New taxes on the way

[mmrebel]

A range of new taxes, cuts in remaining tax reliefs and a far reaching reform of the tax system are to be recommended by the Commission on Taxation.

The measures, which will be central to the government’s aim of raising €1.75 billion in new tax revenue in 2010, could be introduced as soon as the December budget.

The sweeping recommendations are set to include:

* the introduction of a tax on residential property,

* tax on child benefit payments,

* restriction on pension tax relief and

* new tax treatment for retirement lump sums.

However, senior political sources believe that, even if the government follows the bulk of the commission’s recommendations, it faces enormous challenges in raising the sum required to meet next year’s budget target.
read the full article A range of new taxes, cuts in remaining tax reliefs and a far reaching reform of the tax system are to be recommended by the Commission on Taxation.
Read the full article Sunday Business Post | Irish Business News

[ManOfReason]

All brought to us by our friends in FF - The Party Before Country Party.

[wysiwyg]

Pretty much what we knew already. What the Government should do however, is to completely open the books of the Department of Finance to the Opposition and allow them to formulate an alternative budget, so that the people can see what's available from the Opposition

[athlonedub]

All brought to us by our friends in FF - The Party Before Country Party.

Actually the Commission on Taxation is non partisan representing a wide variety of interests....Look at the terms of reference also

Commission on Taxation

[kerrynorth]

They are not going to be able to raise €1.75billion with those next year. Plus they are already committed to merging the levies into the Income Tax bands. The one area that can generate big tax revenues is to cut the Tax free allowance and reduce the Standard Rate Band. Bringing those down will bring in €1billion easily. On the other hand you will have to cut the dole by a bit preserve the work/dole gap but that will be needed to be done anyway as part of €4billion in spending cuts.

[DCon]

Actually the Commission on Taxation is non partisan representing a wide variety of interests....Look at the terms of reference also

Commission on Taxation

The Commission on taxation did not ruin the country though. FF waste, alleged corruption and alleged theft has.

[ManOfReason]

Actually the Commission on Taxation is non partisan representing a wide variety of interests....Look at the terms of reference also

Commission on Taxation

Pay attention - I was talking about this gombeen men who created this mess.

As for the Commission on Taxation, whatever their supposed purpose is, their only real reason for existing was as to act as an excuse to hold off on the really bad medicine until after the elections. Try cutting out the FF PR BS and calling a spade a spade and it quickly becomes clear what a mess we are in and who is to blame.

[athlonedub]

Pay attention - I was talking about this gombeen men who created this mess.

As for the Commission on Taxation, whatever their supposed purpose is, their only real reason for existing was as to act as an excuse to hold off on the really bad medicine until after the elections. Try cutting out the FF PR BS and calling a spade a spade and it quickly becomes clear what a mess we are in and who is to blame.

Actually I was paying attention, the original post was soley to do with the CoT.....

And in fairness, the CoT was set up in March 2008. I dont think its purpose was to hold things off at that stage until post the Local elections in May 09. Unless you felt that the Government saw the writing on the wall at that stage..............(most posters here criticise them for not seeing it until too late!!)

[euroboy]

I welcome these new taxes.

We need a tax system that is able to generate a tax take of 55-60bn euro a year.

Not only will these new taxes help towards that end, it will also address the grave inequalities that exist(ie low earners cant avail of reliefs while mid earners get standard rate rebate while high earners get marginal rate rebate for VHI, pensions, etc etc).

Now all that is needed is the government to have the balls to introduce FULLY the recommendations of the Tax Commission and not BOTTLE it when the OVERPAID, UNDERTAXED people protest. It appears the government are in the mood to follow through, with all its talk of taking the hard and unpopular decisions.

Now, I ask FG to look at the report too and revise its own stance on taxation and its ridiculous 'cant tax your way out of a recession' nonesense.

People have had it FAR too EASY for far too long, reliefs and subsidies on just about everything and worst, biased towards the rich. Thank god, this is now changing.

I look forward to seeing what the Tax Commission say about tax free allowances, its should be brought down from 18k to 8k a year, that way it will bring in the majority of workers.

Hopefully this report will help the Irish people see how generous our tax system was during the last 10 years. Irish people are at the minute lacking any honesty about taxation.

[seenitallb4]

I welcome these new taxes.

We need a tax system that is able to generate a tax take of 55-60bn euro a year.

The other side of the equation is that we need to stop spending 55-60BN per year.