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No Large Tax Cuts, Says McCreevy

by Robert Lee, Tax-News.com, London

06 December 2002


Delivering his budget on Wednesday, Irish Finance Minister, Charlie McCreevy announced that there will be no substantial tax cuts over the next few years.

'This should be a period of consolidation,' he explained. 'There will not be a period of tax reductions this year, next year, or the year after.'

In his budget speech, Mr McCreevy revealed that there would be minimal changes to the employee tax credit (formerly PAYE) system, although he did increase the tax free PAYE allowance to 800 euros in order to lessen the tax burden of many of the Republic's lowest income workers:

'All that this budget was designed to do regarding income tax was to take 90% of people on the minimum wage out of the tax net,' the Finance Minister announced.

Mr McCreevy also upped the income tax exemption limit for elderly taxpayers, increased the lower rate of VAT from 12.5% to 13.5%, and closed several tax 'loopholes', including amendments to the temporary non-residence rules which allow Irish investors to avoid capital gains taxes by selling assets during a period of short-term non-residence.


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