Legislative changes in the Finance Acts 2012 and 2013 extended the definition of a Corporate Tax Return to encompass financial statements. Revenue requires mandated companies to submit these financial statements through ROS in iXBRL.
Almost all companies in Ireland are “close companies”. The provisions concerning close companies were introduced in an attempt to counter the tax advantage that could be obtained by the retention of profits in closely held companies, where they attracted tax at a lower rate than the higher rates of personal tax to which those profits would be subject if distributed as dividends to shareholders.
Preliminary Corporation Tax (“PCT”) for “large companies" i.e. companies with a liability greater than €200,000 in the preceding accounting period (“AP”), is due in two instalments:
In Ireland, there are two restoration methods available once a company has been struck off. The two methods are restoration by administrative action and restoration by court order, each of which is dependant on certain conditions.
“Insider information” is confidential information on the affairs, functions, or financial status of a company listed on a stock exchange which can influence the market price of its shares traded on a regulated market. such as the Main Securities Market of the Irish Stock Exchange.
The Home Renovation Incentive (“HRI”) scheme was introduced for individuals in Finance (No.2) Act 2013. It provides tax relief by way of income tax credit at 13.5% of qualifying expenditure incurred in the period from 25 October 2013 to 31 December 2015. Qualifying expenditure includes repair, renovation or improvement works on an individual’s principal private residence in Ireland using the services of a tax-registered and tax compliant builder/ contractor.
A whistle-blower may be defined as a person who alleges misconduct, dishonesty or illegal activity occurring in an organisation. The whistle-blower may be a current or past employee and their allegations may be in connection with current or past actions.
This blog is a follow on from a previous post on the “Practical VAT Update - Ireland” and it is advisable that this is read in conjunction with the earlier blog.
On 11 February 2014 Donald Trump Snr announced that his firm had purchased Doonbeg Lodge and Golf Resort in Co. Clare for circa €15m. The acquisition was completed less than one month after the appointment of Receivers.
The Personal Insolvency Act 2012 (the “Act”) was signed into law on 26 December 2012. The Act introduces reforms to the Bankruptcy Act 1988, which has been widely criticised as being draconian and outdated.
© 2014 Pearse Trust