The Institute of Chartered Accountants in Ireland (ICAI) said on Monday that the proposed changes to the Finance Bill at the Committee Stage contain some worthwhile initiatives, particularly those changes relating to the remittance basis of taxation and the Film Scheme.
According to the ICAI the committee amendments include new tax incentives targeting the knowledge economy. These will apply a reduced tax rate on profits and gains arising from investments in high tech start-up enterprises.
In addition the re-introduction of the remittance basis of taxation, in a highly targeted way, should encourage senior knowledge workers and managers to locate and work in Ireland, said the ICAI.
The film industry will also gain an extension of the Film Scheme relief under the committee amendments. The investment threshold is to be increased to EUR50,000, and the effective amount of the tax reduction is also being increased.
However, the ICAI has expressed disappointment regarding Revenue Investigation procedures, which must undergo a review to move into line with the European Convention on Human Rights.
The ICAI feels that some of the fixes do not go far enough and do little to improve Revenue Investigation practices such as those used for the Offshore Assets Investigation which have been very successful. “More care should be taken to preserve what works. The new legislation could make taxpayers more reluctant to come forward voluntarily to Revenue to disclose errors,” said ICAI Director of Taxation Brian Keegan.
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