Latest News:
Second Reduced VAT Rate
Effective from July 1st
As
part of the
Government Jobs Initiative,
a temporary reduced VAT rate came into force on
July 1st 2011.
The full rate of VAT is 21% and currently the reduced rate is 13.5%. However,
for certain tourism related goods and services the reduced rate will be
temporarily set at
9%.
It is hoped that this move will help boost tourism and jobs.
This rate will remain in place until
31
December 2013.
The principal services to benefit will be hotels, restaurant and catering
services and various entertainment services such as admissions to cinemas,
theatres, museums, fairgrounds, amusement parks and sporting facilities.
The second lower rate of VAT will also be extended to hairdressing services and
the supply of printed matter such as newspapers, brochures, maps and programmes.
Other goods and services which are subject to the lower rate of VAT will
continue to be subject to the existing 13.5% rate.
Further details including a full list of goods and services impacted may be
found in the
Revenue eBrief No. 37/11
and on the Revenue’s website.
Employer
Contributions to PRSAs - Income Tax, PRSI and USC
The purpose of this
eBrief
is
to clarify for employers and payroll practitioners how employer contributions to
an employee’s Personal Retirement Savings Account (PRSA) are to be treated for
Income Tax, PRSI and USC purposes.
Restriction on
the allowance of Capital Losses - Section 546A TCA 1997
This
eBrief
describes the restriction on the allowance of capital losses introduced by
section 59 Finance Act 2010. It sets out the scope of the provision and how
Revenue envisages its application.
Changes to the
Operation of Relevant Contracts Tax (RCT)
This
eBrief
gives details on a planned mail shot being issued to principal contractors to
inform them of the main RCT changes with the introduction of the new system, the
potential implications for their business and what they should do to prepare for
these changes.
It
also contains links to further information on the new system, expected to be
introduced on 1st January 2012.
Limit on
Tax–Relieved Pension Funds
A new Form 787S has been issued by Revenue for use where income tax is deducted
under Case IV from a chargeable excess. Click
here
for more information and to access the form.
Source:
Revenue
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