The 2018 Budget was announced on the 10th October 2017 by Finance Minister Paschal Donohue. The minister announced a number of important changes namely; the increase in the tax credit for small business owners and self-employed people from €950 to €1,150, the increase of the home carers tax credit to €1,200 and a reduction in the lower and middle rates of USC which now stand at 0.5%, 2% and 4.75%. He also announced an increase to the entry point for the higher rate of income tax. The entry point for a single person will increase from €33,800 to €34,550.
The Minister announced that the level of stamp duty on commercial property transactions will increase from 2% to 6% from midnight on 10 October 2017.
In other taxes the corporation tax rate of 12.5% remains, as does the 9% VAT rate. As promised sugar tax will be introduced from April 2018.
For further details on the announcements in this year’s budget download the PKF-FPM RoI Budget Summary 2018 and if you wish to discuss your specific tax queries please contact our Senior Tax Manager, Caroline Murphy at firstname.lastname@example.org