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Deloitte's Tax team give their perspective on the measures announced in the 2013 Irish Budget. Join us on Twitter for commentary and reaction and visit our mobile website.
"In looking at how the economy can grow and develop in the context of the Financial Services (FS) sector, there were some elements outlined in the Budget which, while not directly aimed at the FS, may have a direct impact in the sector..."
"It was largely expected that there would be no changes to the 20% and 41% tax rates and tax credits in Budget 2013. The areas that received most press commentary recently were…"
"The Minister’s reaffirmation of the Government’s commitment to the 12.5% rate of tax and to continuing to support FDI and “export led” growth in particular is positive..."
"The Minister confirmed, in his speech, that the 9% rate for the tourist sector would continue to apply in 2013 but this had already been announced when the 9% VAT rate was originally introduced..."
"As widely anticipated an annual property tax on residential property based on a properties market value has been introduced as the successor to the household charge which is now abandoned..."
"In a welcome development, the Minister has confirmed that tax relief on individual pension contributions for those who are attempting to provide for a pension of up to €60,000pa, will remain in place at the marginal rate..."
"In 2013 it is estimated that 42% of the overall tax revenue will be generated from income tax. In 2007, the corresponding sum was 29%. This demonstrates the increased reliance on individual taxpayers to bridge the budget deficit in the so-called “austerity years”..."