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IRELAND

Useful Information

General:

              Currency: Euro (€)

              Capital City: Dublin

              Language: English / Irish

              Time zone: GMT

              Electricity: 220V

              Fiscal year: 1st Jan - 31st Dec

              Telephone code: +353

              Internet code: .ie

              Lowest point: North Slob (-3m)

              Highest point: Carrauntoohil (1041m)

              Approx. area: 27,135 square miles

 

Tax

Residents of Ireland pay tax on their worldwide income. Non- residents pay tax only on Irish sourced income. Tax treaties with other countries ensure that the same income will not be taxed twice in relation to those other countries.

The standard rate of tax is 20%, and the higher rate of tax is 41%. Each employee with a tax card will be given a standard rate band before paying the higher rate of tax. On average, this is €32,800 per annum. In addition there is a Universal Social Charge (USC) levy of 2% to 7%.

Deductions

Business expenses can be deducted from taxable income if wholly, exclusively and necessarily incurred in the performance of work duties.

Tax Credits

Annual tax credits are determined by the Irish income tax card. This is the amount employees can use to offset against any taxes due per annum. On average, this is €3,300 per annum.

Social Security (PRSI)

An employer's contribution is 10.75% and the employee's (Class A1) is 4% on earnings over €127 per week.

Healthcare

An employee's contribution is 2% (2.5% where the income exceeds €1,925 per week).              

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