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Budget 2010

Budget 2010. Garvey & Co Chartered Accountants. Speech. Taxes – “we have reached the limit” “Regain our competitive edge” European Commission deadline extended to 2014. Summary. million Public pay 1,000 Social welfare 760 Spending programmes 980 Capital 960

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Budget 2010

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  1. Budget 2010 Garvey & Co Chartered Accountants

  2. Speech • Taxes – “we have reached the limit” • “Regain our competitive edge” • European Commission deadline extended to 2014

  3. Summary million • Public pay 1,000 • Social welfare 760 • Spending programmes 980 • Capital 960 Others 300 TOTAL 4,000

  4. Public Pay - Basic • First €30,000 5% • Next €40,000 7.5% • Next €55,000 10%

  5. Public Pay - Higher • €125,000 - €165,000 8% • €165,000 - €200,000 12% • Over €200,000 15%

  6. Public Pay - Pensions • New single pension scheme for new entrants • Career average earnings • Retirement age up to 66 • Linked to increases in state pension age • Considering linking to CPI rather than pay parity

  7. Social Welfare • General decreases of 4.1% • Job seekers for younger hit harder • 20-21 year olds €100 • 22-24 year olds €150 • Old age pensions exempt • Child benefit €16 per month except social welfare

  8. Other • Review of local government • National solidarity bond • €136 million for training • €70 million for flood relief • Credit review system • €22 million for visitor attractions • Discounted rail travel and JFK project

  9. Income Tax • No changes to bands or credits • New system for 2011 – universal social contribution • Taxation of pension lumps sums and contributions to be reviewed • Extension of mortgage interest relief • High earner effective rate • Irish domicile levy

  10. Mortgage Interest Relief • Abolished by 2017 • Loans before 1 July 2011 get relief for 7 years • Transitional measures for loans between 1 July 2011 and end of 2013

  11. High Earners • Effective rate increased from 20% to 30% • Full restriction at €400,000 (currently €500,000) • Some restriction from €125,000 (currently €250,000) • Possible curtailment and removal of further reliefs in Finance Bill

  12. Irish Domicile Levy • Irish non-resident nationals and domiciled individuals • Worldwide income exceeding €1 million • Irish located capital exceeding €5 million • Levy of €200,000

  13. Corporation Tax • 12.5% rate is permanent • Current start up scheme extended for 2010 • R&D and IP Regimes to be enhanced • Capital Allowances for energy efficient equipment to be extended to new categories

  14. VAT • Standard rate back to 21% from 1 January • Special schemes for second hand cars and agricultural machinery abolished (moved to margin scheme)

  15. VRT • New scrappage scheme • €1,500 relief • Over 10 years replaced by Band A or B • 1 January to 31 December 2010 • Existing schemes extended • Exemption for electric vehicles • €2,500 for certain hybrid vehicles • Extended to 31 December 2012

  16. PRSI • No change to rates or bands • €36 million for Employers Job Incentive Scheme

  17. Carbon Tax • Net tax (maintain or reduce payroll taxes) • 50% for retrofitting, also rural transport • Visibility? • €15 per tonne • Phased

  18. Excise Duty • 12 cent per pint • 14 cent per spirit measure • €2.76 per bottle of spirits • 60 cent per bottle of wine • Other pro-rata • Including VAT

  19. Capital Taxes • CAT • CGT • Stamp duty • NO CHANGES • But – NAMA windfall tax of 80%

  20. Future Taxes • Property Tax • Domestic Water Charges To fund local government • Review of pension treatment • Review of tax shelters

  21. Employment Subsidy Scheme • Open to all sectors • Competitive and oversubscribed • Closing 23 December 2009 • Similar conditions to phase 1 • 10 or more employees • Maintain employment • No financial difficulty at 1 July 2008 • Viability plan to December 2010 and beyond

  22. Stimulus • Car scrappage • Excise and VAT reductions • Retrofitting • Training • PRSI exemption • Credit review system • Financial services sector – International Funds

  23. Questions and Answers • Contact: • info@ncg.ie • 065 6864503

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