On Tuesday 8 October 2019, Minister for Finance, Mr. Paschal Donohoe T.D., delivered his Budget 2020 speech to the Dáil.
Set against the backdrop of a looming Brexit, Budget 2020 is cautious and conservative budget, shaped by the possibility of a no-deal Brexit, and its potential impact on the Irish economy.
Budget 2020 focused on ensuring that the Government has the necessary resources to meet the impact of Brexit and to safeguard the economic progress that Ireland has made in recent years.
A Brexit package of €1.2 billion was one of the main features of the budget. While there were minimal changes to income tax, there were some welcome supports for businesses including the 12.5% rate of corporation tax reaffirmed and an increase in the R&D tax credit from 20% to 25%. The Help to Buy and the Living City Initiative which have been hugely successful are to be extended. The rate of commercial stamp duty was increased from 6% to 7.5%.
We have summarised the key points from Budget 2020 which we feel are relevant to our private and corporate clients and contacts.
We would be delighted to discuss any queries you may have in relation to the impact Budget 2020 will have on you and your finances, just give us a call to arrange a meeting with a member of our tax team.
Please click on the link below for our expert analysis.