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Ireland Consults On Taxation Of Micro Enterprises

by Jason Gorringe, Tax-News.com, London

07 December 2012


Irish Finance Minister Michael Noonan has launched a consultation on proposals to simplify the accounting and profit calculation regime for micro businesses.

The consultation was first announced in Noonan's Budget speech on December 5, and the relevant documents have now been released. It is being jointly co-ordinated between the Revenue Commissioners and the Department of Finance.

When the coalition government first formed in March last year, it included in its program for government a commitment to examine the feasibility of introducing a Single Business Tax for micro enterprises. Micro enterprises are classified as those with a turnover of less than EUR75,000 (USD97,776). The new tax would be designed as revenue neutral and would replace all the existing taxes on sole traders and small businesses. The aim is to slash compliance costs and incentivize business creation.

When the government reviewed its annual progress in March this year, it found that the measure could not be delivered in the form intended. According to Noonan, the current consultation focuses on the rationale behind the original commitment but will look at the the options around introducing a simplified accounting and profit calculation regime for micro businesses. The proposals therefore focus on unincorporated entities, namely sole traders and the self-employed.

The consultation will run until February 28, 2013.

TAGS: tax | small business | business | Ireland | accounting | tax authority | micro business | tax reform

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