Currency: Euro (€)
Capital City: Dublin
Language: English / Irish
Time zone: GMT
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
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%.
Business expenses can be deducted from taxable income if wholly, exclusively and necessarily incurred in the performance of work duties.
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.
An employee's contribution is 2% (2.5% where the income exceeds €1,925 per week).