Tax Strategy Group Papers – Budget 2024

In addition to the publication of a presentation paper by Brendan O’Connor, Economics Division at the Department of Finance, on the Irish Economic Situation and Outlook, the following 10 papers were published:

  1. Income Tax
  2. Pay Related Social Insurance
  3. Social Protection Budget Package – Budget 2024 Issues
  4. Corporation Tax
  5. Enterprise Supports
  6. Residential Property Related Taxation Measures
  7. Climate Action and Tax
  8. Value Added Tax
  9. General Excise
  10. Capital Taxes & Stamp Duty

The papers can be found here.

We have set out below some key highlights from the papers.

 

Income Tax

  • Issues covered in this paper include a summary of tax yields, information on the distribution of Income Tax and USC, and provides an update on relevant reviews including refundable tax credits, remittance basis of taxation and developments in relation to pensions tax provisions.

 

Pay Related Social Insurance

  • This paper discusses PRSI, step effects in the social insurance system, the Social Insurance Fund and contribution rates.

 

Social Protection Budget Package – Budget 2024 Issues

  • The Budget Package paper reviews recent Budget changes and discusses the impact of potential cost of living measures and social welfare for Budget 2024.

 

Corporation Tax

  • This paper contains an overview of trends in Corporation Tax receipts.
  • It also gives an overview of the ongoing work on international tax reform, the progress and potential implications of Pillars One and Two, EU tax developments (including the Unshell Directive, DEBRA, BEFIT, DAC8 and FASTER), Taxation Measures to apply to Outbound Payments, the Apple State Aid case, Territorial Regime, Film Tax Credit, ACA for Energy Efficient Equipment, R&D Tax Credit and Knowledge Development Box.

 

Enterprise Supports   

  • This paper outlines a number of measures to support business activity and investment in Ireland and provides a review of the enterprise support schemes, including KEEP, EII, SURE and SCI, CGT Entrepreneur and Retirement Reliefs.  

 

Residential Property Related Tax issues

  • This paper discusses a variety of property related tax measures such as the Residential Zones Land Tax, the Local Property Tax, and Vacant Homes Tax, as well as Stamp Duty, Income Tax, and Capital Taxes as they apply to property.

 

Climate Action and Tax

  • This paper gives an overview of Energy taxes, and related EU developments, Carbon Tax, and Motor Vehicle Taxes.
  • The paper also discusses fossil tax subsidies in the transport sector.

 

Value Added Tax

  • This paper reviews the rates and structures of VAT.
  • The paper also provides an update on VAT developments at EU level.
  • Amongst other items discussed are the VAT in the digital age, cost of living, climate change and the importation of cars from the UK and Northern Ireland.

 

General Excise

  • This paper covers a number of topics including the Alcohol Products Tax, the Tobacco Products Tax and Betting Tax.

 

Capital Taxes & Stamp Duty

  • This paper provides an overview of the current position on Capital Gains Tax, Capital Acquisitions Tax, and Stamp Duty.
  • The paper also includes a short update on the Tax Appeals Commission.