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Kenny Commits To Further Irish Tax Cuts

by Jason Gorringe, Tax-News.com, London

02 December 2014


Enda Kenny, Ireland's Prime Minister, has confirmed that the marginal tax rate on middle-income workers will fall to "at most 50 percent" in next year's Budget.

Kenny said that a rate cut will be announced in October 2015, when Finance Minister Michael Noonan delivers his 2016 Budget. He pledged that if his Coalition Government is re-elected in 2016, it will seek to further reduce income tax rates in subsequent Budgets.

Kenny outlined the Government's recent efforts to ease the tax burden in a Thanksgiving Day speech to the American Chamber of Commerce Ireland. He said that Budget 2015 included "a multi-year program to reduce job-damaging taxes on work," and stressed that from January 1, "all those in employment and self-employment who pay tax can expect to have more in their pocket."

"While all workers will benefit, the measures were specifically targeted at low- and middle-income workers who pay high tax rates at very modest income levels." From January, the marginal tax rate on earnings below EUR70,000 (USD87,431) will be cut from 52 to 51 percent, he said.

According to Kenny, the Government is aware that Ireland's high personal tax rates need to be addressed if the country is to remain internationally competitive. He described the 52 percent rate as "anti-employment, anti-enterprise, and anti-investment."

TAGS: Finance | Budgets | tax | investment | Ireland | commerce | ministry of finance | self-employment | tax rates | tax reform | chamber of commerce | individual income tax

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