BUDGET SUMMARY 2012
- Income Tax – No change
- VAT Standard rate raised by 2% to 23%
- USC Income exemption level rises to €10,036
- DIRT rises from 27% to 30%
- Motor tax to rise from January 1st
- Mortgage Interest relief for 2004-2008 buyers up to 30%
- Duty on 20pk cigarettes rises 25c
- Alcohol remains untouched
- Carbon tax rises to €20/tonne with exception of solid fuels
- CAT and CGT rise 5% to 30%
- VRT export scheme to be implemented for disposal of second hand cars
- Legacy property reliefs reduced
- Stamp Duty on commercial property transfers at 2%
- Lower Stamp Duty to apply to family farm
- Changes to R&D credits
- Sick pay tax exemptions changed
Rate Change – Jobs Initiative 2011
The second Reduced VAT Rate will be introduced with effect from 1 July 2011
The Minister for Finance has announced that a second reduced VAT rate of 9% will be introduced in respect of certain goods and services (mainly related to tourism) for the period 1 July 2011 to 31 December 2013.
The 9% rate applies to restaurant and catering services; hotel and holiday accommodation; admissions to cinemas, theatres, certain musical performances, museums and art gallery exhibitions; fairgrounds or amusement park services; the use of sporting facilities; hairdressing services; printed matter such as brochures, maps, programmes, leaflets, catalogues and newspapers.
French proclaim their low corporate tax rate
The French state agency with responsibility for attracting foreign investment is advertising the fact that the French Government’s ambitious tax-cutting policies have made France’s corporate tax regime “just as competitive” as countries such as Ireland.
They are now promoting the fact the France’s effective rate at just 8.2 per cent, which is way lower than Ireland.
Summary of Budget 2011 Tax Changes
A look into what the Budget 2011 Tax changes and what it means for you.
Finance Act 2011 - The main points
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