IRISH TAX INSTITUTE URGES NO CHANGES TO SELF ASSESSED FILING OR PAYMENT DATES - Proposals to force the self-employed to file and pay tax as early as next June should be scrapped, according to a survey of tax practitioners. They say seven out of ten of their clients would not have good enough information in June to allow them to meet a new early tax and file deadline, and they say the self-employed will not be able to comply with the change. The Department of Finance wants to bring the pay-and-file date forward so that officials have all the information needed to finalise the earlier Budget.
Mark Redmond, the chief executive of the Irish Tax Institute, compares the changes suggested to the Department of Education announcing that the Leaving Certificate will now be held in May. He says that 600,000 self assessed taxpayers would be affected by changing the filing or payment dates. Over 90% of respondents to a survey carried out by the institute said that self assessed tax payers' cashflow would be impacted if the dates were changed. Two of three surveyed accountants said they would not be able to handle the volume of work in September as a new date would clash with corporation tax filings.
Mr Redmond also says that the Government's forecasting record on income tax take has improved in recent years, adding that the bringing forward of the pay and file date would not bring about any greater certainty to the Exchequer figures. He also says that self assessed tax payers are very compliant, stressing the importance of not bringing in any measures which could damage that.
MORNING BRIEFS - A statement from Glanbia today says that a good performance for the food group continued in the first nine months of 2013. It says full year growth in adjusted earnings per share is expected to be about 10% on a constant currency basis. It says the outlook for 2013 as a whole for Glanbia is positive.
*** International Airlines Group boss Willie Walsh has been appointed to the National Treasury Management Agency Advisory Committee and Finance Minister Michael Noonan also says he intends to make Mr Walsh Chairman of the NTMA board. The Minister said Willie Walsh will play an important role in the transition from the NTMA's current structure to the new structure that will be established by new legislation. The NTMA borrows on behalf of the exchequer and manages the national debt. It is also the State Claims Agency and manages the National Pensions Reserve Fund.
*** Bord Bia is to open an office in Dubai, which will support the doubling of food and drink exports to Middle East by 2020. Bord Bia says that last year Irish food and drink exports to the Middle East were valued at €275m, and it estimates that can double to over €500m this decade.
*** Aer Lingus Regional is to add 100,000 seats for the winter. The Aer Arann operated part of Aer Lingus said it would add seats on an extra 50 flights a week, including a new route from Dublin to Newcastle. New flights will be added on services from Dublin to Aberdeen, Bristol, Cardiff and Glasgow, and from Cork to Birmingham and Manchester.
*** Apple ended its fiscal year with its first earnings decline in 11 years as net profit slipped to $37 billion. It reported a fourth quarter profit of $7.5 billion, beating analysts' expectations. And even though iPhone sales surged 26% to 33.8 million, profits slid for the third quarter in a row as margins fell.