Taxation News

Taxation News

VAT treatment of the Special Flat-rate scheme for Farmers
A new Tax and Duty Manual (TDM) has been published to provide guidance with regard to the VAT treatment of the Special Flat-rate scheme for Farmers.

In addition, TDM Farmers and intra EU Transactions has been marked as no longer relevant.


Accelerated Capital Allowances for Energy-Efficient Equipment
Tax and Duty Manual Part 09-02-04 – Accelerated Capital Allowances for Energy-Efficient Equipment – has been updated to reflect an amendment made by Finance Act 2021 to the scheme of accelerated wear and tear allowances available under section 285A TCA 1997.

Capital expenditure incurred on or after 1 January 2022 on equipment operated on fossil fuel (other than equipment operated on electricity generated using such fuel) does not qualify for accelerated allowances.


Movement of excisable products manual updated
Following on from amendments to the Finance Act 2003 made under section 43 of the Finance Act 2021 including the introduction of the Certification System for Small Alcohol Producers by section 78B of the 2003 Act and changes to sections 77(c) and 77(d) of that Act regarding Denatured Alcohol the following Tax and Duty Manuals have been updated.

  • The Movement of Excisable Products Manual
  • The Administration & Control of Tax Warehouses Manual Part 2 – Breweries, Micro-Breweries and Cider Manufactures
  • The Alcohol Products Tax and Reliefs Manual
  • Guidance is also provided regarding the judgement given in the Y GmbH case (C668/20) concerning alcoholic products used in the flavouring of foodstuffs.


Donohoe to look again at corporation tax risks ahead of Budget 2023
Paschal Donohoe has ordered his officials to carry out a fuller examination of Ireland’s reliance on corporation tax receipts, which several high-profile economists have warned represents a threat to financial stability.

The finance minister has asked officials to analyse the situation “more comprehensively” in advance of Budget 2023.

In correspondence with Sebastian Barnes, the head of the Irish Fiscal Advisory Council (Ifac), Donohoe said the “resilience” of Ireland’s record corporation tax take was facilitating a “significant increase” in public investment while at the same time setting the country on course to record a financial surplus this year.

“However, the strong performance of corporation tax also increases the risk of relying on volatile and unpredictable receipts to fund permanent increases in expenditure,” he added.

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