A new exemption from income tax has been introduced for non-executive directors effective 1st January 2017. The exemption applies to expenses relating to travel and subsistence incurred by the director solely for the purpose of the attendance by him or her at a relevant meeting.
The non-executive director must be resident in Ireland and have an income from that company not exceeding €5,000 per annum in order to qualify for the exemption. The director must attend the meeting in Ireland and it must relate to the business of the company.
The exemption will apply to payments which do not exceed the Civil Service approved rates for mileage and subsistence.
Should you have any queries or require further information, please contact a member of the tax team.