Budget 2014: Key measures

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Pictured: Stanley Tucci & Amy Huberman

Some of the key decisions made in Budget 2014

News

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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