TAXATION
Taxation News

Taxation News

UK Import Controls: The Border Target Operating Model (TOM)
New UK customs and SPS rules came into effect between Tuesday 30 January and Wednesday 31 January, as part of the Border Target Operating Model.

There are 3 important changes that will apply to Irish traders:

  • Pre-notification requirements for live animals, animal products and high and medium risk category plant products;
  • Full customs controls;
  • Health certification on medium risk animal products, plants, plant products and high risk food and feed of non-animal origin.

The new rules will impact you if you export goods to Great Britain or via the UK landbridge to the rest of Europe.

Revenue launches information campaign for PAYE taxpayers
Revenue recently published a range of statistics on PAYE for 2023. These statistics show that over 472,000 PAYE Income Tax Returns have been processed for 2023, an increase of almost 30% on the same period last year.

Approximately 275,000 of the returns filed to date resulted in an overpayment of tax.

Among the key tax credits and reliefs claimed by PAYE taxpayers are the rent tax credit and health expenses. Revenue also reminds PAYE taxpayers that they need to tell Revenue about any additional income which has been earned outside the PAYE system.

Revenue publishes headline results for 2023
On 5th January 2024, Revenue published preliminary results for 2023, including tax and duty collected, services provided to customers, timely compliance rates and yield from a range of compliance and enforcement interventions.

2023 saw record tax receipts with Revenue collecting €87.2 billion in taxes and duties for the Exchequer. In addition, Revenue collected over €26 billion on behalf of other Departments, Agencies and EU Member States.

The record receipts for 2023 was underpinned by high timely compliance rates across all taxes. This reflects very positive engagement by businesses, individual taxpayers and agents with their tax compliance obligations. Revenue supports this culture by providing a wide range of services to make it as easy as possible for taxpayers to pay the right amount of tax at the right time, while also confronting and tackling non-compliance in all its forms.

The identification, targeting and disruption of shadow economy and other illegal activity such as smuggling, continues to be a key focus for Revenue.

In 2023, Revenue seized almost 70 million cigarettes valued at over €55 million, and a record breaking 9,085 kilos of drugs with an estimated value of almost €302 million.

Farming Taxation Guidance updated
The Tax and Duty manual – Stock relief- young trained farmers – has been updated to reflect an increase in the maximum amount of relief that may be granted under sections 667B(stock relief) and 667D(relief for succession farm partnerships) TCA 1997 and section 81AA Stamp Duties Consolidation Act 1999 (“SDCA”) to €100,000.

Tax and Duty Manual – Taxation issues for Registered Farm Partnerships- has been updated as follows:

  • To reflect an increase to €20,000 in the maximum cash equivalent of relief a partner is entitled to receive over a 3 year period.
  • To include new content at section 2.1.2. regarding Regulation (EU) No.1408/2013 which deals with de minimis aid in the agriculture sector and sets out the maximum de minimis aid available to any individual farmer.

Tax and Duty Manual – Tax credit for succession farm partnerships has been updated to provide for an increase in the maximum amount of relief that may be granted under sections 667D (relief for succession farm partnerships) and 667D(stock relief) TCA 1997 and under section 81AA SDCA to €100,000.

Stamp Duty guidance updated
The Stamp Duties Consolidation Act 1999 (“SDCA”) has been updated to reflect certain amendments to the SDCS by Finance (No.2) Act 2023, which was signed into law on 18 December 2023.

VAT Return of Trading Details
A new Tax and Duty Manual VAT Return of Trading Details has recently been published to provide assistance to filers submitting the annual VAT Return of Trading Details (RTD). Guidance is included about the sections of the return, amending a VAT RTD, compliance measures and to address specific queries raised about VAT RTD Filing.