This podcast was recorded on 12 January 2023
Kim Doyle, Tax Director, speaks with Mary Moran, Tax Director, about changes to the personal tax credits and rate bands for 2023, the new rent tax credit and the main tax credits individuals can claim to reduce their tax liability or claim a tax refund.
Finance Bill 2022 was signed into law by the president on 15 December 2022. Finance Act 2022 provides for the measures announced as part of Budget 2023 as well as additional tax provisions introduced during the legislative process.
Revenue published their Headline Results for 2022 at the beginning of January. A prelude to their Annual Report which is expected early Spring.
Earlier in the month, the Exchequer returns for December 2022 were published and make for some interesting reading. Read our commentary.
The claims portal opened on 5 December 2022 and the first payments under the scheme have been made by Revenue.
Statistics from Revenue this month on the scheme tell us that:
More details are available in our insights article.
During December 2022, the OECD released its long-anticipated implementation package for Pillar 2, which includes three key documents covering:
Read our insight on the analysis and summary of the actions businesses should take.
The reduced 9% rate of VAT for the tourism and hospitality industry is due to end on 28 February next and return to 13.5%.
Mary Moran, Tax Director, discusses the changes to income tax credits for 2023, including the new rent tax credit, and how tenants can claim this rent tax credit for 2022 and 2023 tax years. Mary also speaks about the common additional tax credits and reliefs available to individuals and the amount of possible tax refunds.