Ireland's Budget for 2016 Delivered including CbC Reporting and Knowledge Development Box Regime

On 13 October 2015, Ireland's Minister for Finance Michael Noonan delivered proposals for the 2016 Budget. In general, the Budget includes several positive measures, with the only tax increase being an increase in the excise tax on cigarettes by 50 cents. The key proposals include:

Universal Social Charge

The Universal Social Charge (USC) exemption threshold will be increased from EUR 12,012 to EUR 13,000, and the rates for the three lowest brackets are reduced as follows:

• EUR 0 to 12,012…