Tax Free Expenditure
- Donations to approved charities (with receipts)
- Employer’s contributions to social insurance and approved funds on employees’ salaries
- Expenditure incurred for the acquisition of shares in an innovative business (new measure)
- Overseas permanent establishment profits abroad under certain conditions
- Telephone expenditure (landline and mobile) incurred for business use
- Commercial vehicles expenditure and their repairs
The lower of €17.086 or 1% of the gross income of the business.
Payments to employees for which social insurances have not been paid are not allowable for tax purposes.
Is always scrutinized by the Income Tax Office.
Collection of Expense Invoices
Expense invoices incurred for business purposes reduce your Corporation Tax payable.
Deemed Dividend Tax
Don’t forget that at the year-end profitable companies have to pay corporation tax & deemed dividend tax.
VAT paid on bad debts can be recovered
Netting Off Taxes
Don’t forget that you can net off VAT obligations and Corporation Tax refundable against each other and vice versa.
Directors of Company
Are personally liable to the VAT authorities for any VAT discrepancies of the company.