Relevant Contract Tax RTC to be introduced in 2012
New Relevant Contracts Tax (RCT) system to be introduced in 2012
Work is well advanced on developing a new system, which is expected to be introduced on 1 January 2012. It will be subject to a commencement order to be signed by the Minister for Finance.
These changes will affect all principal contractors and subcontractors performing relevant operations in the construction, forestry and meat processing sectors.
If you have ceased as a principal contractor you should contact your local Revenue district immediately to cancel your registration. If however, you are continuing to operate as a subcontractor, please advise your Revenue district that you are applying for cancellation as a principal only.
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New Vat Rate Ireland 2011
The new reduced VAT rate of 9% for certain goods and services came into effect on 1st July and will remain in force until 31st December 2013. The reduction in the VAT rate mainly impacts on tourism and leisure related activities.
Goods and Services at the 9% rate:
- the supply of food and drink (excluding alcohol and soft drinks) in the course of catering or by means of a vending machine
- hot take-away food and hot drinks
- hotel lettings, including guesthouses, caravan parks, camping sites etc
- admissions to cinemas, theatres, certain musical performances, museums, art gallery exhibitions
- amusement services of the kind normally supplied in fairgrounds or amusement park services
- the provision of facilities for taking part in sporting activities by a person other than a non-profit making organisation
- printed matter e.g. newspapers, brochures, leaflets, programmes, maps, catalogues, printed music (excluding books)
- hairdressing services (beauty treatments remain liable at the 13.5% rate).
Will I lose Unused Section 23 Property Relief
Is there a way to protect all capital allowances on your section 23 property for future use? Maybe, so
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It is estimated that over 33,000 properties in Ireland remain eligible for Section 23 relief. Figures indicate that the remaining allowances on these schemes is costing the taxpayer €400m per annum. In light of the current financial woes, the Government put forward proposals in Budget 2011 to restrict and eliminate property allowances and Section 23 relief.
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O'Kelly Sutton
