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Ireland Value Added Tax
- In most cases, VAT in Ireland is 21.5%.
- There are reduced rates of VAT of 4.8%, and 13.5%.
- VAT is charged on assets and services in Ireland as well as on imports into Ireland.
- The minimum turnover for registering with the VAT authorities is EUR 37,500 (for services) and EUR 75,000 (for goods).
- VAT returns are made once every two months. In certain cases, it is possible to make a return once a year.
Ireland Transactions that are Exempt from VAT
The following products and services are exempt from VAT:
- Export.
- Health and medical services.
- Children's clothing.
- Insurance and banking services.
- Food.
- Agricultural fertilizers.
Ireland Inheritance tax/gift tax
- Tax is payable on an inheritance in Ireland, and on gifts. The tax is known as CAT (Capital Acquisition Tax).
- When either the donor of the gift/the testator or the recipient of the gift/the heir is an Irish resident, the tax is also applicable to overseas assets.
- The tax is payable at 22%, over and above the amount of the exemption.
- The amount of the exemption varies between EUR 27,127 and EUR 542,544.
- Generally speaking, the closer the relationship between the donor/testator and the recipient/heir, such as in the case of a spouse, son or daughter, the greater the sum exempt.
Ireland Stamp Duty
Stamp duty of 1%-9% is payable in the case of certain documents. The maximum rate of tax is 9%.
Ireland Share Capital Tax
Tax is payable at the rate of 1% on the increase or issue of share capital in a corporation.
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