Finance Bill 2015 - Income Tax Exemption in Respect of Certain Expense Payments for Relevant Directors
Following the publication of the Finance Bill 2015 on 22nd October, the IoD made a submission to the Department of Finance, finance spokespersons, and members of the Select sub-Committee on Finance, regarding the provision for income tax exemption on travel expenses for non-resident non-executive directors in respect of attendance at board meetings. This submission follows on from the IoD’s participation in a consultation process with the Department of Finance relating to travel expenses in August 2015.
The Irish Tax Institute has published a tax guide to Budget 2016, outlining a number of possible tax changes that may be included in Budget 2016.
Revenue eBrief No. 61/14 - Expenses of travel - Non-executive directors attending board meetings – details Revenue’s position in relation to the tax treatment of expenses of travel and subsistence incurred by non-executive directors in attending board meetings.
Revenue eBrief No. 84/11 - Tax and USC treatment of income for directors of Irish incorporated companies
Revenue eBrief No. 84/11 - Tax and Universal Social Charge (USC) treatment of income arising from having or exercising the public office of director of an Irish incorporated company.
In July 2015, the Department of Finance issued a consultation in respect of the Tax Treatment of Expenses of Travel and Subsistence for Employees and Office Holders.
The Institute of Directors in Ireland submitted a response which focused on the tax treatment of expenses incurred by non-executive directors in travelling to attend board meetings, and sought to emphasise that the definition of the normal place of work of a non-executive director needs to be updated to reflect the reality of the role.