23. Taxes on Payrolls (Social
Security)State insurance contributions and income levies are payable in respect of employed and self-employed persons.
For the employed person, part is payable by the employee and part by the employer. There are various contribution rates for different classes of employment. The most common are:
Employee Salary Employer Employee
Less than IR?0,250 8.50% 4.50%
Less than IR?3,500 8.50% 6.75
Otherwise: First IR?3,200 12.00% 6.75
Next IR?,700 12.00% 2.25
Over IR?7,900 Nil 2.25
The rates of contribution for self-employed persons are:
Percentage
Self-Employed Income of Income
Less than IR?0,250 5.00%
First IR?3,200 7.25
Over IR?3,200 2.25
24. Taxes on Natural Resources
No special taxes are levied on the exploitation of natural resources. The State, as owner of the mineral rights over much of the land and continental shelf area, imposes royalties on the exploitation of natural resources.
A special tax regime applies to profits from licensed petroleum activities. The principal feature is a reduction in the corporation tax rate, producing a net effective rate of 25%, in respect of income arising by virtue of petroleum leases granted before certain dates in the next 20 years.
Depreciation allowances are available for expenditures in respect of scheduled minerals.
25. Other Taxes
Land and Property. Local authorities levy taxes known as rates on nonresidential property. The rates are normally paid by the occupier and are based on a notional rental value of the property. Charges are made for services supplied by local authorities to businesses in respect of water, refuse collection, and discharge of industrial effluent. Individual residents in local authority areas may also be charged for water and refuse collection.
Stamp Duty. A duty is levied, at varying rates, on certain
instruments for the transfer of property, based on a percentage of the consideration for the transfer. The following are the main rates for the conveyance on sale of property:
q Stocks and other marketable securities 1%
q Units in Irish Unit Trusts and UCITS 0%
q Residential property
consideration up to IR?0,000 (graduated scale) 0?%
consideration between IR?0,000 and IR?70,000 (graduated scale)
6?%
consideration in excess of IR?70,000 9%
q Other property
consideration up to IR?,000 0%
consideration between IR?,000 and IR?0,000 (graduated scale)
1?%
consideration in excess of IR?0,000 6%
Legislation provides for exemption from stamp duty for transfers of assets between members of a group of companies, subject to conditions including 90% common ownership.
Capital Duty. The duty is chargeable on certain transactions relating to limited companies. The most common are the formation of a company and an increase in a company issued share capital. The duty is charged at a rate of 1% of the actual value of the net assets contributed to a company in consideration for the issue of shares.
COMPUTATION OF TAXABLE INCOME
26. Capital Gains
There is a comprehensive system of taxation of capital gains in
Ireland, and any disposal of a capital asset may give rise to a
liability to tax on capital gains. Disposals by way of gifts or in other circumstances that are not at arm length are treated
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