Revenue confirms claims of almost €40m were made under the Charities VAT Compensation Scheme
The new VAT compensation scheme which was enacted in 2018 which aims to lessen the VAT burden on charities has resulted in a large uptake on claims. Revenue has announced that over 1,100 claims have been made under the scheme.
A number of Revenue Manuals have been updated.
- Compensation payments in respects of Personal Injuries( Exemption of investments income) Revenue has provided supplementary guidance in Chapter 2 in respect of how an individual maintains themselves when earning a living.
- Tax matters relating to the Companies Act 2014 A new tax and duty manual has been created to give additional guidance in respect of the Companies Act 2014. The guide focuses on shedding more light in the areas of tax administration, compliance, and mergers.
- Income tax implications for landlords with buy-to-let mortgages who receive tracker mortgage redress payments from lenders Confirms that buy-to-let mortgage holders who receive compensation under the Central Bank's Tracker Mortgage Examination have no tax liabilities or filing obligations in current or prior years, arising from such payments.
The pilot programme the European Innovation Council (EIC) which aims to scale up innovative companies has announced that a number of Irish companies will receive funding. The exciting new programme which has a proposed budge of € 10 billion is set to become fully operational by the year 2021.