ARTICLE · 05 FEBRUARY 1999

Budget 1998

A&L Goodbody

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The Minister for Finance Charlie McCreevy delivered his budget speech on 2nd December, 1998. The more important measures relevant to the business community to be introduced in the Finance Act early next year include:

Corporation tax

1. Rate of Tax

Following last years confirmation that the rate of Corporation Tax would be reduced to 12.5% from the year 2003 it has now been confirmed that the standard rate for trading income will be reduced by 4% per annum for the years 2000 to 2002 and by 3.5% for 2003. The rate in effect from 1st January 1999 will be 28%. Non trading income will be taxed at 25% from the year 2000.

The current initial rate of corporation tax of 25% will now apply for the first £100,000 of taxable profits whereas it previously only applied to the first £50,000.

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