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MartinRoberts Offline

Beiträge: 7

25.05.2023 14:29
Taxation in Ireland Antworten

After the state weathered the tax crisis of the 1980s, it gradually began expanding the corporate tax base. Between 1982 and 1986 there were some restrictions on tax-based funding. Then, in the late 1980s and early 1990s, there was a general change in industrial policy that broadened the corporate tax base. Generally, Irish corporation tax is levied on worldwide profits. It is made up of taxable profits and income from companies resident in the country. Foreign companies, on the other hand, are subject to corporation tax on their creditable profits.

Ireland has a specific corporate tax code which includes four basic tax credits aimed at achieving specific policy objectives: the Knowledge Development Box (KDB), the Development (R&D) Tax Credit aimed at reducing business expenditure on research and development (BERD ) to increase. However, partnerships, such as self-employed persons or sole proprietorships, cannot be subject to corporate income tax. This means that profits and profits from trading by companies are considered income subject to income tax.

Ireland's tax system is progressive, meaning that the higher the income, the higher the tax rate applicable to that income. Data collected last year (2016) shows ( that the tax a person pays on half the average income is the second lowest in the OECD (34 countries in total), which is 1/10th the Danish tax rate, for example .

Types of taxes in Ireland
Ireland has several types of taxes: an income tax, a value added tax (VAT), corporation tax and also Universal Social Charge (USC) on your earned income and Pay Related Social Insurance (PRSI).

Corporate taxes
Since the creation of the Irish Free State in 1922, a tax on corporate income levied by the Irish authorities has been authorised. There is also an Article 74 of the Irish Free State Constitution which contains provisions for transitional provisions in relation to the levying and collection of taxes previously imposed under British administration in Ireland.

The common corporate tax rate for qualifying dividends from EU and tax treaty jurisdictions is set at 12.5%. However, a 25% corporation tax is levied on all passive income. However, companies may be subject to other taxes. For example, stamp duty on the transfer of property - the rate is 1-2%, local property taxes with the rate - 0.18-0.25%. There are also industry-specific taxes set in the country. This can be a ship tonnage tax or a construction tax, for example.

In addition, there is a special tax that applies to certain petroleum activities depending on the profit yield of a location. Therefore, the applicable tax rate can vary between 25% and 40%. Another example is a carbon tax levied on mineral oils such as kerosene or car fuel that can be bought in Ireland. The rates of these taxes are EUR 20 per tonne of CO2 emitted.

Value added tax
VAT in Ireland can be described as a consumption tax which is charged on the added value of available goods and services and can be applied to almost anything that this country offers and sells for use or consumption. The applicable VAT rate in the country is 23%. However, different tax rates may apply depending on the type of goods or services provided.

Income tax
Everyone resident in Ireland must pay their worldwide income taxes. The basic requirement is that you have lived in Ireland for at least 183 days in a tax year or at least 280 days in the tax year and the preceding tax year. If this figure is less than this an individual will be regarded as non-resident for tax purposes and only have to pay tax on income earned in Ireland. Income tax rates are: up to EUR 33 800 – 20% and over EUR 33 800 – 40%. There is a special Pay As You Earn (PAYE) scheme set up in the country administered by the Irish Tax and Customs Board.

Earnings Related Social Insurance (PRSI)
PRSI payments can be considered part of the Social Insurance Fund (SIF). This fund provides assistance by paying social benefits and pensions. It is paid by all working residents, except for those earning EUR 38 or more per week by working full-time or part-time, workers who are self-employed and whose annual income is EUR 5,000 or more, and people aged 16 or over are older or have not yet reached retirement age

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23.06.2023 09:02
#2 RE: Taxation in Ireland Antworten

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