TaxFax

Keeping You Informed on Tax

Friday, 27 July 2012

Irish News

Important Update on Proposals for iXBRL Filing
At a meeting this week Revenue clarified a number of important points in relation to the proposals for iXBRL filing of accounts.


Go-live Date is 23 November
The planned release date for optional transmission of financial accounts through iXBRL is 23 November 2012 for corporates. Sole traders will be able to file accounts through iXBRL from January 2013.


Date for Mandating LCD Filings Confirmed
iXBRL filing of accounts, for LCD taxpayers, will be mandatory for filings received from 1 October 2013*. If the accounting year-end of the LCD company is 31 December 2012, the company can either:

  • file accounts by 23 September 2013 as normal, without having to use iXBRL or
  • choose to use iXBRL in which case they can avail of an extended deadline for filing the accounts of 1 October 2013,by concession.

*iXBRL filing will not be available for periods ending prior to 1 January 2012.

 

In our submission on iXBRL , the Institute raised practical concerns about the initial proposal of a commencement date of September 2013 for LCD cases, given the large number of companies with December year- ends who would be getting to grips with iXBRL for the first time. We welcome the change in the commencement date.


Practical Issues on Filing
Those who file accounts through iXBRL on an optional basis will be able to disregard completion of the accounts menu on the tax return, so as to avoid duplication.  Revenue is looking at the practicalities of implementing this option.


Revenue is also looking at appropriate carve outs for dormant company filings.


Upcoming Seminars
The Institute will provide further updates on iXBRL in the coming months.  In addition, Revenue and Business Reporting Ireland Ltd are running seminars across the country this September on iXBRL filing. For information on locations/dates and how to book your place see our website.
 

Institute Hosts Receivership Forum
The Institute held a forum, yesterday evening, to obtain members’ views and feedback on the consultation paper issued by the Department of Finance on the tax treatment of receiverships. Should members have further feedback they wish to provide on the paper’s proposals please contact Mary Healy at mhealy@taxinstitute.ie

Property Tax to be Collected by Revenue – Media Reports
It has been reported in the media that the Cabinet at its final meeting before the summer recess agreed that Revenue will collect the new property tax. How much the tax will be and how it is to be calculated, is expected to be considered by Government early after the summer break. 

Irish Tax Institute President, Bernard Doherty discussed the issue of property tax on RTE's This Morning program on Monday.

Revenue Note Facility to Pay Tax Via Credit Card on ROS
Revenue notes that a facility to pay tax by Credit card (VISA/MasterCard) using ROS is now available. A transaction charge, of 1.49% of the value of the payment applies. Revenue also notes that Debit, Laser and Credit card details are now validated on ROS in real time. Read more on this in Revenue’s latest eBrief.

Revenue Update FAQs on USC
Revenue has updated their FAQs on the USC to clarify that:

  • Income receivable by an individual under a Deed of Covenant is liable to the USC.
  • Treaty relief is available for the USC.

Access the updated FAQs.
 

ROS Downtime Scheduled for Monday Evening
Some ROS services will be unavailable for a time on Monday evening.  For more information click here.

Revenue Publish Helpsheet on Completing a Form 11
A helpsheet on completing the Form 11 for 2011 is now available here.
 

Leaflet on Mortgage Interest Relief Available
A useful leaflet on mortgage interest relief can be accessed on Revenue’s website
 

Betting (Amendment) Bill 2012 Published
The Betting (Amendment) Bill 2012 has been published. Upon publication of the Bill, Minister for Finance, Michael Noonan T.D stated that “This bill, once enacted, will allow for the extension of betting duty to remote bookmakers and will ensure that all bookmakers activities offered in the State are taxed equally”. To access the press release and the Bill click here.
 

EU News

HMRC Launch Consultation Paper on Tax Avoidance
A consultation paper entitled “Lifting the Lid on Tax Avoidance” has been published by HMRC. It includes proposals to revise and extend the DOTAS regime, for example:

  • To impose a more detailed reporting obligation for promoters.
  • Give HMRC stronger powers to force promoters to tell them about avoidance schemes and who is using them
  • Impose a personal obligation upon an individual, alongside that of a firm, to ensure the DOTAS obligations are complied with.
  • Revise and extend the DOTAS “hallmarks”.

The consultation document is available on the HMRC website.

A speech by UK Exchequer Secretary David Gauke MP on the launch of the consultation paper is available here.
 

European Commission Examining Maltese Tonnage Tax Scheme
The European Commission has opened an investigation to examine whether the Maltese tonnage tax scheme is compatible with EU state aid rules. Read the press release.
 

Institute News


Irish Tax Series 2012 – Your One-Stop-Shop for Tax Publications
Members are ensuring they have their 2012 titles at their fingertips for the busy autumn season – make sure you have yours by placing your order here.

 

Conference for Recently Qualified AITI Chartered Tax Advisers (CTA) – book your place now!
This hugely popular conference takes place on Thursday 13 September 2012 in the Alexander Hotel, Dublin 2 and Online.

  • Stay abreast of the current issues across all tax heads
  • Flex your technical muscles – keep all areas fresh
  • Rated 4.5 out of 5 in 2011 and 2010

This conference will provide members with 7 hours CPD for just €150, or €130 online. To book your place click here
 

Best wishes to our Guest Speaker Caitriona Jennings, AITI Chartered Tax Adviser (CTA) who is competing in the Women’s Marathon in the London 2012 Olympics.


Institute Launches Certificate in Tax-Policy Making
The Institute is launching a prestigious Certificate in Tax Policy-Making this September.  Participants will hear from expert Irish and international speakers on a range of policy issues for Ireland.  As governments and decision-makers prepare to make key tax decisions this autumn, attendees will gain a unique insight into the policy-making process.  Click here for further details and information on how to book your place.  An early-booking discount applies before Friday 3 August.


Find a Job Service – Tax Opportunities
Wide-ranging job opportunities have been added to our website in July including:

  • International Tax roles
  • Tax practice roles – Trainee, Manager & Senior levels
  • Corporate sector roles

Click here for more information.


CPD 2011 Declaration – Reminder
Members are reminded to complete their CPD 2011 declaration online.  Please note that only those members who have completed the CPD declaration and complied with the CPD requirements can continue to use the new designation ‘AITI/FITI Chartered Tax Adviser (CTA)’.  The Institute updated its CPD guidelines following the introduction of the new “AITI/FITI Chartered Tax Adviser (CTA)” designation.  To access the CPD guidelines click here.

We have also provided answers to some Frequently Asked Questions on CPD on our website. 


You can make your CPD declaration for 2011 by accessing the ‘myiti’ area of the website.


For assistance and information in relation to the use of the new brand click on

Dates For Your Diary

Event: Transfer Pricing - The Master Class & Global Conference 
Keynote Speaker is: Marlies de Ruiter, Head of OECD’s Tax Treaty, Transfer Pricing and Financial Transaction Division
Date: 24-26 October 2012
Location: The Gibson Hotel
Cost: 1 day - €800 2 days - €1,490 & all 3 days - €1,950
CPD: Up to 22 hours
To book online click here


Event: Conference for Recently Qualified Members
Speakers: Various – see full brochure here
Date: Thursday 13 September 2012
Location: Alexander Hotel, Dublin 2 & online
Cost: €150 or €130 (online)
CPD: 7 hours
To book online click here 
 

header bg