ARTICLE · 10 MAY 1999

Finance Act, 1999

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IRISH CORPORATE TAX HIGHLIGHTS

The Irish Finance Act, 1999 ("the Act"), which came into force on the 25th March, 1999, makes some changes to Irish taxation law which impact on members of the international business community with Irish business operations. This bulletin sets out some of the more significant tax changes.

RATE OF CORPORATION TAX

Following the Government's announcement in July 1998 to introduce a standard rate of corporation tax of 12.5% for trading income with effect from 1st January 2003, the Government has commenced the process of reducing the existing standard rate of corporation tax.

Accordingly, the rate of corporation tax was reduced from 32% to 28% with effect from 1st January, 1999 for the calendar year 1999 and the Act provides for further reductions of four percentage points for each of the calendar years 2000, 2001 and 2002 with the 12.5% rate applying for the calendar year 2003 et seq. Non-trading income will be taxed at 25% from 1st January, 2000.

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