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Pre-Budget 2020

Ever wondered who pays the most taxes in society?

Source: Irish Tax Institute Pre-Budget 2020 Briefing Papers 2019
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Pre-Budget 2020

Ever wondered what taxes are financing government coffers?

Source: Irish Tax Institute Pre-Budget 2020 Briefing Papers 2019

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Target of €500m a year to be achieved from Local Property Tax

As reported in the Irish Times, 18.09.19, the Oireachtas Budgetary Oversight Committee has advised of potential options in overhauling how local property tax is charged and collected. The Oireachtas aim is to minimise charges when valuation increases and have suggested a central rate to achieve this.

In 2018, local authorities collected €470 million in Local Property Tax. The Oireachtas Committee has said the State should set a target of collecting €500 million a year.

Other options put forward include;

  • Local Authorities setting their own targets and rates for each location
  • Facility to defer payments if taxpayer’s income is below threshold of €15,000 or has declared insolvency

Committee chairman Colm Brophy said;

“The committee notes the importance of maintaining simplicity and transparency for taxpayers. Further, from an administrative perspective, a costly and complex system runs counterproductive to the objective of generating additional net revenue,” 

Read more on property tax here
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Revenue now communicating with Residential Tenancies Board on rental properties

The Residential Tenancies Board (RTB) have always shared information with Revenue, but this will be the first year Revenue have sought confirmation that a landlord has registered with them in order to claim tax relief on their mortgage interest paid.

As reported in the Irish Times on Friday 06.09.19, landlords will need to ensure they have registered their properties with the RTB before October 31st.

Revenue have also pre-populated this year’s Form 11 tax forms with rents shared by local authorities for those letting out properties through HAP.

Read more on this article click here

Why not also read our Rental Income including Airbnb blog here

Should you have any queries on this issue, please contact us on 01 5397999 or request our rental income and application form here

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