Knowledge Development Box:
- Announcement of OECD compliant and “best-in-class” Knowledge Development Box with a corporation tax rate of 6.25% applying to profits generated by qualifying R&D activities.
- The Minister reiterated Ireland's commitment to the OECD’s objectives in relation to Base Erosion and Profit Shifting with the announcement of the introduction of country by country reporting.
- The 3 year relief for start-up companies will be extended to new business start-ups in 2016.
CGT Entrepreneur Relief:
- A reduced rate of CGT of 20% (as opposed to 33%) has been introduced for entrepreneurs and the self-employed.
Employment and Investment Incentive Scheme (EII):
- The amendments announced in last year’s Budget have received EU State Aid Approval and will take effect from 14 October 2015.
Farm Succession Partnership:
- To facilitate the transfer of family farms, plans to introduce a family farm partnership model have been announced. The commencement of this measure is subject to EU State Aid approval.
Earned Income Credit:
- An annual income tax credit of €550 has been introduced for self-employed individuals.
- The remaining pension fund levy of 0.15% will be abolished with effect from 1 January 2016.
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