Finance Bill - Business Taxes

Corporation Tax Relief For Start Up Companies
The scheme which provides relief from corporation tax for new start-up companies has been extended to include companies that commence to trade in the years 2012 to 2014.

Relevant Contracts Tax
Where a principal enters into relevant contract with a subcontractor they will be obliged to provide Revenue with details of the contract online including a declaration of the contract being entered into is not a contract of employment.  This process is known as “contract notification” in the new system.  The Revenue must also be notified of the gross payment prior to making the payment to the subcontractor.  Revenue will respond by authorising the principal to deduct tax if any from the payment.  The rates of tax will be 0-20%, where the subcontractor is substantially up to date with their tax payments and returns and 35% in exceptional circumstances.  The Act also clarifies that the repair or alteration of systems installed in buildings as well as the installation, repair or installation or alteration of telecommunications system fall within the RCT provisions.

Contact Mark Butler or Maura Duffy for further information.

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