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Understanding the current difficult climate for business, Galway Chamber this year decided to reduce its membership subscriptions by five per cent and it has been to the fore in lobbying for all matters of interest to its members.

As you may be aware, the deadline to give notice to Revenue of your intention to make a voluntary disclosure in respect of undisclosed income and undeclared liabilities relating to both Irish and offshore settlements is 1 September 2009.

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.

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.

A Kilkenny mansion set on an estate of 47 acres and complete with 14 holiday homes has seen its price plummet dramatically to a mere €1million this week.

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.

Nearly €16 million has been paid out to people in Mayo under the Nursing Home Repayment Scheme. The average payment amounted to €20,000 with 766 claims paid. At present there are 62 claims still being processed in Mayo while 857 offers of payment have been made. Of the 1,264 claims made in Mayo 345 were rejected.

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.