The Irish Revenue has issued an eBrief to clarify how "normal tax rules" apply to transactions involving cryptocurrencies. For VAT purposes, the Revenue, taking into account a European Court of Justice ruling, regards Bitcoin and similar cryptocurrencies as "negotiable instruments" and therefore exempt from VAT.
Tag - Ireland
Government tax receipts in Ireland were marginally below target in February on account of less than expected VAT numbers, which the Department of Finance has linked to monthly VAT rebates.
The Irish Government is targeting a 7% increase in revenue over 2017's tax take.
Following mounting pressure from campaigners, Facebook has agreed to make voluntary changes to its tax structure, so that it pays tax in the country where profits are earned, rather than re-routing it via its Irish headquarters.
The change comes following revelations of tax avoidance schemes by multinationals which has subsequently led the EU to look at ways of taxing digital giants such as Facebook who book profits in low tax countries like Ireland.
Following recent concerns that the reduced rate for tourism may have been scrapped in the 2018 budget, the Irish hotel industry have expressed huge relief that the VAT rate remains intact.
The reduced rate of 9% has been the focus of debate when reports revealed that the low rate was not reflected in hotel room prices. This was particularly notable in Ireland’s capital Dublin where, hotel room prices are some of the highest in Europe whilst the VAT rate remains one of the lowest.
Ahead of drawing up the next Budget, officials from the Irish Finance Department have published a paper which includes a consideration on the implications of Brexit for Ireland's tax system.
The Irish Small and Medium Enterprises Association (ISME) has urged the Government to cut VAT and improve the income tax and capital gains tax (CGT) regimes as part of the Budget in 2018.
The arrangements for collecting the alleged state aid involved in the EU Apple tax investigation should be in place before the end of the year, according to a briefing by the Irish Finance Department.
The Department of Finance in Ireland has advised the new Finance Minister - Paschal Donohoe - that the reduced VAT rate for the hospitality sector has “done its job”. They further advise that a return to the official reduced rate of 13.5% would yield an estimated €500 million per annum.
The EU is putting pressure on Ireland to recover the €13 billion in tax benefits it is owed by Apple, although both parties dispute this figure. The original deadline for this payment was in January and an EU commission spokesman has said Ireland “must demonstrate progress on recovery”...
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