The 2012 budget has proven to be the most anticipated, leaked and discussed budget in years. We're all aware of the usual cuts, social welfare, health, education, VAT increases, CGT and so on. If we look past the sensational newspaper headlines, is this budget as a step from rescue to rebuilding?In my opinion, yes we can! I believe the tax measures implemented within this budget will help grow our economy, boost exports and promote business activity.
Some of these measures include:
On an individual basis, the government held their commitment in relation to income taxes and chose not to introduce any further increases. However consumption / indirect taxes were not as fortunate. To see how the changes will impact your finances, check out the useful KPMG calculator tool which quickly assesses your bottom line.
The overall objective of this budget was to encourage growth and recovery in Ireland and with the above measures hopefully this objective will be achieved. However I think it is wise to have a certain amount of cautious optimism, we are inevitably edging closer to the limitations of taxing and the government will have to conjure new ways of reducing spend in future budgets.
Finally as a recruiter, it is encouraging to see the implementation of measures to attract key talent to Ireland, in a bid to create more jobs and facilitate the development and expansion of business here. Now where is that calculator?!