Ireland’s favourable Capital Gains Tax seven year relief (“the CGT Relief”) was originally introduced in the Finance Act 2012 and applied to land and buildings purchased up to 31 December 2013. The Finance (No. 2) Bill 2013 proposes to extend the CGT Relief to include purchases of land and buildings up to 31 December 2014.
"Credit policy" consists of guidelines which a company uses to decide whether or not it will do business with a particular customer.
As set out by Ireland’s Finance Minister Michael Noonan in the publication of Ireland’s International Tax Strategy, which formed part of Budget 2014, it is Ireland’s intention to review its Irish tax residence rules to ensure that a company can no longer be regarded as “stateless” in terms of its tax residence.
Finance (No.2) Bill 2013 has dealt with this issue and proposes to introduce amendments to the Irish tax legislation. It is anticipated that the proposed changes will be viewed as being very positive by the international tax environment.
VAT is a very important source of funds for the Irish government. In the last few years, there have been significant increases in various tax categories including VAT (21% to 23%). The current emphasis is to increase collection by closing tax loopholes, imposing penalties for non-compliance and improving efficiency (through electronic services) to reduce the cost of tax collection.
Cash flow is the lifeblood of a business and that is why credit control functions are an integral part of many successful businesses. One of the main requirements for successful credit control functions involves having effective credit terms.
After five years of austerity, Ireland as a nation is well on the path to economic recovery. On 15 October 2013, the Minister for Finance Michael Noonan delivered Ireland’s Budget for 2014 (“the Budget”). It is anticipated that the Budget will be one of the final steps to be taken by the Irish government to secure Ireland’s exit from the bailout programme and restore the country’s economic sovereignty.
Tags: Ireland, Debt crisis, Economy, Finance
A charge means an interest or right which a lender or creditor obtains in the property of a company by way of security that the company will pay back the debt.
In our recent blog post Shareholders’ Rights – An Overview, we explained that certain rights and entitlements are conferred on the shareholders of Irish public and private companies by common law and statute (Companies Acts (1963 – 2012)). Today we will focus specifically on the rights conferred by section 205 of the Companies Act 1963 (as amended).
This material is intended to give the reader an overview on the up-coming changes to the UK/IRL GAAP (Generally Accepted Accounting Principles).
Tags: Ireland, United Kingdom, Accounting
