Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 12/10/2013

Ireland - Status of Finance (No. 2) Bill 2013 

December 10:  Ireland’s Finance (No. 2) Bill 2013 is expected to be enacted as Finance (No. 2) Act 2013 by the end of December 2013.

Background

Ireland’s government published Finance (No. 2) Bill 2013 on 24 October 2013.


To clarify, the tax legislation passed in March 2013 was Finance Act 2013.


The Finance (No. 2) Bill 2013 contains the taxation measures announced in the Minister for Finance’s budget speech on 15 October 2013 as well as a number of measures not previously announced.


The Report Stage has been completed.

Some measures

The legislation includes measures to implement certain pro-growth and pro-jobs measures, such as:


  • Continuation of the 9% value added tax (VAT) rate for certain tourism-related businesses (when viewed in combination with repeal of the air travel tax, is seen as a boost for a labour-intensive sector)
  • Several improvements to aspects of the research and development tax credit regime
  • Extension until 31 December 2014 of property capital gains tax relief
  • Removal of the employment and investment incentive (EII) from the high earner’s restrictions until 31 December 2016
  • Repeal of stamp duty for shares traded on the Enterprise Securities Market operated by the Irish Stock Exchange
  • An income tax incentive for home improvements
  • An income tax exemption for unemployed persons starting a business

Read a December 2013 guide [PDF 2 MB] prepared by the KPMG member firm in Ireland: Taxing Times Finance (No. 2) Act 2013 & Current Tax Developments


Read a detailed review of the Budget 2014 rates and credits [PDF 63 KB] prepared by the KPMG member firm in Ireland: Tax Rates and Credits 2014




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