The Individual Annual Return (IAR) for 2023 has to be submitted for completion, ushering in a pivotal phase for professionals and practitioners by the 31st of October 2023. It is imperative to take note of the crucial deadline. Ensuring your timely submission is not merely a procedural requirement; it holds the key to the accurate invoicing of all practicing members for the 2024 Regulatory Fees. Therefore, prompt action is not only encouraged but also essential for maintaining compliance and uninterrupted practice. Stay ahead of the curve, and complete your Individual Annual Return for 2023 before the impending deadline. Your compliance and the smooth operation of your practice depend on it.
The Revenue Authority has recently released a comprehensive Tax and Duty Manual Part 23-01-37, focusing on providing detailed guidance regarding accelerated allowances for capital expenditure related to slurry storage under Section 658A TCA 1997. This particular section outlines a scheme for expedited capital allowances applicable to capital expenditure invested in slurry storage facilities by individuals engaged in farming trade. The scheme’s parameters stipulate that the expenditure must be incurred between January 1, 2023, and December 31, 2025. Eligible expenses can be amortized at a rate of 50% annually over a 2-year span. However, it’s important to note that the total relief granted to an individual within this framework is capped at €500,000. This manual offers valuable insights into navigating the intricacies of this accelerated capital allowance initiative for farming endeavors.
In a significant announcement, the Revenue Authority has unveiled a fresh Tax and Duty Manual, specifically Part 18E-00-01, offering comprehensive guidance on the Defective Concrete Products Levy (DCPL). This levy, established under Part 18E and Schedule 36 of the Taxes Consolidation Act 1997, introduces a framework for the DCPL to be applied at a 5% rate based on the market value of concrete products falling under its purview. Effective from September 1, 2023, the DCPL will be levied at the point of the initial supply of these products within the State. The newly released manual furnishes a broad overview of the levy’s operational mechanics. Additional information, outlining the process of registration for the DCPL and the submission of returns by chargeable entities, will be made available in the forthcoming weeks. This development ushers in a new phase in the realm of concrete products taxation and regulatory compliance.
A significant development has emerged with the introduction of Tax and Duty Manual Part 35-02-10, which encompasses guidelines pertaining to the European Union (Tax Dispute Resolution Mechanisms) Regulations 2019. These regulations address the European Union’s Directive (EU) 2017/1852 of 10 October 2017, establishing a framework for resolving tax disputes between Ireland and fellow EU Member States arising from the interpretation or implementation of double taxation agreements and the EU Arbitration Convention.
A noteworthy development has emerged for company directors in Ireland, stemming from the enactment of the Companies (Corporate Enforcement Authority) Act 2021. This legislation has introduced a substantial alteration in recent times, demanding that directors provide their Personal Public Service (PPS) numbers, or their equivalents, when completing designated forms for submission to the Companies Registration Office (CRO). This requirement underscores a pivotal shift in regulatory procedures affecting business directors across the nation. Read more..
In a recent development, the Revenue authority has unveiled the List of Tax Defaulters covering the timeframe from January 1, 2023, to March 31, 2023. The release, segmented into two parts, has been published in Iris Oifigiúil. Part 1 encompasses individuals for whom the Court has reached a determination regarding penalties associated with a settlement or has imposed fines, imprisonment, or other penalties pertaining to a tax or duty violation. Part 2 includes individuals for whom Revenue has accepted a settlement offer in lieu of commencing court proceedings, or for whom a settlement has been duly paid in full. The list reflects outstanding settlement amounts as of March 31, 2023. These unpaid sums will be subject to the conventional debt collection and enforcement procedures employed by Revenue.
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