Dates for the Diary
New IP Capital Allowances Regime CPD Session €40
Summer CPD Programme - One hour CPD for €40
ITI Seminar & Conference Voucher - Keep up to date for less in 2009!
Online booking for ITI Seminars is now available!
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Comments for publication in TaxFax are always welcome and should be directed to the editor, Úna Maguire at the Irish Taxation Institute.
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Irish News
Update from TALC Audit - Misclassification of employments

ITI representatives met with Revenue at TALC Audit last week.  Revenue noted that misclassification of employment i.e self-employed versus employee status is an area Revenue are focusing on both nationally and regionally.  Some regions have been writing to universities and educational bodies on this issue.  Revenue have also written to agencies employing translators and interpreters to provide clarification on employment status.





eBrief 38/2009 - ITI Representations - Third Party Reporting Section 896A TCA 1997

Readers will be aware of the reporting requirements introduced in Finance (No. 2) Act 2008 for third parties where they are concerned with the making of a settlement involving an offshore trust. ITI representatives have been in discussions with Revenue through TALC on the practical issues arising from this legislation.  Following these discussions Revenue's FAQs on the reporting requirement have been updated as per eBrief No. 38/09 here.  This update centres on when a reporting obligation arises and identifies some of the circumstances where a reporting requirement would not arise.

Readers are reminded that the due date for submission of a reporting return (Form 8-S) for a settlement from 24 December 2003 to 30 April 2009 is 1 September 2009.  It should be noted that 1 September is also the date for submission of a notice to make a qualifying disclosure in relation to the offshore structures and trusts disclosure initiative.  The subsequent disclosure must be made with payment by 31 October 2009. Revenue are encouraging early submission of Forms 8-S to enable them to process the disclosures on the offshore structures/trusts in a timely manner.





Updated Revenue lists

Updated lists of approved hospitals, nursing homes, eligible charities and exempt sport bodies are available here.

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Cases
ECJ
To view our weekly ECJ update page on our website, click here.
EU and International News
UK

UK-Cayman Islands Double Taxation Arrangement

A new double taxation arrangement (DTA) which will facilitate tax information exchange that meets OECD standards, was signed this week by The Right Hon Stephen Timms MP, Financial Secretary to the Treasury and the Hon W McKeeva Bush, Leader of Government Business, Cayman Islands. See here.



Qualifying Recognised Overseas Pension Schemes (QROPS)
Pension Schemes Services (PSS) has published an update to the QROPS list here.



Corporation Tax on Chargeable Gains
Corporation Tax on Chargeable Gains: Indexation Allowance: May 2009, available here.




International

OECD Conference "Transfer Pricing and Treaties in a Changing World"

The Conference website for this major event taking place on 21-22 September 2009 is available here.



Europe

State aid: Commission authorises Irish health insurance tax and levy scheme

The European Commission has authorised the scheme of levies and tax relief in the health insurance sector designed to decrease the risk differentials for health insurers between old and young customers. The Commission concluded that the measure was in line with the EU Framework for state aid in the form of public service compensation and as such compatible with Article 86(2) of the EC Treaty. For more click here.
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Institute News
TaxWeek 2009

ITI TaxWeek 2009 commenced last weekend.  Highlights were the release of results from a nationwide ITI/RedC poll entitled "Consumer Attitudes towards Tax Issues" and the publication of the "Understanding Your Taxes" guides for the PAYE sector.

TaxWeek 2009 generated significant national and regional media coverage including:

  • Publication of ITI/RedC poll results in the Sunday Business Post, 14th June.
  • Interviews on Morning Ireland, RTE Six-One News, Breakfast on Newstalk, TV3 Ireland AM, Q102 and KFM with Mark Redmond and Úna Maguire.
  • A series of regional radio interviews with ITI members 

A 3 page Special Report was published in Thursday's Irish Times.  The Special Report included articles by Jim Ryan, ITI President, Olivia Lynch, ITI Deputy President and Andrew Cullen, ITI Vice President. The report highlighted the vital role tax policy can play in economic recovery, how Registered Tax Consultants can assist business in the current economic climate, developing our "green economy", the new AITI syllabus and reasons to choose a career in tax including interviews with Mark Redmond, Grace McRandal and Una Maguire. To view all our TaxWeek activity including the Irish Times special report- please click here.





ITI Council Election 2009-10

Voting for the election of candidates to Council for 2009-10 is now open to members. Members can avail of the new online facility to submit their votes using the 2 part access codes which have been circulated by post. Details of the candidates for this year's election are available here.

To cast your vote please click here.

 





New Graduate Diploma in Financial Planning - ideal for AITIs

The Irish Taxation Institute, the Institute of Bankers (IOB) and LIA have launched the Graduate Diploma in Financial Planning.  This prestigious new qualification is aimed at those who wish to develop their financial planning knowledge and skills to the highest international standard.  88% of respondents to the ITI's 2008 Learning Needs Analysis supported the introduction of certified specialist courses post-AITI and the overwhelming demand was in the area of High Net Worth advisory and financial planning.  ITI has responded to this demand by developing the Graduate Diploma along with IOB and LIA

The Graduate Diploma is delivered through the Institute of Bankers School of Professional Finance, which is a recognised school of UCD affiliated with the UCD College of Business and Law.

The Graduate Diploma in Financial Planning is a gateway to the prestigious recognised Certified Financial PlannerTM or CFP® certification.  Candidates for CFP certification must pass the Certification Exam of FPSB Ireland and must hold both the Graduate Diploma in Financial Planning and the Qualified Financial Adviser (QFA).

AITI qualified Registered Tax Consultants are eligible to apply for exemption from the Tax and Estate Planning module of the Graduate Diploma.  It has also been agreed with the QFA Board that holders of the Graduate Diploma will on application receive exemption from 4 of the QFA modules.

For the Graduate Diploma brochure and application form click here.





ITI Recruitment - South West Coordinator
The ITI is currently recruiting for the position of South West Coordinator.  This is a part-time flexible role and it is required that the successful candidate will have the facility to work from home.  Further details are available on our website here.



Download and Listen - Free Technical TaxCast, Slides and Paper
Download a free TaxCast of Lorraine Griffin's paper from the ITI Annual Conference April 2009 entitled "International Tax and Foreign Direct Investment Update" here. Listeners can also access the accompanying slides and conference paper here.
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