ICAI members are invited to make suggestions for matters for inclusion in our pre-Budget submission which will be finalised shortly.

The CCAB-I pre Budget submission is one of our more-important submissions to Government during the year. Our submission last year was well received, and several of our points were accommodated to a greater or lesser extent in the Budget and the corresponding Finance Act 2006. These included:

Childcare

We called for a direct payment of €1,200 per annum for all children. Direct payments of €1,000 per annum for children under six were proposed.

VAT Registration Thresholds

We called for increases to the maximum permissible of €60,000 (services) and €120,000 (goods). The thresholds were increased, but only to €27,500 and €55,000 – increases of €2,000 and €4,000 respectively.

Employing a Carer

We called for the existing ceiling of €30,000 per annum to be removed. The ceiling has been in fact raised to €50,000.

Relief for uplifts in taxable profits following revaluations to Work in Progress under UITF40

An important spreading relief was introduced.

We will be including points this year in relation to payments of Preliminary Corporation Tax, issues regarding our PRSI and pensions systems, and anomalies reported to us in the various Property Incentive schemes. A major theme of our submission will be the tackling of needless administrative complexity which contributes to poor Revenue customer service.

If you have points you consider should be raised, please contact Brian Keegan, Director of Taxation, at the Institute (brian.keegan@icai.ie).