

Published on 14/10/14

Introduction Michael Noonan delivered his fourth Budget Speech to the Dáil today.  The speech signalled the end of austerity with tax cuts for lower and middle income earners and the announcement of a corporation tax reform package.  Higher earners will see the reduction of the top...


Budget 2015 Predictions

Published on 08/10/14

Budget 2015 will be delivered by Minister Michael Noonan on Tuesday October 14 next.  While the final Budget package is still in the process of negotiation, the Taoiseach has indicated that income tax reductions are on the cards for low and middle income earners.  He could do this by reduc...


BEPS 15 Point Plan

Published on 23/09/14

Last week the OECD published an action list for the first 7 points of its 15 point plan on BEPS (base erosion and profit shifting).  The purpose behind the BEPS project is for OECD Member States to agree a plan to ensure the business profits of companies are aligned to where the business activi...


Pension Contributions

Published on 15/09/14

As the filing deadline for 2013 income tax returns draws close, it is a good time to consider whether you should make a pension contribution.  In recent years, with the introduction of the pensions levy and the reduction in the standard fund threshold, many have been discouraged from making fur...


Recent Tax Announcements by the Government

Published on 17/07/14

With the recent change in the leadership of the Labour Party, the Government published a Statement of Government Priorities 2014 -2016.  The tax measures referred to in that document are as follows: • Commitment to reduce the marginal rate of tax on low and middle- income earners com...


Tax Changes under a Sinn Féin Government

Published on 27/05/14

With the increased popularity of Sinn Féin it is timely to consider their tax proposals.  These include a 48% income tax rate on income over €100,000, the introduction of a 1% wealth tax on assets over €1 million and increases in both capital gains and capital acquisitions taxe...


Irish Income Tax 2014

Published on 06/05/14

Irish Income Tax 2014, authored by Purcell McQuillan, is now available for purchase from www.bloomsburyprofessional.com


Home Renovation Incentive Scheme Online

Published on 16/04/14

The online system for the Home Renovation Incentive Scheme has been launched by Revenue and is available to access on www.revenue.ie.  The system enables homeowners to make a claim for a tax credit of 13.5% of work carried out on their homes by a qualifying contractor. 


Tax Tables 2014

Published on 08/04/14

The must have PMQ Tax Tables 2014 are now available.   If you would like a copy contact us at pmq@pmqtax.com.


Public Consultation on Various Reliefs

Published on 01/04/14

The government have announced that they are conducting a public consultation on the Employment and Investment Scheme and the Seed Capital Scheme, the Special Assignee Relief Programme and the Foreign Earnings Deduction.  It is understood that all schemes have had lower uptake than anticipated.&...


Do You Have Residential Property in the UK?

Published on 27/03/14

The Chancellor has confirmed in his Budget Report his intention, subject to consultation, is to levy 28% CGT on non-residents who own UK residential property from 6 April 2015.  The UK Budget also includes a provision amending the ATED (Annual Tax on Enveloped Dwellings) for properties held by ...


Local Property Tax

Published on 18/03/14

Revenue have indicated that home owners have until Monday 31 March to correct any errors and make any payments of Local Property Tax and household charges due.  If payments are made prior to 31 March 2014, no interest or penalties will apply.  Anyone who claimed an exemption or deferral th...


Reduction in Income Tax in Budget 2015

Published on 13/03/14

At the recent Fine Gael Ard Fheis, the Minister for Finance indicated that he may consider targeted income tax reductions in Budget 2015.  The Budget will take place in October 2014.  It had previously been stated by Enda Kenny that if economic circumstances improved that tax reductions fo...


Practical VAT Issues for Small and Medium Enterprises

Published on 27/02/14

Practical VAT Issues for Small and Medium Enterprises Accounting for VAT on a Cash Receipts Basis The annual turnover threshold for the cash receipts basis of accounting for VAT to apply is to be increased from €1.25m to €2m from 1 May 2014. What is the cash receipts basis of accounting...


Ireland’s 12.5% Corporation Tax Rate

Published on 18/02/14

Assistant Professor Jim Stewart from Trinity College Dublin has produced a paper challenging the PwC/World Bank Report which calculates the Irish effective Corporation Tax rate is 12.3%. By using data from the US Bureau of Economic Analysis he says the effective rate for US companies in Ireland is 2...


Irish Income Tax published by Bloomsbury

Published on 13/02/14

Staff in PMQ are busy spending their weekends on the 2014 edition of Irish Income Tax the leading textbook published by Bloomsbury. The book has been authored by Purcell McQuillan since 2013 and runs to over 2,000 pages. If any tax consultant has comments on the book; good or bad we would be delight...


Budget Briefing 2014

Published on 05/02/14

Introduction The aim of Budget 2014, announced in the Dail this afternoon by the Minister for Finance, Michael Noonan (two months earlier than normal) is to reach a deficit target of 4.8% by the end of 2014. The overall budget of €2.5 billion includes €1.2 billion in revenue savings (incl...


Finance (No.2) Act 2013

Published on 03/02/14

We are pleased to enclose our commentary on Finance (No. 2) Act 2013. The Act is shorter than recent Acts being only 103 pages compared with over 170 pages for Finance Act 2013. The Act contains a number of pro-business measures announced by the Minister in his Budget speech as follows: the rete...


Tax Update on Current Tax Developments

Published on 31/07/13

Criticisms of Irish Corporation Tax Regime Ireland’s corporation tax regime has come under much criticism from two sides in recent times. On the one side, the UK’s spending watchdog, the Public Accounts Committee, has called on HM Revenue and Customs to investigate Google due to the fac...


Latest News

  • » Budget Briefing 2018
    Published on 10/10/17

    The new Minister for Finance and Public Expenditure and Reform Paschal Donohoe delivered his fi...


  • » The Domicile Levy
    Published on 04/10/17

    It is not unusual to read reports in the media of individuals using tax losses to their advanta...


  • » Thinking of Moving to Ireland
    Published on 04/05/17

    An English speaking country neighbouring the UK, Ireland offers many advantages for individuals...


  • » Tax Tables 2017
    Published on 18/04/17

    The must have PMQ Tax Tables 2017 are now available.   If you would like a physical c...