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Irish Budget 2012 At A Glance

  1. Increase in Carbon Tax, as expected, pertaining to fossil fuels, from €15 per tonne to €20 per tonne. Note: The increased carbon tax will be applied to petrol and auto-diesel from midnight tonight, by 1½ cent per litre.
  2. No Carbon Tax on household fuels, e.g Turf, Briquettes, Timber or Coal.
  3. VAT rate to be increased by 2%.
  4. Government commits to not raise the standard rate of VAT beyond 23% during its lifetime.
  5. Introduction of a household charge of €100, again as expected, which can be paid by installments.
  6. Increase in Motor Taxation with effect from January 1st 2012.
  7. Reduction in the VAT rate on district heating from 21% to 13.5%.
  8. There will be no change in personal income tax.
  9. DIRT Tax increased from 27% to 30%.
  10. Universal Social Charge to have exemption levels raised from €4,004 to €10,036, removing an estimated 300,000 people from liability.
  11. An increase in mortgage interest relief for first time home buyers who buy from today and before 2013.
  12. Non-first time home buyers will benefit in 2012 from mortgage relief at 15% instead 10%.
  13. A property relief surcharge of 5% to be imposed on all investors with annual gross income over €100,000.
  14. Mortgage interest rate relief to increase to 30%.
  15. Modification to retirement relief for farmers from Capital Gains Tax, so as to encourage the timely transfers of farms and businesses prior to the current owners reaching the age of 66.
  16. Stock relief of 50% for all registered farm partnerships and 100% stock relief for certain young trained farmers.
  17. Stamp Duty on all commercial property including farmland to be cut by 6% to 2% from midnight tonight.
  18. Farmers can claim VAT refund on wind turbines, purchased with effect from January 1st 2012.
  19. A 9%  VAT rate for tourism being extended to open farms.
  20. A report on Legacy Property Relief to be published with Finance Bill.
  21. A reduction in the Group A Tax-free threshold for Capital Acquisitions Tax from €332,084 to €250,000.
  22. Increase in the current rate of Capital Acquisitions Tax from 25% to 30% from tomorrow.
  23. Increase in Capital Gains Tax from 25% to 30% from tomorrow.
  24. Corporate tax exemption for new start-up companies to be extended for the next three years.
  25. A NAMA advisory group to be established which will advise on future NAMA strategy and make appointments to its board.
  26. A broadening of the base for PRSI through removal of the remaining 50% employer PRSI relief on employee pensions.
  27. A broadening of the PRSI base to cover rental, investment and other forms of income from 2013.
  28. Abolished is the “citizenship” condition for payment of Domicile Levy, thus ensuring that “tax exiles” do not avoid same by renouncing their citizenship.Tax treatment of tax exiles is to be kept under constant review.
  29. Introduction of a foreign earnings deduction for persons who are involved in developing markets in the BRICS (Brazil, Russia, India and China) countries.
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2 comments to Irish Budget 2012 At A Glance

  • Chris

    George did you see this? http://www.tipperarystar.ie/news/local/thurles_town_council_faces_massive_deficit_1_3315950

    €400,000 for a town council. Now if they they told us it was €40,000 anyone would say that is typical figure of any council in deficit.but €400,000 how the hell does a small council like Thurles TC get a €400,000 shortfall and it’s nothing to do with business/commercial rates. There is something else going on in that council. A number of things in the town the council are in charge of providing/enforcing/preserving etc are in a terrible state or are not been done. Someone should apply for a FOI request to see what exactly is causing this deficit.

  • As an avid reader of the Tipperary Star, every week, how could I miss it !
    No doubt more will be revealed when members sit down to prepare the annual estimate of income and expenditure next week. It will be interesting to know how much the Swimming Pool, The Source Theatre and the so called public convenience in Parnell Street cost us this year.
    The figures displayed under the heading “Footpaths & General Town Maintenance,” on their Excel sheets, should make for easy addition on their calculators.

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