February 2019 Tax Newsletter

This series of articles will provide you with an update on tax developments that impact organisations in Ireland and those that do business with Ireland.

Help to Buy (HTB) Scheme

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The scheme can be viewed as a reactionary measure to the series of strict mortgage measures put in place in 2015 by the Central Bank as part of its goal to ensure the stability of the financial system and to prevent excess credit being built up within that.

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Brexit - VAT related matters

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Through the flurry of media comment and information releases we look at three specific areas of VAT which will have an impact on our clients – UK VAT Refunds, Qualifying Activities for recovery and Import VAT on parcels sold to the UK.

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Charities – New VAT Compensation Scheme

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VAT has always been a significant burden in the Charity sector in Ireland with few opportunities to recover any of the VAT being incurred on the daily costs of running a charity. The Report of the VAT on Charities Working Group in 2015 was the catalyst for re-engagement between the Dept. of Finance and the charities representative group, Charities Institute Ireland, resulting in the announcement in October 2017 by the Minister that a scheme would be introduced.

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Owning Your Business Tax Efficiently

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The main tax to be considered by an individual on a disposal of their business is Capital Gains Tax (CGT). CGT is a tax payable on any gain arising on a transfer of assets, whether by way of sale, gift or liquidation of a company. The current rate of CGT is 33%.

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PAYE Modernisation 2019

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The modernised system of PAYE withholding took effect from 1 January 2019. In summary, the new system places a requirement on employers to report their employees’ pay and PAYE deductions to Revenue on or before the payment, thus placing more onerous payroll reporting requirements on employers.

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OECD Policy Note - Addressing the Tax Challenges of the Digitalisation of the Economy

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The release of this OECD Policy Note on 23 January 2019 “Addressing the Tax Challenges of the Digitalisation of the Economy” builds on an Interim Report dating from March 2018 called “Tax Challenges Arising from Digitalisation”, which provided an in-depth analysis of value creation across new and changing business models in the context of digitalisation and the tax challenges they presented.

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