The Irish Minister for Finance, Mr Michael Noonan, has announced that he will not extend the CGT "seven year" exemption which is to expire at the end of 2014. The exemption provides that properties purchased before the end of 2014 will be exempt from any gain made in the first seven years, once they are held by the purchaser for a minimum of seven years. Minister Noonan is quoted as saying “I use tax breaks to get a particular economic or social response in the short term but
The next phase of mandatory filing of financial statements in iXBRL format will commence on 1 October 2014. All corporates will be required to file financial statements in iXBRL format unless they meet the size criteria for audit exemption under the Companies Bill 2012. Revenue’s FAQs on preparing for iXBRL filing can be found here.