Key points of Minister Michael Noonan’s Budget 2012:
- No increase in income tax
- First-time buyers will get mortgage interest relief at 25%
- Measures to help those who bought houses between 2004-2008
- €100 household charge waived for those on mortgage interest supplement
- Increase in Motor Tax from 1 January
- 25 cent increase on 20 cigarettes
- Corporate Tax Rate remains at 12.5%
- 5% surcharge on investors with income over €100,000
- Carbon Tax increased from €15 per tonne to €20 per tonne
- Corporate tax exemption for start-up firms extended to 2014
- Stamp duty on commercial property to be reduced
- PRSI to be extended to cover rental, investment and other forms of income
- Foreign Earnings Deduction to support firms in emerging markets
- €100,000 of R&D expenditure can be used as tax credit
- Special Assignee Relief Programme to be introduced
- Section 23 tax relief changes
- Universial Social Charge exemption level raised to €10,000
- VAT rate raised to 23%
- Capital Acquisitions Tax raised to 30%
- Capital Gains Tax raised to 30%
- Capital Gains Tax incentive for property purchased up to end of 2013
- Citizenship condition for Domicile Levy payment abolished
- Tax exemption for first 36 days of Illness Benefit ended
December 7, 2011
