Main changes in Budget 2013 include the following:
- No changes to Income Tax Rates, Allowances or Bands.
- DIRT Tax has increased from 30% to 33%.
- Capital Gains Tax rate increased by 3% to 33%.
- Capital Acquisitions Tax rate increased by 3% to 33%. The Exempt Thresholds for gifts and inheritance has reduced by 10%.
- Corporation Tax remains at 12.5%. There will be a reform of the 3 year corporation tax relief for start up companies to allow unused credits to be carried forward.
- The R&D Tax Credit will be amended to double the initial spend eligible for credit, from €100,000 to €200,000.
- Cash Receipt Basis threshold for vat will rise from €1m to €1.25m.
- There will be a fuel rebate scheme for hauliers from 1st July 2013.
- Tax Relief on pension contributions will continue at the marginal rate of tax.
- The Vat Rate for the tourist industry remains at 9%.
- The Film Tax Relief Scheme will be extended to 2020.
- A relief for capital gains tax arising on disposal of farm land for farm restructuring purposes will be introduced.
- Property Tax will be payable at 0.18% on properties valued up to €1m and 0.25% on properties over €1m.
- Unearned income for all tax payers will be subject to PRSI from 1st January 2014.
Watch Budget 2013 video and download Budget PDF.
Contact Marua Duffy or Mark Butler for more information.