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