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The Revenue department has announced that it is willing to make arrangements with both qualifying home and business owners in relation to certain taxes that are due shortly to them.
It was encouraging to hear the Minister for Finance announce in his recent Budget speech an increase in the tax free threshold on gifts or inheritances from parents to children. The threshold now stands at €280,000 (increase of €55,000) with effect from 14 October 2015.
It is said that “charity begins at home”. It is also said “look after the pennies and the pounds look after themselves”. Maybe this has been updated for cents and euros I’m not sure but as part of the recent Budget documentation, a report on the VAT cost for charities was released by the Department of Finance. Its main findings and representations were put forward by the Irish charities Tax Reform Group, a working group formed to examine proposals of reducing the VAT burden on charities in Ireland.
The pay and file season for Local Property Tax (LPT) 2016 will be starting soon, and Revenue is writing to approximately 755,000 residential property owners to give them the opportunity to decide how and when they want to pay.
Since Minister Noonan announced in October 2014 that Ireland would introduce a “best-in-class” Knowledge Development Box (“KDB”), there has been a lot of speculation about ‘how low would he go’. Budget 2016 announced that the rate of tax which will apply for income qualifying under the new KDB will be 6.25%. The relief is available to companies for accounting periods beginning on or after 1 January 2016.
In his budget day speech, Minister Michael Noonan recognised the significant role played by the farming and agri-food sector in Ireland’s economic recovery. This important sector employs approximately 169,000 people across the country and its produce is one of Ireland’s top 10 exported commodities.
arguably that prior Budgets have focused on tax measures to attract Foreign Direct Investment and that supportive tax measures for small businesses and entrepreneurs have received less attention. With the advent of improved technology, the option for Irish entrepreneurs to move their base outside of our shores is now a live one as many of them can easily conduct their business across borders. Therefore the need to encourage new entrepreneurs and support existing entrepreneurs is vital in ensuring the medium to long term health of the Irish economy.
Fine Gael TD for Galway West, Brian Walsh, has said that the Government must use next week’s Budget to continue to reduce the amount of taxes paid by workers.
Galway city councillors have voted to retain the local property tax at its current rate for the coming year.
The Finance Act 2012 permits a local authority to vary the basic rate of the local property tax for its administrative area by a percentage known as the local adjustment factor. The elected members of the Galway City Council will meet in September 2015 to consider the matter.