The main points as regards taxation of Budget 2012 are as follows
  • 12.5% corporation tax rate remains cornerstone of economic policy
  • Introduction of Special Assignee Relief Programme
  • Enhancement of R&D tax credit regime targeted at SME’s
  • Removal of Employer PRSI relief on pension contributions
  • Increase in standard rate of VAT from 21% to 23%
  • No change in income tax rates, bands, or credits
  • No increase in employee PRSI or USC
  • USC exemption level rises to €10,036 from €4,004 in 2011
  • Increase in CGT, CAT and DIRT rates to 30%
  • Stamp duty on non-residential property reduced to 2%
  • Sick Pay Tax Exemptions changed
  • PRSI may widen to include rental income