Finance Bill 2016 – Anti-Avoidance
Section 54 makes a number of changes to the tax code which will reduce the level of penalty mitigations for tax defaulters with off-shore irregularities giving rise to an Irish tax liability.
The amendments withdraw, from 1 May 2017, the penalty mitigation arrangements, currently available to tax defaulters who make a qualifying disclosure to Revenue, in two situations:
firstly, where the disclosure...
Finance Bill 2016 – VAT and Bank levy
As expected the VAT rates remained untouched in the Finance Bill. Some changes were introduced to the flat-rate addition for farmers and the annual bank levy due to expire at the end of 2016 is extended for 5 years.
Farmer’s Flat-Rate Addition (Section 46)
The farmers’ flat-rate addition is being increased from 5.2% to 5.4% with effect from 1 January 2017.
Finance Bill 2016 – Revenue Administration
A number of administrative type measures were covered in the Bill which include changes to the rules for publication of tax defaulters and a technical amendment on the treatment of jointly assessed spouses to enable either spouse/civil partner use the PAYE online system.
Amendments to Publication of Tax Defaulters (Section 55)
Tax defaulters who have not paid a settlement amount due to...