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The Bill reflects the tax measures announced in the Jobs Initiative and contains 4 sections of substance.
Section 1 which makes amendments to section 766B TCA 1997, primarily for the purpose of enhancing the flexibility for accounting for the R&D tax credit on an ‘‘above-the-line’’ basis.
Section 2 relates to Air Travel Tax, empowering the Minister to appoint, by order, a day on or after which passenger departures would not be subject to the tax.
Section 3 amends the VAT Consolidation Act 2010 to provide for a second reduced VAT rate of 9%, in respect of certain goods and services, for the period 1 July 2011 to 31 December 2013.
Section 4 provides for the 4 year levy on pension schemes announced in the Jobs Initiative. It imposes an annual stamp duty of 0.6%, payable twice yearly (0.3% each time), on the market value of assets under management in pension schemes approved by Revenue under Irish tax legislation.
The PRSI measures featuring in the Jobs Initiative have not been included in today’s Bill but will be in the Social Welfare Bill expected to be published before the summer recess of the Dáil.

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May 19th 2011 |