Proposed reform
New rules require fuller disclosure of the total price in development deals involving the sale of air space.
Amount
Not specified
Previous
No direct comparator
Effective from
Awaiting guidance
Measures target arrangements that may cause tax to be calculated on only part of the real value of a completed property, including structures involving intermediaries or developers not directly appearing in the transfer deed. Government states it will consult stakeholders and provide clear guidance and legal certainty; legitimate development practices are to be preserved. Applies prospectively.
Affects: Companies & SMEs.
A 25% tax rate on retained or reinvested profit is announced for qualifying companies with turnover not above €1 million, compared with 35% on distributed profit.
25% on retained profit
Proposed rules; implementation not confirmed.
Speech printed p. 34 · PDF p. 38
For covered construction transactions the buying business, not the supplier, accounts for VAT.
Proposed rules; implementation not confirmed.
Speech printed p. 43 · PDF p. 47
Penalties of €100, €200, €400 and then €500 apply for successive failures to issue correct invoices or receipts within 24 months.
€100 / €200 / €400 / €500
Speech printed p. 44 · PDF p. 48