Budget 2014 – “Some Good News for Business”

Budget 2014

The seventh austerity budget in six years brought positive news for business with emphasis on job creation, reaffirming the commitment to the 12.5% rate of corporation tax and the publication of a new international tax strategy statement, summarised in the Minister’s own words  – “I want Ireland to play fair – as we have always done – and I want Ireland to play to win.”

Income Tax, USC, CGT and CAT have stayed as they were. The retention of the 9% VAT rate on the hospitality sector is very welcome news as this has resulted in job creation in this sector since it was brought in two years ago. It was due to revert to 13.5% on 31 December 2013.

We have compiled two documents giving an overview of Budget 2014 which you can download at the links below.

bdo-budget-2014-tax-guide

bdo-budget-2014-highlights

The €500m tax package which contains 25 measures for jobs and growth is also welcome. You can view this 25-point plan at the link below.

€500m Package Building Business & Creating Jobs

Here’s an infographic depicting the new €500m stimulus package developed by the Department of Finance.

(Image: Department of Finance)

(Image: Department of Finance)

 

 

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BDO is a firm of registered auditors and is registered to carry on audit work in Ireland and the UK by the Institute of Chartered Accountants in Ireland. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 223876. BDO is also authorised to carry on investment business in the Republic of Ireland by the Institute of Chartered Accountants in Ireland.