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Budget 2012 Headlines
- Government predicts growth of 1.3% in ecomony in 2012, mostly export-led, and says that it is necassary to put public finances on a sustainable footing.
- The first €100,000 spent by companies on R&D can be used as a tax credit
- Stamp duty on commercial and non-residential property to a flat 2%
- No Capital Gains Tax on the first seven years' profits on property purchased from now until the end of 2013.
- Among the measures to help small companies is the exemption from corportation tax for companies starting up in 2012, 2013 and 2014.
- Stock reliefs and changes in capital gains tax go benefit the farming community
- No change go income tax rates or bands. 330,000 expected to benefit from raising the Universal Social Charge exemeption level to €10,000. VAT up 2% to 23%
- Capital Gains Tax up from 25% to 30%, DIRT up from 27% to 30% and Capital Acquisition Tax up to 30%
- Packet of 20 cigarettes up 25 cent, and 1.4 cent on litre of petrol and 1.6c on litre of diesel. Motor tax: band A up from €104 to €160, band B up from €156 to €225 and band C up from €302 to €330. Every other motor tax rate increased.
- Mortgage interest relief for first-time buyers of houses purchased between 2004 and 2008 to rise to 30%
Department of Finance | Department of Public Expenditure and Reform - The Budget Website >> CLICK HERE
