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Ireland Tax News

New Code of Practice for Revenue Audits has been recently published.

The new Code is effective from 1 October 2010. The full Code is available on the Revenue Website under Revenue eBrief No. 67/10.

Tax exemption for new start-up companies.

Revenue has published guidance on this use of this relief. These guidelines are available on the Revenue website under Tax Briefing June 2010 Issue 06.

Research and Development (R&D) Tax Credits.

This relief is of real cashflow benefit to companies that qualify for the credits. The Revenue guidance helps identify who and what expenditure qualifies. This can be accessed on the Revenue website under Tax Briefing December 2009 Issue 83.

Intangible Assets are an important part of “Building Ireland’s Smart Economy’.

Capital allowances are available for capital expenditure incurred on the provision of Intangible Assets such as patents, copyright, trademarks, etc. Where the tax and accounting rules permit capitalisation of the expenditure, a trading write off may be allowed through capital allowances. Revenue have published their guidelines in Tax Briefing July 2010 Issue 09.

The Employers Job (PRSI) Incentive Scheme

The Employers Job (PRSI) Incentive Scheme means that when you employ additional eligible workers in 2010, you will not have to pay employer’s PRSI in respect of their employment for 12 months. More information on this scheme is available on the Department of Social Protection website under Leaflet SW128.

Ireland’s Corporation Tax Rate

Ireland’s Corporation tax rate is under no imminent threat from European Commission Tax proposals according to Chartered Accountants Ireland. Tax competition remains a facet of the EU Internal Market. More details available on the Chartered Accountants website under press releases (09/09/2010).

The Revenue Commissioners

The Revenue Commissionershave issued an information leaflet on the requirements for cash businesses to have compliant cash registers and point of sale systems. Full information available on the Revenue website under Revenue eBrief No. 24/10.


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