taxworld update 17 August 2023 - amazing new features

This is just to let you know what's been updated on www.taxworld.ie in July 2023. Apart from being able to answer questions and write client letters in relation to income tax, corporation tax, capital gains tax, VAT, capital acquisitions tax, stamp duties, vacant homes tax, residential zoned land tax, and the defective concrete products levy...

Ezylia can now answer questions relating to customs and also excise!

What is natural gas carbon tax and what are the rates?

Natural Gas Carbon Tax (NGCT) is a tax imposed on the carbon content of natural gas. The rate of NGCT is proportionate to the amount of CO2 emitted when natural gas is combusted. The supplier of natural gas is liable for the payment of this tax. A liability to the tax arises when natural gas is supplied in the State by a supplier to a consumer. Self-supply of natural gas for a supplier’s own consumption is also liable.

The rates for Natural Gas Carbon Tax are as follows:

• For the period from 01/05/2022 to 30/04/2023, the NGCT rate per MWh is €7.41 when supply is measured at Gross Calorific Value (GCV) and €8.22 when supply is measured at Net Calorific Value (NCV). The GCV to NCV Rate Conversion Factor used is 0.9017.
• From 01/05/2023 onwards, the NGCT rate per MWh will be €8.77 when supply is measured at GCV. The GCV to NCV Rate Conversion Factor remains the same at 0.9017.
• When measured at Net Calorific Value, the Non-Carbon Component ‘A’ is €0.65 per MWh, the Carbon Component ‘B’ is €9.73 per MWh, making the Total Rate (‘A’+’B’) €10.38 per MWh.
• When measured based on gross calorific value, the rate is €8.77 per MWh and when measured based on net calorific value, the rate is €9.73 per MWh.

What steps do I need to take to get a publican's licence?

To get a Publican’s Licence, you need to follow these steps:

1. Submit your court certificate to the National Excise Licence Office along with the completed application form. The application requires signature by the licensee if you’re a sole trader, one of the partners if it’s a partnership, or the company secretary or a director of the company in the case of an incorporated firm.
2. Once your application form is received, a copy will be forwarded to the Revenue Office where your premises is established. If the Revenue office approves your application, they will issue you with a First Time Application Notice. This notice invites you to complete your application and pay for your licence.
3. All licensees require tax clearance and, in certain cases, a Short Certificate of Incorporation and a Certificate of Registration of Business Name. Revenue will automatically check your tax clearance status before issuing the licence.

Please note that the waiver of Excise Duty on on-trade liquor licences will not be extended to renewals in 2022.

What are the customs rules relating to moving to live in Ireland from outside the EU?

If you are moving from outside the European Union (EU) to take up your normal residence in Ireland, you may be able to claim relief from Customs Duty and Value-Added Tax (VAT). This relief applies to imports of certain personal property, including used clothing and household effects, including those of members of your household.

However, there are certain conditions you must meet:

1. Duty and tax must have been paid on the goods in the country of purchase.
2. You must have had possession of, and used, the goods for a minimum period of six months, or 12 months in the case of goods acquired duty-free by diplomats and members of international organisations, before the date you move to Ireland.
3. You must have lived outside the EU for a continuous period of at least 12 months before the date you move to Ireland. However, you may qualify if you can prove that you intended to live outside the EU for a continuous period of at least 12 months.
4. You must import the goods within six months before, or 12 months after, the date you move to Ireland. If the importation takes place before you move to Ireland, you must agree to reside in the State within six months of the importation.

Small consignments may be examined at the place of importation. Larger consignments may be examined at your premises, or other suitable location. You must apply in writing for this to Revenue at the point of importation. Any cost arising is your responsibility.

Upcoming AI webinar 09:30 8 September 2023 - One hour CPD - free!

Meet Ezylia, your new tax assistant!

Ezylia can summarise tax topics, write client letters, answer questions. The list is endless. 

Learn more: read the brochure - watch the video - €96 + VAT monthly for non-members. If not completely satisfied you can cancel after one month.

Member sign up: just reply to this email with the word "upgrade". It is €48 + VAT per month.