VAT

 

The VAT rules for goods and certain services traded with Great Britain will change from 1st January 2021.   From 1st January 2021, Northern Ireland will continue to follow the EU’s VAT rules in relation to goods. However the UK VAT rules will apply for services.  As a result, from 1st January 2021 Northern Irish VAT registered businesses will be required to follow a dual VAT regime.

 

From 1st January 2021 supplies of goods from Ireland to Great Britain will be regarded as exports while goods purchased from Great Britain and delivered into Ireland will be treated as imports.  Up to 31st December 2020 such movements are treated as intra-EU dispatches or distance sales.

 

 

What does this mean for trading between Ireland and Great Britain?

 

1. Supplies and movement of taxable goods between Ireland and the Great Britain are subject to the Value-Added Tax rules on imports and exports.  it will no longer be possible to apply the VAT zero rate to the export of goods to Great Britain if the customer is Irish established and the customer arranges the export.

• You do not have to report details of trade with the UK (excluding Northern Ireland) on the Intrastat system or VAT Information Exchange System (VIES).
• You do have to report details of trade with Northern Ireland on the Intrastat system and VAT Information Exchange System (VIES).
• Agreed EU simplifications, such as triangulation, do not apply to transactions involving Great Britain (GB).
• The Mini One-Stop-Shop (MOSS) system does not apply to sales to the UK. Therefore, you may need to register for VAT in the UK in respect of such sales.

 

For imports, the postponed method of accounting for import VAT should apply to goods imported into Great Britain.  This means that import VAT will not be due at time goods are imported; instead it can be accounted for in the next VAT return. This will also apply when goods are imported from outside the EU and could result in significant cash flow savings for the importer.

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

The Finance (COVID-19 and Miscellaneous Provisions) Bill 2021 was published today.  The provisions contained in the Bill include amendments to existing supports which were announced in the Economic Recovery Plan in addition to the introduction of the Business Resumption Support Scheme.  These tax relief measures income Income Tax, Business/Corporation Tax, Employer and Payroll Taxes and VAT.

 

 

Reduced rate of VAT (9%) for the hospitality sector

Section 6 of the Bill amends section 46 VATCA 2010 to provide for the extension of the reduced 9% VAT rate until 31st August 2022 in relation to the following services:

• Restaurant and catering services
• Guest and holiday accommodation
• Entertainment services to include admissions to cinemas, theatres, museums, fairgrounds, amusement park and sporting facilities
• Hairdressing
• The sale of certain printed matter including brochures, maps and programmes.

 

In summary, the reduced 9% VAT rate for the tourism sector has been extended from 31st December 2021 to 31st August 2022.

 

 

Employment Wage Subsidy Scheme (EWSS)

The Employment Wage Subsidy Scheme (EWSS) is a scheme that subsidises the cost of getting employees back to work.

The extension of the scheme should provide reassurance to businesses affected by the pandemic and enable them to plan for the months ahead.

 

Section 2 of the Bill amends the Employment Wage Subsidy Scheme (Section 28B of the Emergency Measures in the Public Interest (Covid-19) (No.2) Act 2020) to provide for the following changes:

1. the extension of the Employment Wage Subsidy Scheme (EWSS) until 31st December 2021.
2. the retention of the enhanced subsidy rates up to 30th September 2021.
3. the retention of the qualifying criteria of a 30% reduction in turnover or customer orders threshold.
4. An increase in the reference period to assess eligibility for the scheme from six to twelve months with effect from 1st July 2021.

This employer/payroll tax scheme requires that employers have valid tax clearance to enter the EWSS and that they maintain this tax clearance for the duration of the scheme.

 

 

Covid Restrictions Support Scheme (CRSS) 

The COVID-19 Restrictions Support Scheme (CRSS) was introduced by the Finance Act 2020.

It provided support for businesses which had to temporarily cease as a result of public health guidelines.

At such time as the affected businesses are allowed to re-open, those claimants will have to exit this scheme.

As some of those businesses will remain financially affected, the new measures introduced in the Finance (COVID-19 and Miscellaneous Provisions) Bill 2021 published today will extend the scheme. In addition, there will be an enhanced re-start payment for businesses exiting the scheme equal to up to three weeks at double rate of payment, subject to a €10,000 cap.

 

Sections 3 and 4 of the Bill amend the Covid Restrictions Support Scheme (CRSS) and provide for the extension of the specified period until 30th September 2021.

 

Section 4 of the Bill provides for the enhanced restart week payment scheme.  The level of payment a business may claim on reopening, following the restrictions, will depend on the actual date that business reopens.

• For restart weeks between 29^th April to 1^st June 2021, the restart payment will equate to two weeks at double the normal CRSS rate subject to a cap of €5,000, being the maximum weekly amount.
• For restart weeks between 2^nd June to 31^st December 2021, the restart payment will equate to three weeks at double the normal CRSS rate subject to a cap of €10,000, being the maximum weekly amount.
• In all other cases, the standard rate of one week at the normal CRSS rate will apply, subject to a cap of €5,000, being the maximum weekly amount.

 

Please be aware:

• According to Revenue’s guidelines, an eight week deadline applies to the submission of enhanced restart week payment claims.
• A business can qualify for (a) the double restart week payment or (b) the triple restart week payment once.
• The Minister for Finance has the power to extend this scheme to 31st December 2021 by order.

 

 

Business Resumption Support Scheme (BRSS)

Section 5 of the Bill includes a new section, section 485A TCA 1997, which makes provision for a new Business Resumption Support Scheme (BRSS)

 

The main features of the scheme are as follows:

 

• BRSS is available for affected self-employed individuals and companies who carry on a trade, the profits from which are chargeable to Income Tax or Corporation Tax under Case I of Schedule D.
• It is also available to persons who carry on a trade in partnership (Income Tax), and any trading activity carried on by charities and sporting bodies.
• To qualify, businesses must be able to prove that their turnover is reduced by 75% in the reference period (i.e. 1st September 2020 to 31st August 2021) as compared with 2019 but it will be a later period if the business commenced trading on or after 26th December 2019.
• Qualifying taxpayers will be able to claim an amount equal to three times the amount as derived by 10% of their average weekly turnover during the reference period (i.e. 1st September 2020 to 31st August 2021) up to a maximum of €20,000 and 5% thereafter subject to a cap of €15,000.
• Please be aware that these payments will be treated as an advance credit for trading expenses.
• If the business was set up before 26^th December 2019 the claim will be calculated based on its actual average weekly turnover in the period starting on 1^st January 2019. For example, if the business was established after 1^st January 2019, then the claim will be based on the period from the actual commencement date up to 31^st December 2019.
• If the business was established between 26^th December 2019 and 10^th March 2020 the claim will be based on the actual average weekly turnover arising between the date of commencement and 15^th March 2020.
• If, however, the business activity commenced between 10^th March 2020 and 26^th August 2020 then the claim will be based on the actual average turnover generated between the date of commencement and 31^st August 2020.
• The individual, company or persons carrying on a partnership must have an up to date Tax Clearance Certificate in order to make a valid claim under this scheme.
• They must also be VAT compliant.
• They must not be entitled to make a claim under the CRSS Scheme in relation to any week that includes 1st September 2021 and the business must be actively trading, with the intention of continuing to do so.
• Those making a claim must register on ROS and file a declaration that they satisfy the necessary conditions to avail of BRSS.
• Please be aware that the names of BRSS claimants can be published on the Revenue’s website.

 

 

Stamp Duty measures for the cumulative purchase of ten or more residential properties

Section 13 of the Bill gives statutory effect to the Financial Resolution that was passed on 19th May 2021 and inserts section 31E in the SDCA 1999, thereby imposing a 10% stamp duty rate on the acquisition of certain residential properties (houses and duplexes but excluding  apartments) where an aggregate of ten or more units is acquired during a twelve month period by a single corporate entity or individual.

Section 14 of the Bill introduces a provision which provides for an exemption from the new 10% rate of stamp duty in situations where the residential units are leased to local authorities for certain social housing purposes.

 

 

Tax Debt Warehousing

Section 7 of the the Finance (COVID-19 and Miscellaneous Provisions) Bill 2021 inserts a new section 28D into the Emergency Measures in the Public Interest (Covid-19) Act 2020 which provides for the warehousing of EWSS overpayments received by employers.

Sections 8, 9 ,10, 11 and 12 of the Bill give effect to the extension of the Debt Warehousing Scheme for refunds of Temporary Wage Subsidy Scheme (TWSS) payments, Employer PAYE liabilities, Income Tax, VAT and PRSI:

 

This scheme will have three periods:

• Period 1 (the “Covid-19 restricted trading phase”) will run from 1st July 2020 to 31st December 2021.
• Period 2 (the “zero interest phase”) – will run from 1st January 2022 until 31st December 2022.  No interest will be levied on warehoused EWSS tax from Period 1.
• Period 3 (the “reduced interest phase) –will run from 1st January 2023 until the relevant tax is repaid to Revenue. interest will be levied at a rate of 3% per annum on the Period 1 warehoused relevant tax, from 1st January 2023.

In circumstances where an employer does not meet the conditions for debt warehousing then (i) the zero interest and (ii) reduced interest rates will no longer apply.  Instead the 8% rate will be imposed.

 

In summary, the extension of the Debt Warehousing Scheme relates to refunds of Temporary Wage Subsidy Scheme (TWSS) payments, PAYE, Income Tax, VAT and PRSI.

 

 

 

For full and complete information, please follow the link: https://data.oireachtas.ie/ie/oireachtas/bill/2021/89/eng/initiated/b8921d.pdf

 

 

 

lease be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

From 1st July 2021, major new VAT changes will be introduced.  New VAT rules in relation to B2C supplies will apply in all EU Member States.  The aim is to ensure that goods imported from outside the EU will no longer have a preferential VAT treatment as compared to goods purchased from within the EU, including Ireland.  According to Ms. Maureen Dalton, Principal Officer in Revenue’s Customs Division “Consumers need to be aware that as of midnight tonight the current VAT exemption for imported goods with a value of €22 or less will end. This means that goods purchased from a non-EU country that arrive into Ireland for delivery any time after midnight tonight will be subject to VAT, regardless of their value and regardless of when they were purchased. The applicable VAT rate to these goods will be the relevant rate that would apply if the goods were purchased in Ireland.”

 

 

From 1st July 2021 there will be major changes including:

 

• The current distance sales thresholds will be abolished.
• All B2C sales of goods will be taxed in the EU Member State of destination.
• The Mini One Stop Shop will be extended to include the B2C supply of goods in circumstances where those goods are shipped from one EU Member State to consumers in another EU Member State.  It will become the One Stop Shop.
• Existing thresholds for intra-Community distance sales of goods will be abolished and replaced by a new EU wide threshold of €10,000.
• The current VAT exemption at importation of small consignments up to €22 will be abolished.
• A new special scheme for distance sales of goods imported from third countries of an intrinsic value up to a maximum of €150 will be created called the Import One Stop Shop (IOSS).
• The IOSS will enable goods to be imported into the EU without the need for import VAT.  Instead VAT will become due in the country of the consumer. This can be paid through the monthly IOSS return and will only be applied to consignments of less than €150 in value.

 

 

 

1. The extension of the VAT Mini One Stop Shop (MOSS) to the One Stop Shop (OSS)

 

The Mini One Stop Shop (MOSS) has been in existence since 2015 and currently only covers the supply of telecommunications, broadcasting and electronic services from business to non-business customers (B2C) services within the EU.

 

Prior to the introduction of MOSS, it was possible for a business to have a VAT registration obligation in several jurisdictions.  By opting to use MOSS, however, that business is able to report its sales for all EU member states via one single quarterly return made to one Member State thereby notifying the Revenue Authorities in that jurisdiction of TBE sales in other EU Member States as well as facilitating the payment of VAT.  There are currently two types of MOSS scheme in existence: one for businesses established within the EU and the other for those established outside the EU.

 

From 1st July 2021, MOSS will become the One Stop Shop (OSS).

 

The scope of transactions covered by this declarative system will be extended to all types of cross-border services to the final consumers within the EU as well as to the intra-EU distance sales of goods and to certain domestic supplies which are facilitated by electronic interfaces.

 

The choice of the EU Member State in which a business can register for the One-Stop-Shop will depend on where they are established and whether they have one or more fixed establishments within the EU.

 

The use of the VAT One Stop Shop procedure will be optional.

 

Those businesses who opt for the procedure will only be required to submit a single quarterly return to the tax authorities of the country of their choice, via a dedicated OSS web portal. They will be required to apply the VAT rates applicable in the consumer’s country.

 

If the OSS is not availed of, then the supplier will be required to register in each Member State in which they make supplies to consumers.

 

Businesses will be required to follow certain rules, including the sourcing and retaining of documentary evidence in relation to where the customer is located in order to determine the country in which the VAT is due.

 

In summary, from 1^st July 2021, the MOSS Scheme will become the One Stop Shop and will include the following: (i) B2C supplies of services within the EU other than TBE services, (ii) B2C Intra-EU distance sales of goods, (iii) Certain domestic supplies of goods which are facilitated by electronic platforms/interfaces and (iv) Goods imported from third countries and third territories in consignments of an intrinsic value up to a maximum value of €150.

 

 

 

 2. Current distance selling thresholds will be abolished.

 

For the intra-EU distance sales of goods, the thresholds amounts of €35,000 to €100,000 within the EU will be abolished.

 

Currently a supplier who sells to consumers from other EU member states by mail order is obliged to register for VAT in the country to which the goods are delivered once the threshold amount has been reached.

 

From 1^st July, however, the current place of supply threshold of €10,000 for Telecommunications, Broadcasting and Electronic services will be extended to include intra-Community distances sales of goods.

 

This €10,000 threshold will cover cross-border supplies of TBE services as well as the intra-Community distance sales of goods but will not apply to other supplies of services.  This will result in a requirement to register for VAT in multiple jurisdictions, where the total EU supplies of goods and TBE services to consumers exceed €10,000 per annum.

 

To avoid this obligation the EU OSS scheme can be availed of.

 

In situations where the value of the sales does not exceed or is unlikely to exceed this threshold amount of €10,000, then local VAT rates may be applied instead of the VAT in the country of the consumer.  In other words, in such circumstances an Irish business can charge Irish VAT on its supplies.

 

In summary, from 1^st July 2021, the individual EU Member State’s distance selling thresholds will be abolished and replaced with an aggregate threshold of €10,000 for all EU supplies.  Please be aware that this exemption threshold will not apply on a State by State basis nor will it apply to separate income streams.  It is calculated taking into account all TBE services and intra-community distance sales of goods in all EU states.

 

 

 

3. VAT exemption at importation of small consignments of a value of up to €22 will be removed

 

Currently, imports of goods valued at less than €22 into the EU are not liable to VAT on importation. From 1^st January 2021 the low value consignment stock relief for goods valued at €22 or below will be abolished resulting in all goods being imported into the EU now being liable to VAT.

 

For consignments of €150 euros or below, however, a new import scheme will apply. The seller of the goods or, in the case of non-EU retailers, the agent, will only be required to charge VAT at the time of the sale by availing of the Import One Stop Shop.  If they decide not to opt for this scheme, they will be able elect to have the import VAT collected from the final customer by the postal or courier service.

 

 

 

 

4. Special provisions where online marketplaces/ platforms facilitating supplies of goods are deemed for VAT purposes to have received and supplied the goods themselves i.e. deemed supplier provision

 

Over the last number of years, there has been considerable growth in online marketplaces and platforms providing B2C supplies of goods within the EU.  Currently, however, this environment is difficult to monitor and as a result, businesses established outside the EU are slipping through the VAT net.

 

From 1^st July Special provisions will be introduced whereby a business facilitating sales through the use of an online electronic interface will be deemed, for VAT purposes, to have received and supplied the goods themselves – this will be known as the “Deemed Supplier” Provision.

 

In other words, the online marketplace / platform provider will be viewed as (a) buying and (b) selling the underlying goods and will, therefore, be required to collect and pay the VAT on relevant sales.

 

Digital marketplaces will be responsible for collecting and paying VAT in relation to the following cross-border B2C sales of goods they facilitate:

1. On the importation of goods from third countries by EU or non-EU sellers to EU consumers in consignments of an intrinsic value not exceeding €150 and/or
2. On intra-EU sales of goods by non-EU sellers to EU consumers of any value. This also applies to domestic supplies of goods.

 

The payment and declaration of VAT due will be made by the Electronic Interface through the One Stop Shop system for Electronic Interfaces.

 

The Import One Stop Shop (IOSS) will apply to supplies made via an Electronic Interface where this online market/platform facilities the importation of goods from outside the EU.

 

The deeming provision will not apply in situations where the taxable person only provides payment processing services, advertising or listing services, or redirecting/transferring services in circumstances where the customer is redirected to another online market/platform and the supply is concluded through that other electronic interface.

 

Online Markets/Platforms will also be required to retain complete documentation, in electronic format, in relation to their sellers’ transactions for the purposes VAT audits/inspections.

 

The application of this provision is mandatory for traders/taxable persons.  The use of the other schemes, however, will be optional.

 

 

 

 

5. The introduction of the Import One Stop Shop

 

There is currently a VAT exemption in relation to the importation (from outside the EU) of consignments valued at less than €22.  From 1^st July this exemption will be abolished and as a result, all goods imported into the EU will be liable to VAT.

 

The current customs duty exemption covering distance sales of goods imported from third countries or third territories to customers within the EU up to a value of €150 remains unchanged providing the trader declares and pays the VAT, at the time of the sale, using the Import One Stop-Shop.

 

For Non EU based suppliers there are two options:

1. They must either register for IOSS through an EU established intermediary or,
2. They can register for IOSS directly if the country where they are established has a mutual assistance agreement with the EU.

 

With regard to the appointment of an intermediary for the purposes of IOSS, please be aware that:

1. A taxable person cannot appoint more than one intermediary at the same time.
2. It is possible for an EU established supplier to appoint an intermediary to represent them.

 

The IOSS will facilitate traders registering and declaring import VAT due in all Member States through a single monthly return in the Member State in which they have registered for the Import One Stop Shop scheme.

 

Where the IOSS is used, the supplier will charge VAT to the customer at the time of the supply and, as a result, the goods will not be liable to VAT at the time of importation.  The VAT collected by the supplier will then be submitted through their monthly IOSS return.

 

The use of this scheme is not mandatory.

 

As the supplier/taxable person will only be required to register for IOSS in one Member State this will considerably reduce the administrative burden involved in accounting for VAT. After registration for IOSS, the supplier will be issued an IOSS identification number and this should expedite customs clearance.

 

If, however, the IOSS Scheme is not availed of, the supplier will be able to use another simplification procedure for the purposes of importing goods at a value not exceeding €150 whereby the import VAT may be collected by the postal services, courier company, shipping/customs agents, etc. from the customer, and the operator will then report and pay the VAT over to the relevant Revenue Authority on monthly basis.  This special arrangement will only apply where both conditions are met: (i) the IOSS has not been availed of and (ii) where the final destination of the goods is the Member State of importation.

 

The special arrangement allows for a deferred payment of VAT on the same basis.

 

In summary, the purpose of the IOSS is that suppliers who import goods into the EU can declare and pay the VAT due on those goods through the Import One Stop Shop in the member state where they have registered for the scheme.

 

 

 

For further information, please click:

 

https://www.revenue.ie/en/corporate/press-office/press-releases/2021/pr-063021-new-vat-rules-for-goods-bought-from-non-eu-countries.aspx

 

https://www.revenue.ie/en/corporate/press-office/press-releases/2021/pr-053121-revenue-upcoming-vat-rule-goods-non-EU-countries.aspx

 

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

As you’re aware, the standard VAT rate was temporarily reduced, as one of the COVID measures, from 23% to 21% for the six month period between 1st September 2020 and 28th February 2021.  The standard rate of Irish VAT is due to return to the 23% rate with effect from 1st March 2021.  This is particularly important to remember for invoicing and when completing your Return of Trading Details.

 

 

Please be aware that the VAT rate reduction from 13.5% to 9% for certain goods and services, mainly within the tourism and hospitality sectors, will continue to apply until 31st December 2021.  Please follow link for more details:   https://www.revenue.ie/en/vat/vat-rates/what-are-vat-rates/second-reduced-rate-of-value-added-tax-vat.aspx

 

 

To prepare for the VAT rate change, there are a number of practical issues that taxpayers should consider as follows:

 

1. Update your Systems

 

2. Amend your Pricing structure if necessary.

 

3. Review and/or Revise your Contracts

 

4. Amend your Sales Invoices

 

5. Don’t forget the Reverse Charge Mechanism especially for invoices dated pre 28th February but in circumstances where they’re received after 1st March 2021.

 

6. Credit notes – If you initially raised an invoice charging 21% VAT but the customer requests a credit note after the VAT rate has changed i.e. after 1st March 2021, please be aware that you may be required to apply the 21% rate after the VAT rate has returned to 23%.

 

7. If your business pays VAT to Revenue on a monthly direct debit basis, you should check to see if you’re required to increase this amount after 1st March 2021.

 

8. Consider how to account for payments on account which are received in advance of the rate change.

 

9. Annual Return of Trading Details – Please be aware that the Annual Return of Trading Details deadline date has been extended from 23rd January to 10th March 2021 to take account of the rate change in 2020.

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

 

Are you aware just how much has changed since 1st January 2020 in terms of Tax compliance, Tax Credits, Personal/Income Tax, Business/Corporation Tax, Capital Acquisitions Tax (CAT), Capital Gains Tax (CGT), Value Added Tax (VAT), PAYE, Stamp Duty, Transfer Pricing, Local Property Tax (LPT), Revenue Compliance, Revenue Audit and Investigation Procedures, etc.?

 

Here are a list of the Revenue eBriefs published in 2020

 

 

JANUARY 2020

 

Revenue eBrief No. 001/20 – Deduction for statutory registration fees paid to the Health and Social Care Professionals Council (CORU) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0012020.aspx

 

 

Revenue eBrief No. 002/20 – Uniform and Clothing Allowances paid to Fire Officers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0022020.aspx

 

 

Revenue eBrief No. 003/20 – Deduction for Expenses in Respect of Annual Membership Fees Paid to a Professional Body https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0032020.aspx

 

 

Revenue eBrief No. 004/20 – General Rule as to Deduction for Expenses in Employment https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0042020.aspx

 

 

Revenue eBrief No. 005/20 – Certain benefits payable under Social Welfare Acts – increase for qualified adult https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0052020.aspx

 

 

Revenue eBrief No. 006/20 – Provisions and Accruals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0062020.aspx

 

 

Revenue eBrief No. 007/20 – Taxes Consolidation Act Notes for Guidance – Finance Act 2019 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0072020.aspx

 

 

Revenue eBrief No. 008/20 – Certificates of Income for Non-Revenue Purposes -Self Assessment Cases https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0082020.aspx

 

 

Revenue eBrief No. 009/20 – Pay & File Extension Date – 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0092020.aspx

 

 

Revenue eBrief No. 010/20 – Capital Gains Tax (CGT) Farm Restructuring Relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0102020.aspx

 

 

Revenue eBrief No. 011/20 – Guidelines for Phased Payment Arrangements https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0112020.aspx

 

 

Revenue eBrief No. 012/20 – Pensions Manual Updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0122020.aspx

 

 

Revenue eBrief No. 013/20 – Stamp duty levies – health insurance levy and bank levy https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0132020.aspx

 

 

Revenue eBrief No. 014/20 – Chargeable Persons https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0142020.aspx

 

 

Revenue eBrief No. 015/20 – Rates of stamp duty – Finance Act 2019 changes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0152020.aspx

 

 

Revenue eBrief No. 016/20 – The tax treatment of rental income (Case V) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0162020.aspx

 

 

Revenue eBrief No. 017/20 – Home Carer Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0172020.aspx

 

 

Revenue eBrief No. 018/20 – Tax treatment of legal fees https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0182020.aspx

 

 

Revenue eBrief No. 019/20 – Electronic Tax Clearance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0192020.aspx

 

 

Revenue eBrief No. 020/20 – General Rule as to Deduction for Expenses in Employment https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0202020.aspx

 

 

Revenue eBrief No. 021/20 – Charities VAT Compensation Scheme – Guidelines https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0212020.aspx

 

 

Revenue eBrief No. 022/20 – Universal Social Charge https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0222020.aspx

 

 

Revenue eBrief No. 023/20 – Schedule E expense deductions for employed consultants and non-consultant hospital doctors (NCHDs) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0232020.aspx

 

 

Revenue eBrief No. 024/20 – Dividend Withholding Tax Manual 06-08a-01 updated in accordance with Finance Act 2019 changes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0242020.aspx

 

 

Revenue eBrief No. 025/20 – Administration of Form S.110 – Notification of ‘qualifying company’ and Form S.110W – Withdrawal of notification of ‘qualifying company’ https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0252020.aspx

 

 

Revenue eBrief No. 026/20 – Average market mid-closing exchange rates and Lloyds sterling conversion rates https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0262020.aspx

 

 

Revenue eBrief No. 027/20 – Anti-Tax Avoidance Directive (ATAD) – Exit Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0272020.aspx

 

 

Revenue eBrief No. 028/20 – Amendment of Certain Tax Exemption Provisions https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0282020.aspx

 

 

 

FEBRUARY 2020

 

Revenue eBrief No. 029/20 – “Main purpose” tests https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0292020.aspx

 

 

Revenue eBrief No. 030/20 – Tax treatment of income arising from the provision of short-term accommodation https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0302020.aspx

 

 

Revenue eBrief No. 031/20 – Prohibitions and Restrictions concerning Endangered Species and Wildlife https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0312020.aspx

 

 

Revenue eBrief No. 032/20 – Tax treatment of foster care payments and certain other payments made or authorised by the Child and Family Agency https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0322020.aspx

 

 

Revenue eBrief No. 033/20 – Tax treatment of certain education related payments https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0332020.aspx

 

 

Revenue eBrief No. 034/20 – Revenue National Employer Service https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0342020.aspx

 

 

Revenue eBrief No. 035/20 – 2019 Form ESS1 – Return of Information by the Trustees of an Approved Profit Sharing Scheme (APSS) is now available on ROS https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0352020.aspx

 

 

Revenue eBrief No. 036/20 – Earned Income Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0362020.aspx

 

 

Revenue eBrief No. 037/20 – Living City Initiative https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0372020.aspx

 

 

Revenue eBrief No. 038/20 – iXBRL – Guidance for voluntary strike-offs and other amendments https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0382020.aspx

 

 

 

MARCH 2020

 

Revenue eBrief No. 039/20 – Mitigation and Application of Fines and Penalties https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0392020.aspx

 

 

Revenue eBrief No. 040/20 – Case V Capital Allowances https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0402020.aspx

 

 

Revenue eBrief No. 041/20 – Surcharge for late returns: Due dates when starting a business https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0412020.aspx

 

 

Revenue eBrief No. 042/20 – Farming – Tax treatment of payments made under Rural Environment Protection Scheme (REPS) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0422020.aspx

 

 

Revenue eBrief No. 043/20 – Case V Capital Allowances and Losses forward for USC Purposes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0432020.aspx

 

 

Revenue eBrief No. 044/20 – Revenue to operate Employer COVID-19 Refund Scheme on behalf of DEASP https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0442020.aspx

 

 

Revenue eBrief No. 045/20 – e-Working and Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0452020.aspx

 

 

Revenue eBrief No. 046/20 – Advice and information to assist taxpayers and their agents during the COVID-19 pandemic https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0462020.aspx

 

 

Revenue eBrief No. 47/20 – Revenue to operate Temporary COVID-19 Wage Subsidy Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0472020.aspx

 

 

Revenue eBrief No. 48/20 – Temporary COVID-19 Wage Subsidy Scheme – Transitional Phase https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0482020.aspx

 

 

Revenue eBrief No. 049/20 – Taxation of Deposit Interest https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0492020.aspx

 

 

Revenue eBrief No. 50/20 – Important customer notice regarding Revenue services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0502020.aspx

 

 

Revenue eBrief No. 051/20 – Customs Value Authorisation (CVA) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0512020.aspx

 

 

Revenue eBrief No. 052/20 – Guidance Manual on Customs Warehousing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0522020.aspx

 

 

Revenue eBrief No. 053/20 – VAT Groups https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0532020.aspx

 

 

Revenue eBrief No. 054/20 – Benefit-in-Kind – Employer-Provided Vehicles https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0542020.aspx

 

 

Revenue eBrief No. 055/20 – Betting Duty Returns and Payments Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0552020.aspx

 

 

 

 

APRIL 2020

 

Revenue eBrief No. 056/20 – Research and Development Tax Credit early payment of the instalment due to be paid in 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0562020.aspx

 

 

Revenue eBrief No. 057/20 – Guidelines for filing ESS1 returns https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0572020.aspx

 

 

Revenue eBrief No. 058/20 – Revenue Online Service – ROS Enhancements https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0582020.aspx

 

 

Revenue eBrief No. 059/20 – Deduction for income earned in certain foreign states (Foreign Earnings Deduction) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0592020.aspx

 

 

Revenue eBrief No. 060/20 – Vehicle Registration Tax – Valuation System for New and Used Vehicles https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0602020.aspx

 

 

Revenue eBrief No. 061/20 – Revised tax treatment of royalty income, with effect from 1 January 2019, under the terms of the Ireland-Lithuania Double Taxation Convention 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0612020.aspx

 

 

Revenue eBrief No. 062/20 – Treatment of Additional Tier 1 Capital – section 845C, Taxes Consolidation Act, 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0622020.aspx

 

 

Revenue eBrief No. 063/20 – Temporary VAT zero rating of supplies of personal protective equipment, ventilators and other medical products https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0632020.aspx

 

 

Revenue eBrief No. 064/20 – Opticians in employment – professional indemnity cover https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0642020.aspx

 

 

Revenue eBrief No. 065/20 – Capital acquisitions tax: dwelling house exemption and ‘same event’ credit for CGT against CAT https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0652020.aspx

 

 

Revenue eBrief No. 066/20 – Late Submission of Corporation Tax Returns – Restriction of Reliefs https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0662020.aspx

 

 

Revenue eBrief No. 067/20 – Tobacco Products Tax Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0672020.aspx

 

 

Revenue eBrief No. 068/20 – Guidelines for Article 9 Correlative Adjustment claims https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0682020.aspx

 

 

Revenue eBrief No. 069/20 – Diesel Rebate Scheme Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0692020.aspx

 

 

Revenue eBrief No. 070/20 – Capital Gains Tax – interests in trusts, treatment of shares and securities, etc. https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0702020.aspx

 

 

Revenue eBrief No. 071/20 – Excise Duty Rates on Energy Products and Electricity Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0712020.aspx

 

 

Revenue eBrief No. 072/20 – Tax and Duty Manual Part 15-01-18 – One Parent Family Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0722020.aspx

 

 

 

MAY 2020

 

Revenue eBrief No. 073/20 – Exemption in respect of compensation for certain living donors https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0732020.aspx

 

 

Revenue eBrief No. 074/20 – Special Assignee Relief Programme (SARP) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0742020.aspx

 

 

Revenue eBrief No. 075/20 – Temporary Wage Subsidy Scheme (TWSS) – Operational Phase https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0752020.aspx 

 

 

Revenue eBrief No. 076/20 – Capital Gains Tax – rate of charge, annual exempt amount, computation of companies’ chargeable gains etc. https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0762020.aspx

 

 

Revenue eBrief No. 077/20 – The application of the Capital Goods Scheme and the VAT treatment of Donations or Gifts of goods or meals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0772020.aspx

 

 

Revenue eBrief No. 078/20 – Tax treatment of the reimbursement of expenses of travel and subsistence to office holders and employees https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0782020.aspx

 

 

Revenue eBrief No. 079/20 – VAT RTD – Introduction of Automated Compliance Measures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0792020.aspx

 

 

Revenue eBrief No. 080/20 – Horticultural Repayment Relief Guide https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0802020.aspx

 

 

Revenue eBrief No. 081/20 – Importation and exportation of medicinal products and unauthorised or counterfeit medical preparations https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0812020.aspx

 

 

Revenue eBrief No. 082/20 – Service companies surcharge – Provision of medical staff, Guidance from professional bodies, Preparatory work https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0822020.aspx

 

 

Revenue eBrief No. 083/20 – Temporary measures in relation to the close company surcharge https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0832020.aspx

 

 

Revenue eBrief No. 084/20 – Domicile Levy and Capital Gains Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0842020.aspx

 

 

Revenue eBrief No. 085/20 – Solid Fuel Carbon Tax Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0852020.aspx

 

 

Revenue eBrief No. 086/20 – Guide to Excise Licences https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0862020.aspx

 

 

Revenue eBrief No. 087/20 – Update – Public Consultation on Dividend Withholding Tax (DWT) – Real-Time Reporting https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0872020.aspx

 

 

Revenue eBrief No. 088/20 – Charities VAT Compensation Scheme – extension to closing date for submitting claims https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0882020.aspx

 

 

Revenue eBrief No. 089/20 – Individuals described as ‘locums’ engaged in the fields of medicine, health care and pharmacy https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0892020.aspx

 

 

Revenue eBrief No. 090/20 – Updates to Revenue’s services for customers with disabilities, including a remote interpretation service for Revenue’s deaf customers. https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0902020.aspx

 

 

Revenue eBrief No. 091/20 – The European Convention on Human Rights Act 2003 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0912020.aspx

 

 

Revenue eBrief No. 092/20 – Health Expenses – Qualifying Expenses https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0922020.aspx

 

 

Revenue eBrief No. 093/20 – Childcare services relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0932020.aspx

 

 

Revenue eBrief No. 094/20 – Income Tax Relief for Medical and/or Dental Insurance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0942020.aspx

 

 

Revenue eBrief No. 095/20 – Receiver of Wreck https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0952020.aspx

 

 

Revenue eBrief No. 096/20 – Commercial Sea Navigation Relief Guide https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0962020.aspx

 

 

 

 

JUNE 2020

 

Revenue eBrief No. 097/20 – Allowances for Scientific Research https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0972020.aspx

 

 

Revenue eBrief No. 098/20 – Pensions Manual Amended https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0982020.aspx

 

 

Revenue eBrief No. 099/20 – Pensions Manual Chapter 16 – Group Schemes https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-0992020.aspx

 

 

Revenue eBrief No. 100/20 – Sugar Sweetened Drinks Tax Compliance Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1002020.aspx

 

 

Revenue eBrief No. 101/20 – Compliance Programme for Agent Services representing PAYE Taxpayers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1012020.aspx

 

 

Revenue eBrief No. 102/20 – Taxation of Maternity Benefit, Paternity Benefit, Parent’s Benefit, Adoptive Benefit and Health and Safety Benefit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1022020.aspx

 

 

Revenue eBrief No. 103/20 – Income from scholarships https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1032020.aspx

 

 

Revenue eBrief No. 104/20 – Employed person taking care of an incapacitated individual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1042020.aspx

 

 

Revenue eBrief No. 105/20 – High Income Individuals’ Restriction – Tax Year 2010 onwards https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1052020.aspx

 

 

Revenue eBrief No. 106/20 – Update – Temporary Wage Subsidy Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1062020.aspx

 

 

Revenue eBrief No. 107/20 – ROS Form CT1 2020 – the CT return for accounting periods ending in 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1072020.aspx

 

 

Revenue eBrief No. 108/20 – Remote Bookmakers Licence https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1082020.aspx

 

 

Revenue eBrief No. 109/20 – Instruction Manual on End-Use Procedure https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1092020.aspx

 

 

Revenue eBrief No. 110/20 – VAT treatment of betting and gaming https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1102020.aspx

 

 

Revenue eBrief No. 111/20 – Third Party Returns: Requirement to Report Information Automatically https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1112020.aspx

 

 

Revenue eBrief No. 112/20 – The VAT Treatment of Medical Services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1122020.aspx

 

 

Revenue eBrief No. 113/20 – The VAT treatment of Charitable Donations via SMS https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1132020.aspx

 

 

Revenue eBrief No. 114/20 – Registration of Gas and Oil Exploration Companies https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1142020.aspx

 

 

Revenue eBrief No. 115/20 – Exchange of Information https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1152020.aspx

 

 

Revenue eBrief No. 116/20 – Road Haulier Drivers (Employees) – Subsistence Rates https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1162020.aspx

 

 

Revenue eBrief No. 117/20 – Temporary Wage Subsidy Scheme – Extension of the Temporary Wage Subsidy Scheme to August 2020 and update on a range of developments under the Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1172020.aspx

 

 

Revenue eBrief No. 118/20 – eCG50 – Guide for Applicants https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1182020.aspx

 

 

Revenue eBrief No. 119/20 – Compensation Payments in respect of Personal Injuries (Exemption of Investment Income) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1192020.aspx

 

 

Revenue eBrief No. 120/20 – TDM Part 07-01-20 – Special Trusts for permanently incapacitated individuals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1202020.aspx

 

 

Revenue eBrief No. 121/20 – Pay as You Earn (PAYE) system – Employee payroll tax deductions in relation to non-Irish employments exercised in the State https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1212020.aspx

 

 

Revenue eBrief No. 122/20 – Stamp duty: associated companies relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1222020.aspx

 

 

Revenue eBrief No. 123/20 – Disclosure of confidential taxpayer information: section 851A Taxes Consolidation Act 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1232020.aspx

 

 

Revenue eBrief No. 124/20 – Capital Gains Tax – Treatment of allowable losses https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1242020.aspx

 

 

Revenue eBrief No. 125/20 – Games and Sports Bodies Exemptions https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1252020.aspx

 

 

Revenue eBrief No. 126/20 – Research and Development (R&D) Credit: Appointment of expert to assist in audits https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1262020.aspx

 

 

Revenue eBrief No. 127/20 – Exchange of Information – Deferral of DAC6 filing deadlines https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1272020.aspx

 

 

Revenue eBrief No. 128/20 – Chapters 6 and 11 of the Revenue Pensions Manual – pensions in payment https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1282020.aspx

 

 

Revenue eBrief No. 129/20 – Revenue Pensions Manual – Chapter 12: Withdrawal from service (leaving a pension scheme) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1292020.aspx

 

 

Revenue eBrief No. 130/20 – Budget Excise Duty Rates Manuals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1302020.aspx

 

 

Revenue eBrief No. 131/20 – Exemption of Certain Childcare Support Payments https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1312020.aspx

 

 

 

JULY 2020

 

Revenue eBrief No. 132/20 – Research and Development (R&D) Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1322020.aspx

 

 

Revenue eBrief No. 133/20 – MyEnquiries – customer tracking of enquiries and other updates https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1332020.aspx

 

 

Revenue eBrief No. 134/20 – EU mandatory disclosure regime (DAC6) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1342020.aspx

 

 

Revenue eBrief No. 135/20 – Stamp duty: shares deriving value from immovable property and cancellation schemes of arrangement https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1352020.aspx

 

 

Revenue eBrief No. 136/20 – Capital Gains Tax – Capital Gains Tax – updates to manuals https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1362020.aspx

 

 

Revenue eBrief No. 137/20 – Guidance on Part 35C hybrid mismatches https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1372020.aspx

 

 

Revenue eBrief No. 138/20 – Guidelines on the processing of online tax evasion reports https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1382020.aspx

 

 

Revenue eBrief No. 139/20 – Corporation Tax Statement of Particulars – Section 882 TCA 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1392020.aspx

 

 

Revenue eBrief No. 140/20 – Charities VAT Compensation Scheme – reminder re closing date for submission of claims https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1402020.aspx

 

 

Revenue eBrief No. 141/20 – Administrative cooperation and combating fraud in the field of Value-Added Tax (VAT) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1412020.aspx

 

 

Revenue eBrief No. 142/20 – Temporary VAT measures relating to Covid-19 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1422020.aspx

 

 

Revenue eBrief No. 143/20 – Using on-line methods to make a payment to Revenue https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1432020.aspx

 

 

Revenue eBrief No. 144/20 – High Income Individuals’ Restriction: Interaction with Clawback of “Section 23 Type” Relief in Death Cases https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1442020.aspx

 

 

Revenue eBrief No. 145/20 – Relief for increase in carbon tax on farm diesel (section 664A TCA 1997) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1452020.aspx

 

 

Revenue eBrief No. 146/20 – Payment of Preliminary Corporation Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1462020.aspx

 

 

Revenue eBrief No. 147/20 – Guidelines for staff regarding the treatment of unsolicited information received from members of the public https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1472020.aspx

 

 

 

 

AUGUST 2020

 

 

Revenue eBrief No. 148/20 – Archiving of Manuals under Part 41 Taxes Consolidation Act 1997 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1482020.aspx

 

 

Revenue eBrief No. 149/20 – Income tax relief for self-employed individuals adversely impacted by Covid-19 restrictions https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1492020.aspx

 

 

Revenue eBrief No. 150/20 – July Jobs Stimulus – Accelerated loss relief for companies https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1502020.aspx

 

 

Revenue eBrief No. 151/20 – Investment Undertakings https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1512020.aspx

 

 

Revenue eBrief No. 152/20 – Amendments to the Cycle to Work Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1522020.aspx

 

 

Revenue eBrief No. 153/20 – Help to Buy (HTB) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1532020.aspx

 

 

Revenue eBrief No. 154/20 – Childcare services relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1542020.aspx

 

 

Revenue eBrief No. 155/20 – Charities VAT Compensation Scheme https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1552020.aspx

 

 

Revenue eBrief No. 156/20 – Tax treatment of the reimbursement of expenses of travel and subsistence to office holders and employees https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1562020.aspx

 

 

Revenue eBrief No. 157/20 – Income Tax return form 2019 – ROS Form 11 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1572020.aspx

 

 

Revenue eBrief No. 158/20 – Tax and Duty Manuals on temporary loss reliefs for taxpayers (July jobs stimulus measure) updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1582020.aspx

 

 

Revenue eBrief No. 159/20 – Customs Import Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1592020.aspx

 

 

Revenue eBrief No. 160/20 – Schedule of Customs Duties Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1602020.aspx

 

 

Revenue eBrief No. 161/20 – Instruction Manual on Outward Processing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1612020.aspx

 

 

Revenue eBrief No. 162/20 – Capital Acquisitions Tax: miscellaneous issues https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1622020.aspx

 

 

Revenue eBrief No. 163/20 – Stamp Duty: relief for young trained farmers and certain leases of farmland https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1632020.aspx

 

 

Revenue eBrief No. 164/20 – Stay and Spend Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1642020.aspx

 

 

Revenue eBrief No. 165/20 – Certain Foreign Pensions – manual updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1652020.aspx

 

 

 

SEPTEMBER 2020

 

Revenue eBrief No. 166/20 – Inward Processing Instruction Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1662020.aspx

 

 

Revenue eBrief No. 167/20 – PAYE Anytime manual archived https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1672020.aspx

 

 

Revenue eBrief No. 168/20 – Standard for Automatic Exchange of Financial Account Information in Tax Matters – The Common Reporting Standard (CRS) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1682020.aspx

 

 

Revenue eBrief No. 169/20 – Life Assurance Companies and Group Relief https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1692020.aspx

 

 

Revenue eBrief No. 170/20 – Customs Export Procedures Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1702020.aspx

 

 

Revenue eBrief No. 171/20 – Revenue replaces the Inland Revenue Affidavit (CA.24) with new online Form https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1712020.aspx

 

 

Revenue eBrief No. 172/20 – Customs Import Procedures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1722020.aspx

 

 

Revenue eBrief No. 173/20 – Examinership Guidelines https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1732020.aspx

 

 

Revenue eBrief No. 174/20 – Extension of Pay & File Deadline for ROS Customers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1742020.aspx

 

 

Revenue eBrief No. 175/20 – VRT Online Payments in ROS and MyAccount https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1752020.aspx

 

 

Revenue eBrief No. 176/20 – Tax and Duty Manual on income tax relief for losses incurred in a trade or profession updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1762020.aspx

 

 

Revenue eBrief No. 177/20 – Waiver of Excise Duty on on-trade liquor licences on renewal in 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1772020.aspx

 

 

Revenue eBrief No. 178/20 – Air Travel Tax Manual archived https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1782020.aspx

 

 

Revenue eBrief No. 179/20 – Relief for certain income from leasing of farm land (Section 664) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1792020.aspx

 

 

 

OCTOBER 2020

 

Revenue eBrief No. 180/20 – Extension of deadline to avail of a 3% reduced rate of interest on outstanding ‘non-Covid-19’ tax debts https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1802020.aspx

 

 

Revenue eBrief No. 181/20 – Late filings of Form S.110 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1812020.aspx

 

 

Revenue eBrief No. 182/20 – Guidelines for Registration for IT, CT, RCT, PREM and Certain Minor Taxheads https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1822020.aspx

 

 

Revenue eBrief No. 183/20 – Update to Guidelines for VAT Registration https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1832020.aspx

 

 

Revenue eBrief No. 184/20 – Cancellation of Tax Registration https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1842020.aspx

 

 

Revenue eBrief No. 185/20 – ROS Pay and File 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1852020.aspx

 

 

Revenue eBrief No. 186/20 – VAT Treatment of Education and Vocational Training https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1862020.aspx

 

 

Revenue eBrief No. 187/20 – Tobacco Products Tax Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1872020.aspx

 

 

Revenue eBrief No. 188/20 – Budget 2021 – Excise Duty Rates – https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1882020.aspx

 

 

Revenue eBrief No. 189/20 – PAYE Services: Review Your Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1892020.aspx

 

 

Revenue eBrief No. 190/20 – Budget 2021 – Income Tax Warehousing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1902020.aspx

 

 

Revenue eBrief No. 191/20 – Vehicle Registration Tax Manual – Section 1 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1912020.aspx

 

 

Revenue eBrief No. 192/20 – Guidance Manual on Comprehensive Guarantee https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1922020.aspx

 

 

Revenue eBrief No. 193/20 – e-Working and Tax https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1932020.aspx

 

 

Revenue eBrief No. 194/20 – Accounting for Mineral Oil https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1942020.aspx

 

 

Revenue eBrief No. 195/20 – Taxation of Guardian’s Payment (Contributory) and Guardian’s Payment (Non-Contributory) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1952020.aspx

 

 

Revenue eBrief No. 196/20 – Temporary VAT measures relating to Covid-19 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1962020.aspx

 

 

Revenue eBrief No. 197/20 – Budget 2021 – Changes to the Value Added Tax rates on the supply of certain goods and services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1972020.aspx

 

 

Revenue eBrief No. 198/20 – Excise Duty Rates on Energy Products and Electricity Manual https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1982020.aspx

 

 

Revenue eBrief No. 199/20 – Customs Manual on Import VAT https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-1992020.aspx

 

 

 

 

NOVEMBER 2020

 

Revenue eBrief No. 200/20 – EU Mandatory Disclosure of Reportable Cross-Border Arrangements https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2002020.aspx

 

 

Revenue eBrief No. 201/20 – Guidelines for Agents or Advisors Acting on Behalf of Taxpayers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2012020.aspx

 

 

Revenue eBrief No. 202/20 – Research and Development Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2022020.aspx

 

 

Revenue eBrief No. 203/20 – ROS Support for the 2020 Pay and File Period, Extended Opening Hours and Income Tax Warehousing https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2032020.aspx

 

 

Revenue eBrief No. 204/20 – Tobacco products imported in passengers’ accompanied baggage https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2042020.aspx

 

 

Revenue eBrief No. 205/20 – Revenue Online Service – Pay and File 2020 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2052020.aspx

 

 

Revenue eBrief No. 206/20 – VAT Treatment of the Hiring of Means of Transport https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2062020.aspx

 

 

Revenue eBrief No. 207/20 – Import Duties Payment Methods https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2072020.aspx

 

 

Revenue eBrief No. 208/20 – VAT eCommerce Rules – 1 July 2021 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2082020.aspx

 

 

Revenue eBrief No. 209/20 – Return Filing Dates – Forms 11 and CT1 https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2092020.aspx

 

 

Revenue eBrief No. 210/20 – Automated Import System (AIS) Introduction https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2102020.aspx

 

 

Revenue eBrief No. 211/20 – Return of Values – Investment Undertakings https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2112020.aspx

 

 

Revenue eBrief No. 212/20 – Irish Real Estate Fund (IREF) Guidance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2122020.aspx

 

 

Revenue eBrief No. 213/20 – Surcharge on undistributed income of service companies https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2132020.aspx

 

 

Revenue eBrief No. 214/20 – Review of Opinions/Confirmations https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2142020.aspx

 

 

Revenue eBrief No. 215/20 – Professional Services Withholding Tax: Interim Refunds https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2152020.aspx

 

 

Revenue eBrief No. 216/20 – Country by Country reporting – updates to CbC User Guide and CbC XML Schema https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2162020.aspx

 

 

 

DECEMBER 2020

 

Revenue eBrief No. 217/20 – Capital Acquisitions Tax – valuation date, contingent events and qualifying expenses of incapacitated persons https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2172020.aspx

 

 

Revenue eBrief No. 218/20 – Omnibus Station Licence duty amended https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2182020.aspx

 

 

Revenue eBrief No. 219/20 – Guidelines on Irish Bankruptcy Procedures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2192020.aspx

 

 

Revenue eBrief No. 220/20 – Manual on Civil Aviation https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2202020.aspx

 

 

Revenue eBrief No. 221/20 – Income Tax Relief for Medical and/or Dental Insurance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2212020.aspx

 

 

Revenue eBrief No. 222/20 – Automated Import System (AIS) – manuals updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2222020.aspx

 

 

Revenue eBrief No. 223/20 – Filing Guidelines for DAC2-Common Reporting Standard (CRS) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2232020.aspx

 

 

Revenue eBrief No. 224/20 – DWT: Obligation on certain persons to obtain tax reference numbers https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2242020.aspx

 

 

Revenue eBrief No. 225/20 – Guidance Manual on Customs Simplified Procedures https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2252020.aspx

 

 

Revenue eBrief No. 226/20 – Large Corporates Division: Co-Operative Compliance Framework https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2262020.aspx

 

 

Revenue eBrief No. 227/20 – VAT Treatment of Guest and Holiday Accommodation https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2272020.aspx

 

 

Revenue eBrief No. 228/20 – EU mandatory disclosure regime (DAC6) – Updates to XSD file and User Guide https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2282020.aspx

 

 

Revenue eBrief No. 229/20 – Relief for investment in corporate trades https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2292020.aspx

 

 

Revenue eBrief No. 230/20 – VAT – Postponed Accounting https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2302020.aspx

 

 

Revenue eBrief No. 231/20 – VAT Treatment of Restaurant and Catering Services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2312020.aspx

 

 

Revenue eBrief No. 232/20 – Update on certain COVID-19 measures related to personal tax matters https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2322020.aspx

 

 

Revenue eBrief No. 233/20 – Transfers of assets, other than trading stock, within group (S.617) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2332020.aspx

 

 

Revenue eBrief No. 234/20 – Finance Act 2020 – VAT Notes for Guidance https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2342020.aspx

 

 

Revenue eBrief No. 235/20 – Filing Guidelines for DAC6 (EU Mandatory Disclosure of Reportable Cross-Border Arrangements) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2352020.aspx

 

 

Revenue eBrief No. 236/20 – Research and Development Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2362020.aspx

 

 

Revenue eBrief No. 237/20 – Guidelines for VAT Registration – with Postponed Accounting https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2372020.aspx

 

 

Revenue eBrief No. 238/20 – EU mandatory disclosure regime (DAC6) tax and duty manual updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2382020.aspx

 

 

Revenue eBrief No. 239/20 – Sea-going Naval Personnel Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2392020.aspx

 

 

Revenue eBrief No. 240/20 – Earned Income Tax Credit https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2402020.aspx

 

 

Revenue eBrief No. 241/20 – Collection of Customs Debt https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2412020.aspx

 

 

Revenue eBrief No. 242/20 – Customs Procedures – Manuals update https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2422020.aspx

 

 

Revenue eBrief No. 243/20 – Help to Buy (HTB) https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2432020.aspx

 

 

Revenue eBrief No. 244/20 – Section 56 Zero-rating of Goods and Services https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2442020.aspx

 

 

Revenue eBrief No. 245/20 – Childcare services relief updated https://www.revenue.ie/en/tax-professionals/ebrief/2020/no-2452020.aspx

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

In Revenue’s most recent guidance material outlining how cryptocurrencies transactions should be treated for Irish tax purposes (under Income Tax, Capital Gains Tax, Corporation Tax, VAT and Payroll), they formed the view that no special tax rules are required.  For further information please click the link: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-02/02-01-03.pdf

 

Cryptocurrencies are also known as virtual currencies and include the following:

• Bitcoin
• Ethereum
• Ripple
• Dash
• Litecoin

 

Ireland has its own cryptocurrency called “Irishcoin”.

 

 

One of the common questions arising is whether the profits or losses arising from cryptocurrency transactions are liable to Income Tax/Corporation Tax or if instead, they are subject to Capital Gains Tax.

 

In other words, it is important to keep in mind that there are different tax treatments for those trading in cryptocurrency and those investing in it.

 

If the cryptocurrency transactions are deemed to a trading activity then the profits are subject to Income Tax/Corporation Tax.  Capital Gains Tax, however, applies to gains arising from the disposal of cryptocurrency which is held as an investment.

 

 

Trading activity or investment?

 

This answer is determined by reference to what are known as the “Badges of Trade” as well as to related case law.

 

The ‘Badges of Trade’ are a set of indicators to decide if an activity is a trading or an investment activity and include the following:

 

1. The Subject Matter
2. Length of Ownership
3. Frequency of similar transaction
4. Supplementary work to enhance it or make it become more marketable
5. Circumstances for realisation

 

It is not essential that all the above “badges” be present for a trade to exist. When you examine all the badges present in the context of the activity carried out then it’s possible to ascertain if you are carrying out a trade in cryptocurrencies or investing in them.

 

Another way to look at this is to consider whether you are a passive or an active investor.

 

If you make a one-off purchase of a few coins that you retain in the hope the value increases then it would be fair to say you are a passive investor and any gain arising in the case of an individual, would be liable to Capital Gains Tax at 33% after offsetting any prior year and current year capital losses less the individual’s personal CGT exemption of €1,270.

 

If, however, there are multiple transactions taking place on a frequent basis, with a high level of organisation and a commercial motive (i.e. the aim of buying and selling the coins is to create/optimise profit) then it would be reasonable to consider yourself an active trader and any profits arising would be liable to Income Tax / Corporation Tax.  For example, profits derived from crypto mining activities carried on by an individual or a company, would be treated as trading profits and liable to Income Tax/Corporation Tax.

 

It is essential, therefore, that this should be correctly established by each taxpayer, given their own specific set of circumstances, from the very beginning, to avoid any costly errors further down the line.

 

As with all tax issues, it is vital to establish the residence and domicile of the investor.  Depending on the location of the cryptocurrency exchange, gains arising for non-resident individuals may be outside the scope of Irish tax.  Individuals who are Irish resident but non domiciled may be able to available of the remittance basis of tax.

 

 

 

What about VAT?

 

The Revenue Commissioners consider cryptocurrencies to be ‘negotiable instruments’ and therefore exempt from VAT.  This treatment applies to companies and individuals buying and selling cryptocurrencies.  Mining activities are also considered to be outside the scope of Irish VAT.

 

Financial services consisting of the exchange of cryptocurrencies for traditional currency are exempt from VAT where the company performing the exchange acts as the principal.

 

Value Added Tax, however, is due from suppliers of goods or services sold in exchange for cryptocurrencies. The taxable amount for VAT purposes should be calculated in Euro at the time of the supply.

 

 

 

What about Payroll Taxes?

 

Where an employee’s wages and salaries are paid in a cryptocurrency, the value of these emoluments for the purposes of calculating payroll liabilities is the Euro amount attaching to that cryptocurrency at the time those payments are made to the employee.

 

The amounts contained in returns made to Revenue must be shown in Euro.

 

 

Finally, as crypto currencies are traded on a number of exchanges, a reasonable effort should always be made to use an appropriate valuation for the transaction in question.

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so.. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

If you have recently moved to the UK and intend selling your home in Ireland, please be aware that even if you qualify for Principal Private Residence Relief (from Capital Gains Tax) under Section 604 TCA 1997 in Ireland you may not qualify for UK Private Residence Relief.  This article is aimed at individuals who have become UK resident and who are in the process of selling their Irish principal private residence.  In general, you do not pay Capital Gains Tax when you sell or ‘dispose of’ your home if all the following conditions apply:

• you have only one home and you’ve lived in this property as your main home for the entire time you’ve owned it
• you have not let part of it out (Please be aware that this does not include having a single lodger)
• you have not used part of the property for business purposes only
• the grounds, including all buildings, are less than 5,000 square metres in total
• you did not buy the property with the sole or main intention to make a gain

 

If all the above conditions apply you will automatically get a tax relief called Private Residence Relief.

 

Your period of ownership begins on the date you first acquired the dwelling house or on 31st March 1982 if that is the later date. It ends when you dispose of or sell the property.

 

The final 18 months of your period of ownership will always qualify for Private Residence Relief regardless of how you use the property during that time but providing the property has been your only or main residence at some point.

 

The following periods of absence are treated as periods of occupation for the purposes of calculating Private Residence Relief:

• Any periods of absence, for whatever reason, not exceeding three years in total
• Any period of absence when carrying out the duties of your employment outside the United Kingdom
• Any periods not exceeding four years in total which are due specifically to employment requirements.

 

In order for these periods of absence to qualify as “deemed occupation” there must be a time both before and after the absence when the dwelling house is the individual’s sole or main residence. It is important to keep in mind that absences due to the conditions of an employment will qualify for the Relief even if the individual does not return to the dwelling house afterwards provided the reason for not their returning is due to their contract of employment requiring them to live somewhere else.

 

Any period of absence which requires the individual to live in job/work related accommodation will qualify for Private Residence Relief if there is an intention to occupy the dwelling as a main residence at some point.

 

HMRC will, by concession, allow a period of up to one year before the individual begins to occupy the property as his/her principal private residence to be treated as a period of occupation provided the property is then occupied as his/her only or main residence. In exceptional cases, HMRC may extend this period to two years.

 

From April 2015, the PRR rules were amended so that a property may only be treated as an individual’s main or sole residence for a tax year where that person or his/her spouse/legally registered partner has either:

 

(a) been tax resident in the same country as the property for the tax year in question (For further information on residence rules please follows this link:  https://www.gov.uk/government/publications/residence-domicile-and-remittance-basis-rules-uk-tax-liability/guidance-note-for-residence-domicile-and-the-remittance-basis-rdr1) or

 

(b)  has stayed overnight in the property at least 90 times in that UK tax year.  Time spent in another property owned in the same jurisdiction/country can also be included in the ninety day count so that the total number of days in all properties in the territory in question are added together.

 

The new rules apply equally to a UK resident individual disposing of an overseas home as well as to a non-UK resident disposing of a home in the United Kingdom.

 

Finally, Lettings Relief may be available in circumstances where Principal Residence Relief is restricted because all or part of a property has been rented out.

 

This Relief is particularly important for individuals who, due to the current economic climate, experience difficulty selling their former home and, as a result, find they need to rent it out while they’re trying to sell it.

 

A maximum gain of £40,000 per owner is exempt from Capital Gains Tax provided that property has at some time been the main or only residence of the owner.

 

From 6th April 2020 there will be a change to this Relief whereby Lettings Relief will only be available in situations where the owner shares occupancy with the tenant.

 

 

 

For complete a complete UK Tax Advisory and Compliance Service, please contact us at queries@accountsadvicecentre.ie

 

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

Has your business incurred VAT costs in another EU member State between 1st January and 31st December 2018 ?

 

If the answer is “yes” then you should begin preparing your ‘EVR’ refund claim.

 

As you’re aware, if you are an Irish VAT registered business who has incurred VAT in another E.U. state, you can’t reclaim this VAT in your Irish VAT 3 Form.  Instead, you must submit an online claim through the Electronic VAT Refund (EVR) service.

 

This EVR claim is made via the tax authorities’ portal in the trader’s own country.  In other words, an Irish VAT registered business must submit its application to the Irish Revenue Authorities via ROS.

 

It is the responsibility of the Irish Revenue Authorities to then forward the EVR claim to the E.U. state in question to process the refund.

 

The EVR application must include the following:

• The Supplier’s details
• The Country
• Import information
• The VAT details
• Details regarding the type of supply made
• In some member states invoices may need to be included with the claim.

 

The EVR application must be filed on or before 30th September 2019 in relation to VAT incurred between 1st January and 31st December 2018.

 

The refund payment will be made by electronic funds transfer (EFT) to the bank details provided in the claim.

 

A maximum of five applications can be made via the EVR  in a calendar year.  The refund period can’t be greater than one calendar year (i.e. 1st January to 31st December) and it can’t be less than three calendar months except in circumstances where the application is in relation to the last quarter of the year.

 

It is not possible to amend a claim to increase a VAT refund.

 

Please be aware that EVR reclaims are governed by the VAT recovery rules of the E.U. member state to which the claim relates.  In other words, if you are an Irish VAT registered business making an EVR reclaim in, say, France then you must comply with the French VAT rules and not the Irish rules.

 

If, however,  you are registered or have an obligation to register for VAT in a particular EU member state then, any reclaim of VAT incurred there must be made directly to the tax authorities of that particular E.U. jurisdiction.

 

 

For further information, please click on to the link:

https://www.revenue.ie/en/vat/reclaiming-vat/irish-vat-registered-traders-reclaiming-vat-from-european-union-eu-member-states.aspx

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D. delivered Budget 2019 today, 9^th October 2018.   From 1st January 2019 there will be a considerable number of tax changes in relation to Business Tax, Income Tax, Employment Taxes, Property and Construction, VAT, Agricultural Sector and Capital Acquisitions Tax.

 

 

PERSONAL TAX

A number of changes aimed at easing the tax burden on low and middle income earners were announced in this year’s budget which include the following:

 

 

INCOME TAX

The income tax standard rate band will increase by €750 for a single earner.

 

This will raise the entry point to the 40% income tax rate

a)      from €34,550 to €35,300 for single earners and

b)      from €43,550 to €44,300 for married couples (with one earner).

 

The marginal rate of tax on income on earnings up to €70,044 per annum is now 48.5%.

 

The marginal rate of tax for those earning over €70,044 will remain at

a)      52% for employees and

b)      55% for self-employed individuals earning in excess of €100,000.

 

 

BENEFIT IN KIND

The 0% rate on BIK on electric cars has been extended to 2021 subject to a €50,000 cap in car value.

 

 

UNIVERSAL SOCIAL CHARGE

There will be a reduction in the third band of USC from 4.75% to 4.5%.

There will be an increase of €502 in the existing lower band of USC. This is worth a maximum of €139 per annum.   In other words, the band to which the 2% USC rate applies will be increased from €19,372 to €19,874.

 

 

TAX CREDITS

There will be a €200 increase in the Earned Income Credit for the Self Employed from €1,150 to €1,350.

There will be a €300 increase in the home carer credit from €1,200 to €1,500.   This credit can be claimed by a jointly assessed couple where one spouse/civil partner works in the home to care for children or other dependents, as defined.

 

 

PRSI

The weekly income threshold for the higher rate of employer’s PRSI will be increase from €376 per week (€19,552 per annum) to €386 per week (€20,072 per annum).

There will be a 0.1% increase in employers’ PRSI in 2019 from 10.85% to 10.95% and from 10.95 to 11.05% in 2020.

 

The National Training Fund Levy will increase from 0.8% to 0.9% from 1^st January 2019. The levy forms part of employer’s PRSI for Class A and Class H employments.

 

 

 

BUSINESS TAX

The corporate rate remains at 12.5%, as expected. A number of Business Tax Reliefs were amended as follows:

 

Key Employee Engagement Programme (KEEP)

There are Increases to the KEEP scheme. The scheme provides for tax relief for certain share remuneration provided to key employees by unquoted SMEs. The three separate amendments are as follows:

1. The ceiling on the maximum annual market value of shares that can be awarded must equate to the full amount of the employee’s salary.
2. A replacement of the three-year limit with a lifetime limit.
3. An increase in the value of shares granted under the scheme from €250,000 to €300,000.

 

Further clarification on these measures is expected in the forthcoming Finance Bill.

 

 

Film Relief

Film relief which was due to expire at the end of 2020, has been extended until 2024.

 

 

Three Year Start Up relief

The Start up Relief from corporation tax has been extended until end of 2021.

 

 

Controlled Foreign Company (CFC) rules

Controlled foreign corporation rules are to take effect from 1^st Jan 2019.

 

 

Capital Gains Tax Exit Tax

CGT Exit Tax at 12½% is to apply from midnight on 9th October 2018 for companies ceasing to be Irish tax resident on any unrealised capital gains arising as well as in situations where the company transfers assets out the State.  This new exit tax regime is to ensure compliance with the EU Anti-Tax Avoidance Directive (ATAD) by 1^st January 2020.

 

 

 

AGRICULTURAL SECTOR

 

Income averaging

The Minister has proposed removing the restriction on income averaging for farmers with income from a non-farming source.

 

The current situation is that where a farmer or his/her spouse

a)      carries out another trade or profession or

b)      owns more than 25% of the share capital of a trading company

then they cannot avail of the income averaging provisions.

 

 

Stamp Duty Relief for Young Trained Farmers

The Young Trained Farmer Stamp Duty Relief which was due to expire at the end of 2018 will be extended for a further three years to 31^st December 2021.

 

 

Stock Relief

The current stock relief measures will be extended for a further 3 years up to and including 31^st  December 2021.

 

 

 

PROPERTY TAX

 

Interest relief for landlords

Interest relief on loans used to purchase, improve or repair a rental property will be increased from 85% in 2018 to 100% in 2019.

 

 

Review of local property tax

Any future changes will be moderate and affordable.

 

 

 

 

INDIRECT TAX

The Minister confirmed that the reduced 9% VAT rate which applies to certain tourism activities will be increased 13½% from 1^st January 2019.

 

The 9% VAT rate which applies to the provision of facilities for taking part in sporting activities is being retained.

 

The 9% VAT rate which applies to certain printed matter  will also be retained, e.g. newspapers

 

The VAT rate on e-books and electronically supplied newspapers will be reduced from 23% to 9% with effect from 1^st January 2019.

 

 

 

 

CAPITAL ACQUISITIONS TAX

 

CAT Threshold

The CAT Group A tax free threshold has been increased to €320,000 for gifts and inheritances received on or after 10^th October 2018.

Group A generally applies to gifts and inheritances from parents to their children.

 

 

 

Additional Measures

• The VRT relief available for hybrid vehicles including plug-in electric hybrids is being extended for one year i.e. until 31^st December 2019.
• A 1% VRT surcharge will apply to diesel engine passenger vehicles registered in Ireland from 1^st January 2019.  This VRT rate is being introduced across all VRT bands.
• Betting Duty on bets entered into by a bookmaker with an individual in Ireland will be increased from 1% to 2% effective from 1^st January 2019.
• From 1^st January 2019, the duty on commissions earned by betting exchanges or intermediaries which are used by persons in Ireland will be increased from 15% to 25%.
• The measure to allow accelerated capital allowances for employer provided fitness and childcare facilities, as introduced by Finance Bill 2017, will now take effect from 1^st January 2019.
• An accelerated capital allowances scheme will be introduced for refuelling equipment and gas propelled vehicles.

 

 

 

 

For further information, please click:

https://www.oireachtas.ie/en/debates/debate/dail/2018-10-09/3/

 

https://www.gov.ie/en/department-of-public-expenditure-ndp-delivery-and-reform/collections/budget-2019/

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

 

 

On 27^th February 2018, the Germany‘s Federal Ministry of Finance (MOF) issued guidance clarifying the VAT treatment of bitcoins and other “virtual currencies”   by confirming that the German Tax Authorities will not impose VAT on cryptocurrency which is used as a form of payment.

 

It determined that although transactions to exchange a traditional currency for a virtual currency and vice versa were deemed to be a “taxable supply” these transaction are considered to be VAT exempt.

 

The guidance confirms that Germany will not impose a VAT charge in circumstances where the virtual currency is a substitute for a traditional currency and is used merely as a form of payment.

 

This guidance is in line with the ruling of the Court of Justice of the European Union (CJEU)— Hedqvist (C-264/14, 22^nd October 2015).

 

 

 

For further information, please click the following links:

 

https://taxation-customs.ec.europa.eu/taxation/vat/vat-directive/vat-exemptions/exemptions-without-right-deduct_en

 

 

https://curia.europa.eu/juris/liste.jsf?num=C-264/14

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.