We would like to provide you with an update on developments in relation to the PAYE modernisation project which is currently underway by the Revenue Commissioners (“Revenue”).
In line with expectations, the Minister for Finance announced in his Budget 2018 speech the introduction of a new tax-advantaged share scheme in Ireland known as the “Key Employee Engagement Programme” (KEEP). The scheme was formally enacted through a Ministerial Order on 14 January 2018.
US Congress are continuing to progress towards passing the highly publicised and largely controversial US tax bill. This tax reform has not come as a shock globally, given that President Trump’s election campaign was largely aimed at improving US competitiveness via tax reform.
On 4 October 2017, the EU Commission published its proposals for fundamental changes to the EU VAT system and a move further towards a definitive system based on the destination principle which seeks to replace the current intra-Community supply regime introduced in 1993.
The Tax Appeals Commission has recently published determinations on the entitlement of individuals to claim the employee tax credit in cases where they are the recipient of a payment resulting from being “wholly or mainly” maintained by a spouse who qualifies for a State pension.
In addition, the Commission has published a determination on the entitlement of a company director to claim a credit for PAYE withheld by the company on his emoluments in the case where the withholdings were not remitted to the Revenue Commissioners.