Search Results for 'Tax reform'

With Exchequer funds shrinking, Revenue inspectors have focused on their powers for tax collection and are moving much quicker on late tax payments especially VAT.

The Commission on Taxation report was published on September 7. This detailed document includes nearly 250 recommendations and is likely to have a considerable impact on Irish tax policy in the future. The report aims to broaden the tax base and to stabilise exchequer returns.

The Commission on Taxation report was published on September 7. This detailed document includes nearly 250 recommendations and is likely to have a considerable impact on Irish tax policy in the future. The report aims to broaden the tax base and to stabilise exchequer returns.

There have been a number of recent VAT changes in the hotel sector. While some of the changes are small, Revenue is generally interested in businesses with high cash intake to non-VAT registered customers as traders may benefit from incorrect practices. However it is not all bad news.

A number of large changes have been recently introduced in the area of penalties on underpaid tax. The changes are of particular interest in the area of VAT as VAT is a transaction based tax. Therefore a single repetitive error over a period of years can expose a business to significant penalties.

A number of large changes have been recently introduced in the area of penalties on underpaid tax. The changes are of particular interest in the area of VAT as VAT is a transaction based tax. Therefore a single repetitive error over a period of years can expose a business to significant penalties.

The Government’s 2010 Budget will be presented by the Minister for Finance Brian Lenihan TD on Wednesday, December 9. In response to this, BNI Atlantic Chapter in association with Westport Lions Club will host a breakfast briefing that will outline the key issues arising from this Budget.

Budget 2010 was claimed to be the toughest one ever and now that it is done and dusted, was it as bad as we were expecting? Many proposals were leaked in advance to prepare the public for what to expect, with the major emphasis on cost cutting as distinct from the usual focus on tax-raising measures. Minister for Finance, Brian Lenihan announced on Wednesday evening that there would be a reduction in the rate of excise duty on alcohol, and a reduced rate on VAT. The latter is now 21 per cent down from 21.5 per cent. This is what some of the local business people who will be affected by this change had to say: