In 2017, the Government said it planned to introduce online tax credits.
The aim was to encourage more people to pay tax online.
But there are still a lot of unanswered questions about how online tax credit will work, and whether it will be as efficient as it was imagined.
How will the credit work?
If you live in the Republic of Ireland, you can claim the credit if you spend $10,000 on goods and services in 2017.
The credit is worth $10 per $1,000 in taxable value, but there are a few limitations.
You cannot claim the benefit if you pay more than $1m in tax, you cannot claim it if you earn more than the average weekly income of someone in your own household, and you cannot qualify if you are aged over 60 or if you were recently married or divorced.
If you claim the tax credit, you may be eligible for a refund if you don’t meet the eligibility criteria.
What if I don’t pay the tax?
If you do not meet the criteria, the tax on your refund may be higher than if you had paid the tax.
If the tax is higher than you expected, your refund will be lower.
How much tax will I pay?
If your credit is awarded for goods and/or services purchased with the taxpayer’s cash, it will add a $1.50 tax to the total cost of the goods and the services.
The amount is calculated as the difference between the taxpayer and the total value of the tax payable.
If there is no difference, the amount is zero.
If, however, you have a balance owing on your credit, it adds $1 to the amount owed.
If your tax is less than what you expected because you didn’t report a purchase or other item on your tax return, the refund will also be less.
The tax on the difference will be zero, too.
The refund will not affect your eligibility for tax credits for certain types of purchases or certain kinds of income.
Does the credit apply to transactions online?
When do the tax credits start?
The first time a taxpayer pays tax on a refundable credit, the credit will begin to apply to the purchase of goods and a non-cash benefit such as rent.
The taxpayer will receive a credit when they pay tax on their refundable tax credit.
The first payment will begin on the day after the date of the first payment.
It will continue until the taxpayer makes a payment, or until the next payment is made, whichever occurs first.
This is for goods, including services, but not for the value of property.
For more information, see the IRD website.
Who can claim a refund?
If the taxpayer is a sole trader, you will be able to claim the refund if the taxpayer has more than one account and one account is in the same name.
For example, you could claim a tax credit if the seller is a trader, or if the buyer is a business that sells products online.
For a business owner who is not a trader or sole trader with more than 10 people in the business, you might not be able make a claim.
You must claim a credit if: you buy goods online and the seller doesn’t claim a claim on your return,