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Finance Bill 2012 - Your Tax Implications
This Finance Bill is a big one, all 279 pages of legislation. Unlike the rushed "bikini" Act last January, this one has taken time to deal with some administrative anomalies that have been on the long finger for some time now. Of note is the welcomed incentive to attract key employees to locate in Ireland. To get the projects to Ireland we need the champions to come here and not go to other more tax friendly locations that offer deals on their income tax burden. The initiative is sure to be criticised by some but not those who are employed and get employment from the new projects, they will probably not care how much tax their boss is paying. Taxand Ireland considers the Finance Bill and the implications to the taxpayer.
As in previous years, the bomb shells tend to now get dropped in at the last minute so there is little time to debate them, so watch out for the committee stage and report stage amendments.
And finally, perhaps our legislators do actually read their history and concerned that the peasants will rise up due to the price of bread, they have decided not to follow the French advice to "let them eat cake" but rather to change the acceptable sugar content of bread for VAT purposes and ensure that our favourite breads remain at the 0% VAT rate.
Taxpayers would be prudent to keep informed about further announcements coming in the near future after the committee stage and report stage amendments. This will ensure they are fully informed to take the correct decisions in regards to their tax situation.
Your Taxand contact for further queries is:
T. +353 1 639 5138