what is the standard rate of tax in ireland
Taxation in the Republic of Ireland In Ireland there is an income tax, a value added tax (VAT), and various other taxes. Employees pay pay-as-you-earn (PAYE) taxes based on their income, less certain allowances. The taxation of earnings is progressive, with little or no income tax paid by low earners and a high rate applied to middle to top earners, the top marginal rate of tax (including USC and PRSI) is 52%. However a large proportion of central government tax revenue is also derived from VAT, excise duties and other taxes on consumption. The standard rate of corporation tax is among the lowest in the world at 12.5%.
History of taxation in the United Kingdom The Government of Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s.[19] In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30%.[20] The basic rate was also cut for three successive budgets â€“ to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988.[21] The top rate of income tax was cut to 40% in the 1988 budget. The investment income surcharge was abolished in 1985.