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