The recent finance bill has changed the tax residency rules. For most of us this will not make a jot of difference, but for our high flying tycoons who have left Ireland to become tax resident outside the state it will cause a bit of discomfort.Essentially the Irish government are trying to get their mitts on taxes from Ireland's richest individuals, particularly those who still do much of their business in Ireland, but then wing their way off to their foreign tax haven mansions in the evening. The paragraph of most interest to Ireland's high fliers will be this one:
"Section 13 amends section 819 of the Taxes Consolidation Act 1997 to provide that, in determining the number of days spent in the State for tax residence purposes, an individual shall be present in the State for a day if he or she is present in the State at any time during that day."
Of course this provision will only be of any assistance to the Irish economy if the Revenue can find a reliable method of actually proving that people have been in Ireland at any particular point in time. Most of these guys can't be tracked by airline flight data, as they don't use commercial airlines, and many are never flagged at the airports they use to enter and leave the country. This, of course, is an entirely different matter and one, it would be hoped, the government is looking into at the moment.
You'll find an advisory piece on the changes, plus a link to the actual finance bill document (should you be in need of help to sleep) here.
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Advisory pieces on the OverseasCafe.com website
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