Cash Withdrawals to be Taxed! What does it actually mean?

As announced in the Budget, changes were made by the Finance Act 2015 to levy stamp duty on withdrawals of cash from automated cash machines. This was to replace the flat rate charge on debit and cash cards and comes into effect from January 1st. The news generated some media attention at the time and in December 2015 even the European Central Bank (ECB) was drawn into offering an official opinion. The ECB, which was not consulted about the measure, takes the view that all forms of payment are equal. So it considers that legislation should […]

Employees Tax Free €500 Bonus

Employers can reward employees under the Small Benefits Exemption Scheme with a non-cash bonus of up to €500 completely tax free this year 2015. If guidelines are followed neither the company nor the employee will pay PAYE, PRSI or USI with a potential saving of over €650. To qualify for the tax exemption, only one tax-free bonus may be paid to each employee in any one year. If more than one bonus is given in a year, it is only the first one that will qualify for tax-free status, even if this bonus is less than […]