Daft Property - Irish Property News

Ireland Cuts Spending As Budget Gap Widens... DUBLIN -- I reland's prime minister announced €2 billion ($2.57 billion) in public-spending cuts on Tuesday, saying the country desperately needs to shore up its battered public finances. Also Tuesday, the Polish government approved a contingency plan to trim public spending by 19.7 billion zlotys ($5.65 billion). The budget cuts come even as other countries are boosting spending to juice their economies. Speaking to the Irish parliament, Prime Minister Brian Cowen said the bulk of this year's cuts -- some €1.4 billion -- would come in the form of increased pension levies on public-sector employees. That is effectively a pay cut for those workers. Mr. Cowen also pressed forward with tax increases for higher-income workers and second-home owners. Though countries around the globe are unwrapping stimulus plans, Ireland is in different straits. Tumbling house prices are gutting property-tax receipts, and Ireland is facing a widening b...

Revenue failed to tax €2m staff benefit... BENEFIT-IN-KIND TAX: DELAYS BY the Revenue in identifying obligations to tax benefit-in-kind (Bik) of approximately €2 million paid to its own staff is highlighted in the report. In the course of drafting a Statement of Practice during 2006, officials raised concerns in relation to the tax treatment of benefits received by Revenue's own staff in respect of travel to and from work. A working group reviewed benefits which had accrued from January 2004 to June 2007. About €2 million accrued by way of Bik during the period reviewed. This comprised €1.7 million for use of official vehicles by officers for travel to and from work, and €0.3 million paid under agreements made with staff whose work began or ended between the hours of 11pm and 8am in locations not served by public transport. An overall liability was calculated at €1,656,920, including interest and penalties. The relevant Inspector of Taxes was informed of Revenue's intention to ...