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Noonan Considering Income Tax Cut

by Jason Gorringe, Tax-News.com, London

17 December 2013


Irish Finance Minister Michael Noonan has hinted that he may cut income tax rates if and when the Government has the resources to do so.

Noonan told the Irish Times that the change was something the Government "certainly would like to do" in 2015 or 2016.

Noonan stressed that such an initiative would not signal a return to the so-called "auction politics" that prompted Ireland's "boom- and-bust cycle and destroyed so many lives in this country." Instead, it would be used "as a policy instrument that helps the growth in jobs and consequently the growth in the recovery."

Ireland exited its troika bailout program at the weekend. Tax revenues for the year to date are ahead of target and up EUR1.4bn (USD1.9bn) on 2012. The tax base has been broadened and moved away from transaction-based taxes, toward more sustainable forms of revenue generation.

TAGS: Finance | tax | Ireland | tax incentives | ministry of finance | tax rates | tax reform | individual income tax | Tax

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