Budget 2020

Key focuses of the Budget include Brexit and climate change, against a backdrop of continued growth and economic development and the stated aim of improving our national finances in circumstances of continued demands on public spending. The Budget measures are stated by the Minister for Finance as strengthening our foundations and deepening our resilience.

Mazars Budget Report 2020

Tax measures include

  • Increases in the Home Carer Credit and the Earned Income Credit;
  • 1 year extension of reduced rate of USC for medical card holders;
  • Increase in Dividend Withholding Tax to 25% from 1 January 2020 and a modified Dividend Withholding Tax regime from 1 January 2021;
  • Increase in the R&D tax credit to 30% for micro and small companies; improved method for those companies of calculating the limit on payable credit and provides for R&D credit on qualifying pre-trading R&D expenditure, limited in terms of use for offset against PAYE and VAT liabilities;
  • Continued reform of the Employment and Investment Incentive Scheme (EIIS), to take effect from today;
  • Amendments to the Key Employee Engagement Programme (KEEP) scheme:
  • Special Assignee Relief Programme (SARP) and Foreign Earnings Deduction (FED) extended to 2022, in recognition for the strong policy rationale for the existence and continuance of both;
  • Capital Acquisitions Tax (CAT):
    • Increase in the Group A threshold, applying, broadly, to transfers between parents and their children from €320,000 to €335,000

Budget 2020 and Brexit

Climate measures and Carbon Tax 

Budget 2020 - Carbon Tax

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ET-Tax

Tax

In providing tailored solutions to the individual needs of our clients, Mazars tax examine and offer a comprehensive range of tax services to national and international clients with a particular emphasis on helping them to structure their businesses and financial affairs tax efficiently.

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Pension

Missed Opportunity to Deal with the Pensions

Budget 2020 has failed to address the growing issue that is the pension time bomb facing Ireland. In February 2018, the Roadmap for Pensions Reform was published with the promise of creating “a new and necessary culture of personal retirement saving in Ireland”.

ET-Tax

Tax

In providing tailored solutions to the individual needs of our clients, Mazars tax examine and offer a comprehensive range of tax services to national and international clients with a particular emphasis on helping them to structure their businesses and financial affairs tax efficiently.

Download pdf 626.17 kB

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