The Minister of Finance, Mr Michael Noonan TD, and The Minister for Public Expenditure Mr Paschal Donohoe TD presented the Budget and Public Expenditure Measures which provide resources of €1.3 Billion with €500 million available in tax cuts.
The widely flagged intention of the government to abolish USC saw the standard rate reduced by 0.5% at a cost of €335 million.
The Minister has confirmed that the 9% Tourism & Hospitality rate of VAT will remain for 2017.
Start-up relief from Corporation Tax has being extended for new start-ups commencing to trade in the next 3 years.
New SME focused share based remuneration scheme to be introduced in Budget 2018, subject to further consultation and EU state aid approval
Knowledge Development Box to be modified to provide for additional benefits for small companies. No further details provided
CGT entrepreneur relief to be amended from 20% to 10%. The lifetime cap of €1m is to be reviewed in future budgets
It is proposed that a review of the application of stamp duty to Irish shares will be undertaken in 2017
The thresholds for Capital Acquisition Tax have been increased with the transfer from parent to child increased from €280,000 to €310,000
A summary of the measures in the Budget is available here budget-2017