Irish Government Plans Tax Breaks For Older Workers As Tax Take Shrinks
The Irish government is
planning to introduce proposals aimed at encouraging older workers back into
the job market as the demography of the country shifts, but recent reports
suggest that Finance Minister Charlie McCreevy is feeling the pinch as a result
of a slump in revenue collection. Labour Minister, Tom Kitt,
said last week that one approach being considered by the government to encourage
'returners' is the introduction of an early or part time pension payment which
would be exempt from additional tax, and would be linked to semi-retirement
and part time work. According to the minister, such measures are necessary as
over the next 20 years, a rapidly increasing proportion of the Irish population
will fall into the 55+ age category. Meanwhile, it was revealed
that projects such as the development of the Campus Ireland sports stadium (dubbed
by some as the 'Bertie Bowl'), road development schemes, and the overhaul of
the health system, may be under threat as a result of a lower than expected
tax take. Official figures released this week put the figure at least £1.3
billion lower than previous predictions. Excise duties have slumped
furthest over the past year due to a decrease in car sales, falling short of
target by around 15%, and VAT collection is also reportedly well below expectations.
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.