The Department of Finance is currently “accepting submissions” on how the rules for residence should be changed, i.e., tightened. It is envisaged that the new rules will include a “centre of vital interests” test and a shorter number of days in determining Irish tax residence.
See: http://www.finance.gov.ie/viewdoc.asp?DocID=7242
An extract from “The Hildebrand Rarity” – a James Bond short story included in For Your Eyes Only: The speaker, Mr Milton Krest, uses a stingray tail to discipline his young wife.
“In the States we have this Foundation system for the lucky guys that got plenty dough and don’t happen to want to [...]
This book, by Nicholas Shaxon, provides some interesting insights into the development of global tax havens, and explains how they support the global financial system through quasi-capitalisation of the banks. It discusses the background to the Vestey cases, and the introduction of the UK’s transfer of assets abroad legislation, designed to counteract offshore trusts.
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Here is a link to a copy of the bill, and a list of key measures.
Budget 2012 – key tax points
Income tax
Deposit Interest Retention Tax (DIRT) increased to 30% (previously 25%).
25% mortgage interest relief for first-time buyers extended to 2012.
PRSI
Extended to previously exempt income (2013).
Universal Social Charge (USC)
The first €10,036 of earnings is exempt (previously €4,004).
Property relief surcharge of 5% will apply to investors with gross income above [...]
Revenue have extended the ROS pay and file deadline by one day to 16.11.2011.
Payment of tax by VISA and Mastercard
Revenue are now accepting payments by Visa and Mastercard. Persons wishing to pay by credit card should contact 1890 27 37 47.
Under the self-assessment “pay and file” system, if you are: self-employed, an owner-director of a private company, in receipt of rental income from property in Ireland or abroad, or in receipt of investment income, you must file a tax return in respect of income and capital gains arising in 2010, on or before 31.10.2011. You must also pay any outstanding [...]
Delighted to learn in today’s Irish Times that the Minister for Finance, Michael Noonan hopes to cut stamp duty (on commercial property) from 6% to 1% – to bring it into line with the UK rate. Don’t anyone mention that the UK rate on non-residential property is actually 4%.
