The Minister for Finance has published the Finance (No. 2) Bill 2008. It is expected that the Bill will pass all stages in Dáil Éireann before the Christmas recess. In addition to the provisions already announced in Budget 2009, the Bill contains further measures including:
- changes with regard to Business Expansion Schemes (BES) and Seed Capital Schemes (SCS);
- extended provisions to allow withdrawal of Revenue approval for employee financial participation schemes
- amendments to the R & D tax credit scheme
- changes with regard to transfer pricing adjustments
- exclusion of a number of scenarios including PPPs from stamp duty charges in respect of 'resting in contract', licensing and agreements for long-term leases
- provisions to allow for the introduction of e-stamping including a once off incentive of a stamp duty amnesty and exemptions for low-yield stamp duty documents
- increase in CAT to 22 per cent;
- restrictive definition of the term “profession” in relation to confidentiality or privilege claims regarding the provision of information to the Revenue Commissioners;
- changes with regard to the imposition of tax penalties by the Revenue Commissioners.
The Revenue Commissioners have published a number of guidance documents in respect of certain provisions contained in the Finance Bill. These cover:
- Parking Levy in Urban Areas - Guidance Document
- Air Travel Tax
- Tax and Duty Civil Penalties
- Stamp Duty – Late Stamping of Instruments
- Research and Development .