Budget 2014: Key measures

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Some of the key decisions made in Budget 2014

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15 October 2013

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Tax

  • No change to the 12.5% corporation tax rate
  • 9% VAT rate in tourism sector to continue
  • No increases in the 9%, 13.5% or 23% VAT rates in 2014
  • The Air Travel Tax will be reduced to zero with effect from the 1 April 2014
  • Increase of the cash receipts basis threshold for VAT from €1.25 million to €2 million with effect from the 1st of May 2014

 

Cigarettes

  • From midnight tonight, a pack of cigarettes up 10 cent 
  • Increase in Tobacco licence fee from €50 to €500      

 

Alcohol

  • From midnight tonight pint of beer and cider up 10 cent
  • Excise duty on 75cl wine up 50c

 

Fuel

  • No changes to petrol, diesel, home heating oil or gas  

 

Medicine

  • Pharmacy hit with increase in GMS dispensing fee to €2.50    

 

Illicit trading

 

  • Introduction of seven measures designed to further support the Revenue Commissioners? work targeting VAT fraud, illegal tobacco selling, unlicensed trading in alcohol products, and fuel laundering (More information to follow)

 

Job creation and Entrepreneurialism

 

  • Capital Gains Tax relief to entrepreneurs who reinvest the proceeds from the disposal of assets, on which CGT has previously been paid, into a new investment in productive trading activities
  • Introduction of a new ‘Start Your Own Business’ scheme to assist individuals who have been unemployed for at least 15 months to start their own unincorporated businesses by giving them a two year exemption from income tax

 

NAMA investments

 

  • NAMA expects to have approved €2 billion in funding for Irish projects between 2011 and 2015
  • NAMA to make €2 billion in vendor capital available to purchasers of commercial properties in Ireland

 

 

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