Faced with a limited amount of money to play with, Paschal Donohoe chose to change little in Ireland’s tax system in Budget 2020, according to Quinn. The Minister announced that this was “a Budget without precedent” and that “these are also times without precedent.” While this is true, the stark reality is that even ignoring the threat of Brexit there is very little fiscal headroom due to continued overspending by Government Departments.
“The changes to the Research and Development tax credit for small and micro companies are very welcome,” Quinn continues. “These changes are aimed at enhancing the credit for these companies by increasing the rate of credit to 30 per cent, and by making it available on certain pre-trading expenditure. The Minister also announced an increase in the third level outsourcing limit which is good news for business and for third level institutions.
On personal tax rates, the slight tweaks to the credits are welcome but will have minimal impact. “The Minister did indicate as far back as mid-September that there would be no tax cuts, so it is welcome that he made some minor changes to the tax credits,” says Quinn. Given the tight fiscal room for manoeuvre, and the looming prospect of a crash-out Brexit, it has to be accepted that there is little scope for changes on this occasion
And we thought it was just because he couldn't be bothered. Really IT You're better than this.
Over seas Aid budget nearly 1 billion are you for real.
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