Presentation on theme: "By Liam Sheehan, Gary Dillon and Mark Kelleher. Current taxation figures for the Republic of Ireland Income tax (Pay as you earn) has a lower rate of."— Presentation transcript:
By Liam Sheehan, Gary Dillon and Mark Kelleher
Current taxation figures for the Republic of Ireland Income tax (Pay as you earn) has a lower rate of 20% and a higher rate of 41%. Capital gains tax is payable when a person makes a gain on the sale of assets and is set at a rate of 35%. Value added tax (VAT) is payable at a rate of 21% for the majority of goods. Other rates include 13.5% usually based on essential goods and 0% on goods such as childrens clothing. Stamp Duty is a tax on the conveyance of property. First time buyers are exempt as are exchanges between spouses. 0% is paid in the first €127,000, 7% is paid up to €875,000 and 9% is charged thereafter. Corporation tax is charged on the profits of companies. The standard rate is 12.5% and the higher rate is 25% for non trading companies. Excise tax is charged on mineral oil (petroleum oil), alcohol and tobacco. Other taxes include Vehicle registration tax, motor tax and PRSI.
Tax for the Future -Food No tax levies on food that is produced and sold in Ireland. Over-consumption tax. -Higher tax levies on processed food and food containing large amounts of undesirable ingredients. Tax breaks for organically produced Irish food.
Carbon Tax Tax products based on the amount of carbon released in production and in transport. Extra Tax (VRT) on conventional cars and tax breaks on highly fuel efficient, electric or biofueled vehicles. Tax incentives for companies who run a park and ride facility for their employees in and out of cities.
Other tax changes A wider tax spectrum in relation to the PAYE income tax system, introducing tax breaks for lower paid workers and introduce a broader range of rates for the higher rate of tax.