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Taxation

Ireland - Taxation


The Irish Government has been keen to encourage foreign investment in the country by offering low corporate tax rates of between 10% and 12.5% for most businesses. The lowest rate of 10%, currently being phased out, applies to many large multi-national companies in the manufacturing and finance sectors, and those located in the Shannon Free Zone.

There is a progressive personal tax system in Ireland, with most employees being on the Pay As You Earn (PAYE) system in which tax is deducted by their employer. The self-employed are responsible for paying their own tax and are required to complete an annual tax return under the Self Assessment system. The standard rate of personal tax in Ireland is 20% and the higher rate 42%.

Anyone who is resident in Ireland for 183 days or more during a tax year is liable to income tax on their income from any source, and may be eligible for tax credits and deductions. Anyone who is resident in Ireland for 280 days over two consecutive tax years is liable for tax in the second year. There is a Tax Credit system whereby tax payable is reduced for certain groups such as married couples, employees on the PAYE system etc. Income and eligibility for tax credits are taken into account in calculating the Standard Cut-Off point at which an individual becomes liable for the higher rate of tax. In 2005 the lower rate of tax was payable on the first EUR 29,400 of earnings by single taxpayers, and on the first EUR 58,800 of earnings by married taxpayers.

To register for tax in Ireland you need to apply initially at any Social Welfare Local Office or Social Welfare Branch Office for a Personal Public Service (PPS) number. On receipt of this number by post you should provide it to your employer and complete Form 12A which is obtainable from the Revenue office. On receipt of the completed form the Revenue office will send a Notice of Determination of Tax Credits and Standard Rate Cut-Off Point to both you and your employer, so that the correct deductions of tax can be made from your salary.

Ireland has Double Taxation treaties with many other countries, which mean that tax paid in one country can be offset against any tax payable in the other.

VAT is charged on most goods and services at a current rate of 21%.

The tax year starts on 1st January and ends on 31st December each year.


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Expat Health Insurance Partners


Bupa Global

At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.

Cigna

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.