The Governance Code which is a code of practice for good governance of community, voluntary and charitable organisations in Ireland was launched by Phil Hogan T.D., Minister for Environment, Community and Local Government on 28^th June 2012.  

The Code is for board members/trustees, managers, staff and volunteers of community, voluntary and charitable organisations and will be an invaluable tool to help these organisations perform to the highest standards possible.

Published 29th June 2012 (Still at Committee Stage)

Main Features:

(a) Bankruptcy period is to be reduced from 12 to 3 years

(b) Alternatives to Bankruptcy proposed:
    1.  Debt Relief Notice (DRN)
    2.  Debt Settlement Arrangement (DSA)
    3.  Personal Insolvency Arrangement (PIA)

The School Board of Management to be treated as main contractors for Value Added Tax (“VAT”) and Relevant Contracts Tax (“RCT”).

Retirement relief from Capital Gains Tax on the sale of a business or on the transfer of a business to a family member, will be reduced for the over 65’s with effect from the 31 December 2013.   It is important that owners of family business review their position well in advance of the deadline to maximise available reliefs.

The deadline for the completion and submissions of the 2011 Income Tax Returns filed using the Revenue On-line System (“ROS”) is the 15 November 2012.