Tag Archives: tax

Apple CEO Tim Cook with former Taoiseach Leo Varadkar at an event last year in Dublin celebrating Apple’s 40 years in Ireland

This morning.

Via RTÉ:

Apple and Ireland have won their appeal against the European Commission’s €13.1bn tax ruling.

The General Court of the European Union (GCEU) has annulled the decision taken by the Commission regarding the Irish tax rulings in favour of Apple.

According to the GCEU, the Commission was wrong to declare that Apple Sales International and Apple Operations Europe had been granted a selective economic advantage and, by extension, State aid.

It says the Commission failed to show “to the requisite legal standard” that Apple enjoyed preferential treatment which amounted to illegal State aid.

Breaking Apple and Ireland win €13bn tax appeal (RTE)

Rollingnews


The government’s COVID-19 Temporary Wage Subsidy Scheme payment is taxable, warns financial planner Eoin McGee

This morning.

On RTÉ’s Today with Seán O’Rourke.

Financial planner and author of How To Be Good With Money Eoin McGee warned listeners who are signed up to the COVID-19 Temporary Wage Subsidy Scheme that the payment is taxable and that they may face a tax bill at the end of the year.

Mr McGee’s contribution to the radio show followed Mr McGee posting a video about the same on social media.

This morning, he told Mr O’Rourke:

“People do need to be aware that there is tax due on this. This is not a tax-free payment. There is tax due on it. Nobody is collecting on your behalf right now and what I would say to people now is that the right thing to do here is to take, about 30 per cent of it is a reasonable number.

“So for every €100 you’re getting, put €30 of it aside, put it in a little war chest if you want to call it, so that if the taxman comes looking for it you can give it back in one go. That’s the ideal thing to do here.”

“…I think, you know the problem is Seán, I think that the reality here is that if you’re employer is signed up to this, they’re trying to protect your long-term future in that business and they have concerns and they are being diligent about making sure that they can keep the show on the road.

“The reality is that the alternative for your employer could have been that you didn’t have a job at all and, I just, there are people in that position as well, and they will probably sign up to holding back 30 per cent.

“I know this is hard, I know people are getting a real cut in their wages but what you don’t want to do is rob from the future to look after today. You don’t want a problem. You don’t want to get out of this and then have another problem faced with to try and pay the money back.”

During his discussion with host Seán O’Rourke, Mr O’Rourke read out a statement from Revenue which stated:

Temporary Wage Subsidy Scheme payments are liable to income tax, USC and PRSI. However, the subsidy is not taxable in real time through the PAYE system during the period of the subsidy scheme. Instead, the employee will be liable for tax on the subsidy amount paid to them by their employer by way of a review at the end of the year.

“Where a PAYE worker owes tax, it’s normal Revenue practice to collect any tax owing in manageable amounts by reducing tax credits for a future year or years in order to minimise any hardship.”

Mr McGee added:

“People don’t realise if your tax credits get adjusted next year, you are going to pay more tax next year because of the tax you didn’t pay this year. Take a proactive approach and put the money to one side if you can at all possibly do that.”

Meanwhile…

Listen back in full here

Wage Subsidy Scheme (Gov.ie)

This morning.

Fianna Fáil General Election HQ, Dublin.

Fianna Fáil spokesperson on Finance Michael McGrath TD (centre), Barry Cowen (right), spokesperson on Public Expenditure and Dublin City Councillor Deirdre Heney (left) at a press briefing on the party’s personal taxation proposals.

To wit:

The party is planning to reduce the 4.5% Universal Social Charge rate to 3.5%.

It is proposing to increase the standard rate of income tax band by €3,000 for an individual, and €6,000 for a couple.

Fianna Fáil’s Michael McGrath said his party would also increase the so-called rainy day fund from €500,000 to €750,000 per year – bringing the fund to €5.2bn by 2025.

Tax cuts and increased spending.

Apart from bitter experience, why the hell not?

Rollingnews


From top: Pals Michael O’Sullivan and Mattie Murphy outside Lilliput Stores, Stoneybatter, Dublin 7; Mattie outside Lilliput

Shortly before Christmas in 2017, friends for almost 30 years Mattie Murphy and Michael O’Sullivan got married.

Mattie married Michael in order to allow his friend avoid paying inheritance tax on his home in Stoneybatter, Dublin 7.

This morning, Mattie passed away.

Pride of Place Stoneybatter writes:

“This morning after 4am, Stoneybatter lost a true legend, Mattie Murphy.

“As news trickled across the streets of Stoneybatter and beyond, everyone is remembering Mattie, his beautiful smile, kind soul, his infectious laugh and his great style.

“A proud Tipperary man with his heart in Tipp and in Stoneybatter, Mattie died peacefully with his best friend, Michael, by his side. Mattie, a ‘former butler, valet, head of house, telephonist, model, actor, husband, stepfather and utter gentleman.’

“Chats were always welcomed at Lilliput Stores with Mattie having a cuppa and a cig outside and hearty laughs were guaranteed with the storytelling and sharing of anecdotes.

“Mattie had time for anyone that stopped by and along his walks across Stoneybatter including many a furry friend as he loved dogs.

“A great supporter of the Stoneybatter community and attended local events right up to Christmas just gone.

“Mattie loved Stoneybatter Festival and President Michael D was thrilled to meet Mattie at the 2018 Festival.

“At the 2019 Festival, Mattie with his best friend, Michael, featured in local Andrew Kohn’s highly acclaimed Humans of Stoneybatter.”

“Mattie will be reposing at his home 45 Niall Street this Wednesday from approx 1pm and Thursday morning ’til late for all to say their goodbyes and there will be stories and laughter for sure.

“Mattie’s funeral will be taking place Friday at St. John’s Church of Ireland Cathedral in Cashel, Co. Tipperary at 3pm.

“Michael has asked that donations be made to the NCBI in lieu of flowers.

“Ar dheis Dé go raibh a anam.”

RIP.

Pride Of Place Stoneybatter (Facebook)

Village Magazine tweetz:

“Here is the illustration by Faye Larkin for Master of the High Court Edmund Honohan’s interesting analysis of Apple’s tax arrangements with Ireland. Read the piece on our website.”

Rotten fruit: has anybody actually read the EU Commission’s Apple decision? (Edmund Honohan, Village Magazine)

Previously: Edmund Honohan on Broadsheet

Private rooms and houses/apartments listed on Airbnb’s Dublin lettings on August 19, 2018; Airbnb logo

Yesterday.

In the Sunday Business Post.

Ian Guider reported:

An Irish-registered unit of Airbnb made a profit of €80 million last year, the first time the financial arrangements of the accommodation bookings giant in Europe have been revealed.

The profit generated by Airbnb International Unlimited Company compared with a loss of nearly €72 million in the previous year.

The recently-filed accounts show for the first time the profitability of Airbnb in Ireland, and are a result of a change in Irish company law that now requires businesses with unlimited liability status to file details of their finances.

The company, which has a registered address at a Dublin law firm, is responsible for Airbnb’s operations outside the United States and China.

The filings show the company paid $42 million in tax out of its profits during the year, but does not disclose the countries in which the tax was paid.

Meanwhile…

In the same newspaper yesterday, Aaron Rogan reported:

Dubliners who live in luxury are being asked to nominate their homes for a “super-exclusive” new Airbnb-style platform.

Will McGlade, the 28-year-old son of Paul McGlade, the founder of Champion Sports and the beauty clinic chain Therapie Group, has launched HipHipStay, which he said aims to manage the top 1 per cent of short-term lettings in the capital.

To be considered, the properties must be located in lively areas of the city centre, and their decor must have a certain “cool kind of swagger”, McGlade said.

Irish arm of Airbnb made €80m in 2019 (Ian Guider, Business Post)

Owners of high-end Dublin homes sought for ‘super-exclusive’ website (Aaron Rogan, Business Post)

Previously: Red Alert

Pic: Rob Cross

This afternoon.

Nick’s Coffee Shop, Ranelagh, Dublin 6

Web Summit founder Paddy Cosgrave talking to RTÉ’s Philip Boucher Hayes and addressing media about his role in a campaign that anonymously targeted European Facebook users in 10 countries with advertisements about Ireland’s corporate tax system saying it was his ‘patriotic duty’.

Web Summit founder Paddy Cosgrave has spent what he described “a very small amount” of about €20,000 on Facebook ads highlighting Ireland’s corporation tax regime.

He said he would not be taking any more measures to highlight the country’s tax regime, adding that he thinks “the game is up” and that Ireland should “start to close down all of these things.”

…In respect of his own company Amaranthine, a San Francisco-based venture capital fund, which is incorporated in Delaware, Mr Cosgrave said

“it is more tax efficient to incorporate out of Ireland, but that fund is operated out of the United States…it is the standard procedure for venture capital funds [to set up there].”

20k.

What we wouldn’t do.

Cosgrave spent €20,000 on ads highlighting corporation tax regime (Independent.ie)

Leah Farrell/RollingNews

Meanwhile…

Meanwhile..


IDA Ireland logo; Web Summit co-founder Paddy Cosgrave

Earlier this week.

Co-founder of the Web Summit Paddy Cosgrave tweeted about Ireland’s tax structures which, he said, allow companies to “avoid all taxes” and “enjoy no-touch regulation”.

He went on to link to a Wikipedia article about the same before warning his followers that the Irish Government, through the IDA, pays people to edit tax-related articles on Wikipedia.

He tweeted:

Further to this…

Anyone?

Paddy Cosgrave

Thanks Bebe


Figures compiled In today’s Irish Times by EY DKM Economic Advisory

Oh.

If you want to pay less tax on your income every month, get married or have a child. Don’t give up your job and live with someone without getting married.

While society has moved forward in so many ways over recent decades, our tax system still exerts a “fiscal preference” for families – particularly those where the parents are married.

FIGHT!

Single, married or cohabiting: Who pays the least tax? (Fiona Reddan, The Irish Times)