The taxman cometh...
Time to reap your savings!
Supplementary Budget highlights:
- Minister reinforces strategic importance of 12.5% corporation tax rate
- Significant enhancement of the intellectual property regime
- Income levy rates double to 2% and 4% with thresholds reduced
- Health levy rates double to 4% and 5%, higher rate threshold reduced to €75,036
- Employees’ PRSI ceiling increased from €52,000 to €75,036
- No change to Employers’ PRSI
- Major overhaul of child benefit system proposed
- Restriction on availability of mortgage interest relief
- Announcement of Government intention to restrict further income tax reliefs in the coming yearsility of mortgage interest relief
- Announcement of Government intention to restrict further income tax reliefs in the coming years
- Increase in the rates of CGT and CAT from 22% to 25%
- Decrease of 20% in CAT thresholds
- Increase in excise on packet of 20 cigarettes of 25c
- No change in excise on petrol and 5c per litre excise increase on diesel
- No change in VAT rates
- VAT margin scheme for second hand cars introduced
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