Amendments to the Pharmacy of Your Choice Deduction
A legal notice was recently published to amend the Deductions (POYC) Rules targeting the new home delivery scheme as part of the POYC Scheme.
These rules shall also apply to any person carrying on a business through a pharmacy outlet who incurs capital expenditure or labour expenditure, such as the acquisition of equipment, including a motor vehicle, and any additional labour costs, as approved by the Standing Advisory Committee, for the purposes of the home delivery scheme as part of the POYC Scheme. The incentive under the Scheme has now been changed to a tax credit in respect of expenditure incurred with effect from 1 January 2016. The tax credit shall be equivalent to 100% of the costs incurred with respect to each pharmacy outlet. The maximum tax credit shall € 14,000.
The tax deduction using the old rules, ie a tax deduction equivalent to 300% of costs incurred shall be applicable only in respect of any expenditure incurred before the 31 December 2015.
How Mazars can help
Our team of highly trained professionals can provide you with more information about your eligibility for such tax credit and also assist you in applying such tax credit.
Contact us if you need further help or information.