Budget 2018 was announced on 10 October 2017. This was Minister Donohoe’s first Budget speech and many of the measures announced were leaked to the media well in advance. William Fry, Taxand Ireland, provides further details.
The commitment to Ireland’s 12.5% corporation tax rate and stable, transparent and competitive corporation tax regime were reiterated. The Minister had limited funds available to him and the focus of many of the Minister’s proposals was the chronic supply of housing in the Irish market. The measures announced will be funded by increases in the rate of stamp duty applying to sales of commercial property, increases in excise duties and the introduction of a sugar tax (in conjunction with the UK).
Full details of the measures will be set out in the Finance Bill expected to be published on 19 October 2017.