Budget Magazine 2009
The Sunday Business Post publishes a post-Budget analysis magazine after each Budget. These articles are available to read below.
Budget 2009: How bad was it for you?
19/10/2008 - Minister for Finance Brian Lenihan’s first Budget was expected to be the most difficult for many years and media reports had prepared us for the worst.
Reform will get us back on track
19/10/2008 - In the wake of Budget 2009,we are all trying to come to terms with how rapidly everything has changed.
On borrowed time
19/10/2008 - Personal taxes
Minister for Finance Brian Lenihan was in the unfortunate position of framing his Budget in the first recession in 25 years.
Corporation tax
19/10/2008 - In a welcome move in these uncertain times, the Minister reaffirmed Ireland’s commitment to the 12.5% corporation tax rate by emphasising that this rate will not be increased upwards.
Capital gains tax
19/10/2008 - As a means of financing the reduction in the rate of stamp duty on commercial property (see below), the Minister for Finance announced an increase in the rate of capital gains tax from 20% to 22%.
Property taxation
19/10/2008 - CAPITAL ALLOWANCES SCHEME FOR ENERGY-EFFICIENT EQUIPMENT
Normally, capital allowances are available at 12.5% on equipment used by a business, providing a write-off of expenditure against profits over an eight-year period.
Other tax changes
19/10/2008 - EXTENSION OF STAMP DUTY RELIEF FOR YOUNG TRAINED FARMERS
The stamp duty relief for young trained farmers (those under 35 years of age with specific agricultural training) which was due to expire on 31 December 2008 has been extended for four years and will now apply until 31 December 2012.
Pensions
19/10/2008 - Currently an annual earnings cap of €275,239 applies to determine the maximum amount on which tax relief can be claimed on all types of pension contributions made by individuals, i.e. personal pension plans, personal retirement savings accounts (PRSAs) and additional voluntary contributions (AVCs).
Indirect taxes
19/10/2008 - VAT: INCREASE IN STANDARD RATE
The Minister has announced an increase in the standard rate of VAT from 21% to 21.5% with effect from 1 December 2008.
Navigating the new VAT minefield for contractors
19/10/2008 - The 2008 Finance Act introduced significant changes in relation to how principal contractors and subcontractors in the construction industry account for VAT.
