Ireland’s Small Firms Association recently argued that better supporting SMEs through the tax system would mitigate the country’s over-reliance on revenues linked to foreign direct investment.
According to SFA, Ireland’s competitiveness is under threat. It therefore argued that the Government needs to take steps to “de-risk our economy from over-reliance on FDI and seize an important opportunity to future-proof our economic model.” It said that the Budget needs to provide certainty to small businesses.
One of SFA’s priorities is a reduction in capital gains tax (CGT). It recommended a reduction in CGT to 20 percent across the board (pointing out that, at 33 percent, Ireland’s CGT rate is one of the highest among developed economies), in order to make investing in a business in Ireland more attractive. It also argued for an increase in the lifetime limit for gains under the CGT … Read More »
At the start of August, the Indian authorities published in the country’s official Gazette the measures announced in the July 5 budget, which have since received Presidential Assent. Among the key measures contained in the budget were provisions to ensure that the scope of the lower 25 percent corporate income tax rate will be expanded to cover the vast majority of Indian businesses, with a figure of 99.3 percent having been mooted.
Previously, the lower 25 percent rate is levied on those businesses with turnover not exceeding INR2.5bn (USD36.5m), and on manufacturing firms. This threshold is being raised to INR4bn.
Other salient tax measures in the Budget, in addition to measures impacting individual taxpayers, included the launch of a new dispute resolution service to resolve legacy service tax and excise duty-related disputes; confirmation that there will be a single monthly GST return … Read More »
There’s been a lot of activity with regard to VAT and GST internationally recently, not least in Costa Rica, which introduced VAT on July 1, and recently confirmed that public institutions will be subject to value-added tax from 2020.
Costa Rica has introduced a new value-added tax regime, in place of the sales tax, featuring a 13 percent headline rate, and three reduced rates, of four, two, and one percent.
Further bedding in the new system, the Costa Rican tax authority also late this month released new online forms for declaring value-added tax, capital income, and capital gains.
On June 29, 2019, Costa Rica released a step-by-guide guide on how to fill out form D-104, which must be filed by value-added tax registered persons for the first time between August 1 and August 16.
For more information on this, and other topical international tax … Read More »