Fine Gael Kildare South TD, Martin Heydon, has today (Wednesday) warmly welcomed the announcement by Minister of State for Tourism and Sport Michael Ring of a €30m fund for important sports capital projects.
Fruit and Vegetable business man has been jailed for six years for a €1.6 million scam involving the importation of garlic. He avoided paying customs duty on over a thousand tonnes of garlic from China by having them labeled as apples. The maximum sentence for the offence is five years in prison or a fine of three times the value of the goods.
Judge Martin Nolan imposed the maximum term on one count and one year on another count. These are to run consecutively, meaning a total of six years. However, the judge added he had engaged in a “grave” and “huge” tax evasion scheme. The import tax on garlic “may or may not” be excessive, he said but that this was for the Oireachtas to decide and not individuals.He said he had to impose a significant jail term because such offences are difficult to uncover and therefore the only effective deterrence is lengthy prison terms for those who are caught. Patrick O Rourke , Partner OkellySutton , Kildare. www.okellysuttoncrosby.com
Ministers Burton and Sherlock launched a Research Prioritisation Plan on 1st March to target the majority of the Government’s core €500million budget
Minister Burton signs a memorandum of understanding on Science and Technology with Chinese Government. (March 2012)
Richard Burton, T.D, Minister for Job, Enterprise and Innovation signed a Memorandum of Understanding on Ireland –China Science and Innovation Cooperation with Mr. Wan Gang, Minister of Science and Technology while on a Trade & Investment mission to China.
The two main aims of modern bankruptcy law are to return funds to creditors and to rehabilitate the debtor. In Ireland, bankruptcy remains a punitive regime from which it is almost impossible to recover and to resume a normal career or business life, according to Séan Kelly, RSM Farrell Grant Sparks.
Recently the Dublin Circuit Court found a man guilty and sentenced him to jail for four years for failing to pay VAT on 119 second hand cars to the value of €226,718. He has since paid the tax of €226,718 that was due. The Judge, Martin Nolan said that sometimes tax evaders thought they could buy themselves out of trouble but the judge stated “He must pay for it as a matter of punishment and people considering going down this road”. Patrick O Rourke Partner OKellySutton, Kildare.
It will be interesting to see what take up there will be on the latest Government jobs initiative launched “Succeed in Ireland”. It is an innovative programme, launched on 8th March 2012. It aims to create 5000 jobs within five years by targeting international companies and business people, who would otherwise not be reached by the State enterprise agencies, for employment opportunities to Ireland.
Pat Sutton of O’KellySutton Chartered Accountants and Strategic Business Advisors is pleased to see another Entrepreneurship initiative launched. The government announced a new national entrepreneurship development programme ‘New Frontiers’ in February 2012. It will be delivered at a local level through Institutes of Technology throughout Ireland.
It’s hard to believe how Revenue can get something like this so wrong, but they have. 115,000 letters have being dispatched to pensioners resulting in 20,000 worried pensioners contacting the Revenue helpline on Friday and Saturday past, with phone lines expected to be ‘busy’ again today when they reopen. So how did Revenue get it so wrong?
The fact is, in the vast majority of cases, no additional tax arises. So why were letters issued at all to these pensioners? The fact is, Revenue should have done their analysis and then issued any letters necessary.
I have being contacted by numerous pensioners over the past few days who showed me the Revenue letters they have received. Had it not being the fact that I am an experienced tax professional, from reading the letter I would have assumed they had a tax liability too! Take one pensioner who approached me with a letter stating that additional tax would be deducted from his occupational pension. The fact is he is tax exempt (less than €36k total income for married couple) so he doesn’t have any tax liability at all!! The letter should have stated that his tax credits and bands will be adjusted accordingly for his occupational pension.
Pensioners with concerns are:
• pensioners with other income of greater than €50,000. Revenue have stated that there are approx. 2,500 pensioners in this category and these will be dealt with on a case by case basis
• self employed (e.g. farmers) who are in receipt of state pensions. These individuals (or their accountants) may have omitted the state pension income in their tax return, and if this is the case, they will be guilty of making a false return.
For these individuals, surcharges / penalties / interest will follow not to mention a possible Revenue audit. They should immediately review their tax return and amend if necessary.
In the following, I have summarised the types of state pensions which are taxable and how they are taxed.
Individuals acting as company directors in 2011 are more aware than ever of the precarious nature of the role, given that many small to medium sized companies in particular are finding trading difficult. We at O’KellySutton Accountants are continually being asked to advise directors on best practice for good corporate governance. Corporate governance is relevant to directors of all companies. It is the term given to the way in which directors perform their duties in running the company. Smaller companies will not normally find it necessary to have as formalised an approach to corporate governance as a large company may require. In recent times, there is greater expectation with regard to the level of compliance of directors of all companies. Directors are well advised, therefore, to give careful consideration to the steps that they are taking to ensure that they are complying with company legislation.