Tax Insight

Businesses are responsible for ensuring the correct taxes are deducted from their employees’ pay and reported through the PAYE system. The landmark Supreme Court judgment, delivered in October 2023, in Revenue Commissioners v Karshan (Midlands) Ltd. t/a Domino’s Pizza has led to updates in Revenue Guidelines to reflect the five-step decision-making framework that must be used to determine whether a person is employed under a contract of service (employee) or […]

In September 2023, the Minister for Finance, Michael McGrath T.D., committed to introducing a participation exemption for foreign dividends in Finance Bill 2024. With the introduction coming into effect from 1 January 2025, the Department of Finance has sought feedback on the matter. On 8 May, the Institute responded to the Department’s Feedback Statement and we identified a number of elements of the Strawman Proposal for a Participation Exemption we […]

On 5 February 2024, the Minister for Finance announced that the interest rate applying to tax debt in the Debt Warehousing Scheme, which was introduced in May 2020, is reduced to 0%. Revenue subsequently confirmed that it would adopt a flexible approach to payment of the debt, having regard to the circumstances of a business. To avail of the 0% interest rate, businesses need to engage Revenue by 1 May […]

The Institute submitted its Pre-Budget 2024 Submission to the Minister for Finance, Michael McGrath T.D., on 30 June. In the submission, we highlight the changes the Government must make to the tax system to strengthen the resilience of the economy. While retaining and attracting foreign direct investment (FDI) will continue to be key part of a balanced and sustainable growth strategy, building productivity and innovation in the indigenous sector must […]

In a press release today, the Government announced the latest cost-of-living package worth €1.2 billion, of which, €470 million will be allocated to social welfare measures, following approval by Cabinet. We outline below the main measures announced by the Government today. Extension to the Temporary Business Energy Support Scheme The Temporary Business Energy Support Scheme (TBESS) will be extended past its current end date of 28 February to 31 May […]

The relationship between tax and politics can be tricky for governments which we saw last September. The 550 page Foundations for the Future Report, published by the Commission on Taxation and Welfare, caused quite a stir with its far-reaching recommendations on inheritance taxes and other capital taxes proving particularly controversial. Now that the dust has settled, we ask what are the prospects for reform of our tax system and is […]