Introduction
Income tax was first extended to Ireland in 1853 by Gladstone who was Chancellor of the Exchequer at the time. Economists and political theorists differ slightly in identifying and classifying the criteria that are used to evaluate systems of taxation and individual tax measures but they seem to be in agreement that equity, efficiency and simplicity are all beneficial characteristics of a ?good? tax system.
For raising public finance in most modern economies, taxation has been the favored method. ?The burden of taxation? arises because of the prodigy that the reliance on taxation to raise public finance creates. Tax is also used to transfer resources from wealthy members of society to the less well off in an equitable manner.
Tax is distributed into three different categories: Schedule D, Schedule E and Schedule F. Schedule D is then sub-divided into four different cases, Case 1, Trading Profits, ? Case 2, Self-Employed professionals e.g. barristers or doctors, Case 3, National
Loan Stock/Foreign Income, Case 4, D.I.R.T., Account Interest and Case 5, Rental Income. Schedule E deals with emoluments from employment/ P.A.Y.E., while Schedule F deals with Irish Company Dividends. We will be dealing with Schedule E when we discuss Income Tax.
Part 1: Amendments to Income Tax
The main amendments that the Minister introduced in relation to the Income Tax code are the introductions of tax credits, the increase of tax bands, and the reduction in the Income tax rates and the increase in the old age pension rate.
Reduction in Income Tax Rates
The Amendment to the income tax rate was the reduction of both the standard and higher tax rates. In 1996/ 97 the standard rate was 27% and the higher rate was 48%. These rates have been decreased substantially by the Minister for Finance during his time in office. In 2003 the standard rate was 20% and the higher rate was reduced to 42%. See table 1.2
Increase of the Tax Bands
The 2nd?
Source: http://nyessay.com/taxes/irish-tax/
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