John McCain was more favourably of Ireland’s 12.5% CT rate back in 2008 during the first presidential debate. Fast forward to 7:30 where he even empathises with businesses locating in jurisdictions with lower tax rates enabling them to create jobs.
Revenue have introduced a new facility for people to pay their taxes by credit card. Although I’m always in favour of revenue introducing new technologies and services to tax payers, I’m slightly torn on the idea of people getting themselves into debt in order to pay their taxes, especially if someone is having difficulty paying their taxes in the first place. My own opinion is that you should agree a repayment plan with revenue rather than putting it on your credit card. Either way, the service is now available if people want to use it.
Also, If anyone reading this is experiencing difficulty paying their taxes, revenue’s approach to people experiencing tax payment difficulties is set out on their website here.
Good video by IBEC on why Ireland will alway be the business. Surprisingly they didn’t mention Ireland’s 12.5% Corporation Tax rate.
The gaming sector in Ireland could be boosted by a number of tax initiatives, according to a new report published by Forfás. Suggestions in their report include:
- Ensure Ireland’s international competitiveness in terms of the labour tax wedge
i.e. reduce marginal tax rates below 50 percent to retain Ireland’s attractiveness for international talent. The term tax ‘wedge’ is the term used to describe the situation where taxes drive a wedge between the cost of hiring someone and the take home pay of the individual. In recent years Ireland’s taxes on income have been steadily increasing with the introduction of the Income levy and the USC push the higher marginal rate of tax over 50 percent.
- The reasons for the low take-up of the SARP relief should be explored, and alternative tax policy options should be considered.
SARP stands for Special Assignment Relief Programme. It applies where an employee is sent by a foreign employer to work in Ireland and provides that no income tax applies to 50 percent of their gross salary in excess of €100,000.
- The R&D tax credit should be marketed to the gaming industry.
- Skill shortages
The report also refers to the specific skill shortages producing and retaining computer programmes particularly in C#, C++ and Python.
You can read and download the full report below.
Just a short reminder that the ROS pay and file deadline is 15th November which means that tax returns must be paid in full and filed by that date otherwise you may be hit with interest and penalties. Remember that you need to be set up on ROS to avail of the extended deadline of 15 November. If you’re not set up on ROS then the 31 October deadline still applies.
If your not set up on ROS or you need help with your income tax return, were happy to help. Take a look out our fees for income tax services here.