The Publication of the Finance Bill No 2 2011
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The Publication of the Finance Bill No 2 2011
The funding mechanism for the Jobs Initiatives comes into effect
The Finance Bill No.2 2011 which initiates the taxation measures in the recently published Jobs Initiative has been enacted. The Bill published on Thursday the 19th of May gives the Finance Minister Michael Noonan the following powers:
Ø The power to name a day after which the controversial € 3 air travel tax will be scrapped.
Ø It also provide for a second reduced Value Added Tax rate of 9% in respect of the following activities:
o Restaurant and catering services
o Hotel and holiday accommodation
o Cinema and Theatre
o Certain Musical Performances
o Museums and art galleries
o Fairgrounds and amusement parks
o Sporting facilities
o Hairdressing services
o Printed matter such as magazines and newspapers
In addition, the above VAT rate shall be in effect from July 2011 to December 2013.
Ø The power of establishment regarding a levy on pension schemes through the provision of an annual stamp duty of 0.6% on the market value of assets under management in pension schemes approved by the Revenue Commissioners. The levy will apply for four years and is payable twice a year at a rate of 0.03% on each due date.
Ø The bill also enhances the flexibility for companies in accounting for research and development tax credit.
The Finance Minister Michael Noonan has reiterated the point that the above measures are required “to achieve the objective through fostering confidence that will stimulate economic growth across the domestic sectors especially the tourism sector”
John McCarrick
John McCarrick and Associates
11 Dunville Avenue, Rathmines
Dublin 6,Ireland
Telephone:01 4960102
Fax: 01 4973717
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