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Kenny To Slash Irish Income Tax Burden In Budget

by Jason Gorringe, Tax-News.com, London

15 July 2014


Ireland's Prime Minister, Enda Kenny, has pledged that the Government will reduce the individual tax burden in the upcoming Budget.

In a speech setting out the Coalition's priorities, Kenny said that cuts will be announced in October, and will be "delivered" over a number of Budgets. He said that the 52 percent rate is "not tolerable or sustainable in the long run."

He stated: "We will reduce the 52 percent tax rate on low- and middle- income earners starting in Budget 2015 and to be delivered over a number of budgets."

"While this Government has already removed 330,000 earners from the Universal Social Charge, the introduction of that charge by the previous Government brought the top rate of tax to 52 percent for individuals and families on average incomes," he explained.

According to Kenny, "the Government wants to make work pay for working families." By slashing income tax, it will "help promote more job creation and improve Ireland's attractiveness as a location of investment."

Ireland has one of the highest marginal tax rates among Organisation for Economic Cooperation and Development countries, among which the average is just 36 percent. Numerous business associations have called on the Government to take action, including the American Chamber of Commerce Ireland, Ibec, and the Small Firms Association.

TAGS: individuals | Budgets | tax | investment | business | Ireland | budget | tax rates | tax reform | trade association | trade | individual income tax

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