2011 Form CT1 Corporation Tax Return now online

May 19, 2011

Revenue have today unveiled the ROS Form CT1 Corporation Tax Return for 2011.

For the first time ever, this year’s CT1 return includes an an optional facility to pre-populate the tax return with data extracted from the company’s CT1 tax return for 2010. This useful feature is included in both the ROS on-line and ROS off-line applications.

Online CT1 filing is now compulsory for most companies from 1 June 2011. Revenue have now also published a downloadable pdf-format paper CT1 return to facilitate the remaining companies who are still permitted to file paper returns.

Thankfully Revenue have now ceased the wasteful practice of mass-producing paper CT1 returns, most of which ended up in recycling bins.

For more, see todays Revenue eBrief on the 2011 CT1 return, and the recent eBrief on mandatory e-filing.  Revenue have promised to publish soon a further eBrief on how to use the pre-population facility on the new CT1 tax returns.


Govt Jobs Initiative – The tax measures

May 10, 2011

Finance Minister Michael Noonan has today unveiled the Government’s much-heralded ‘Jobs Budget’, including the following tax measures:

Pension Levy

A levy of 0.6% is to be applied on the capital value of pension assets held within the State.

PRSI

Employers PRSI on lower-paid employees is to be halved. This will apply until the end of 2013 for employees earning less than €356 per week (not the figure of €365 per week as announced by the Minister in the Dáil today).

Employers PRSI will no longer apply to share-based remuneration.

Michael Noonan Government Jobs Initiative

9% VAT

A cut in the lower rate of VAT to 9% on so-called ‘tourism-related’ goods and services. This will apply from 1 July 2011 until the end of 2013.  The VAT cut will apply to

  • restaurant and catering services
  • hotel and holiday accommodation,
  • theatre, cinema, museum, fairground and other entertainment tickets
  • hairdressing
  • newspapers and magazines.

Air Travel Tax

The Air Travel Tax of €3 per passenger is to be abolished, but not with immediate effect. Its abolition is to be conditional on the major Irish airlines opening new tourist routes into Ireland.

R&D Tax Credit

The Minister intends to introduce a technical change to the Research & Development tax credit legislation, in order to allow companies more flexibility in how they account for the credit. This is intended to make the credit more attractive for qualifying companies.

Corporation Tax

Unsurprisingly, the Minister confirmed that ‘our 12.5% rate of corporation tax is here to stay’

The Department of Finance have just published full details of the Jobs Initiative on their website.