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Finance Bill 2012 – VAT Update

The purpose of this Tax Briefing is to outline the principal amendments to the Value Added Tax Consolidation Act 2010 arising from Finance Act 2012. Detailed Notes for Guidance on Finance Act 2012 are available on the Revenue website.

Where appropriate, existing leaflets and guidance notes will be amended to reflect these amendments.

Standard VAT Rate

From 1 January 2012 the standard rate of VAT was increased to 23%. For full details of the implications of this ...

Section 11 Finance Act 2006 amended the computational rules in Section 97 TCA 1997 for determining the amount of rental income chargeable to tax. Entitlement to a deduction for interest paid on borrowed money employed in the purchase, improvement or repair of a rented residential property is now conditional on compliance with the registration requirements of the Residential Tenancies Act 2004 (the Act). The statutory basis for the registration of ...

Josephine Feehily, Chairman of the Revenue Commissioners, today (26/04/12) announced the publication of Revenue’s annual report for 2011.

Speaking at the launch, Ms Feehily said:

“Overall I would say last year was a year of really solid performance in challenging circumstances. We can report positive results in virtually all our business areas, good productivity, and some very interesting and innovative projects as well.
While overall tax and duty receipts were €831 million below the Budget target, net tax and duty receipts in ...

Missed Deadline

Failure to file an annual return on time can have several consequences including the imposition of the late filing penalty, prosecution of the company and/or its directors, the loss of the audit exemption or the possible involuntary strike-off and dissolution of the company.
Late Filing Penalty

A late filing penalty of €100 becomes due in respect of an annual return on the day after the expiry of the filing deadline, which deadline is 28 days after the effective date of ...