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.

Source: www.revenue.ie

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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Source: www.businesspost.ie