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Thread: Why can't we get 4.5% more from Corporation Tax?

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    Default Why can't we get 4.5% more from Corporation Tax?

    US firms paid tax rate of 8% on profits in Ireland - RTÉ News.

    Ireland's Corporate Tax rate is the well known 12.5%. It has become a mantra that our politicians will defend to their dying breath (unless their pensions are on the line). It is a low tax rate. It offends many constant our EU partners and the US and we are criticized as a tax haven.

    Why then, is the effective rate not the same as the headline rate? After all it is a tax on profits not turnover (which many journos don't seem to appreciate when they refer to google's revenue and the tax paid). Why do we allow accounting practices to reduce the tax revenue available by over one third? How many of the cuts could be reversed if we had an effective rate of 10% plus? (Or even reduce the rates or other taxes which are crippling SME's).

    More info:
    http://budget.gov.ie/budgets/2013/Do...nd%2520FDI.pdf


    Call for Ireland to push ahead issue of common corporate tax base - Irish News, World News & More | The Irish Times - Fri, Jan 11, 2013

    Increasing corporate tax rates: what was sauce for Cyprus is toxic for Ireland | NAMA Wine Lake

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    Politics.ie Member drummed's Avatar
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    Ever heard of capital allowances? Ever do a tax computation? Its a bit more complex when you get past intercert accounting. You'll see that in time.

    There's a lot of stuff you can deduct from profits which makes the actual final figure very different to the figure in the accounts for tax purposes. This is fairly basic stuff poster. Your grasp of consolidated accounts/tax is non existant i'm afraid.
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    Quote Originally Posted by drummed View Post
    Ever heard of capital allowances? Ever do a tax computation? Its a bit more complex when you get past intercert accounting. You'll see that in time.
    Yes. No. What's an intercert? Thanks - do tell.

    Can I claim a capital allowance on my LPT? If corporations sign up to a low headline tax rate - why should we allow them keep more than 7/8ths of their profits? (When I can't keep more than 52% of my income after a certain threshold)

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    Politics.ie Member james5001's Avatar
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    Quote Originally Posted by drummed View Post
    Ever heard of capital allowances? Ever do a tax computation? Its a bit more complex when you get past intercert accounting. You'll see that in time.

    There's a lot of stuff you can deduct from profits which makes the actual final figure very different to the figure in the accounts for tax purposes. This is fairly basic stuff poster. Your grasp of consolidated accounts/tax is non existant i'm afraid.
    Is that something to do with computers?
    The world is a very puzzling place. If you're not willing to be puzzled, you just become a replica of someone else's mind.

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    Politics.ie Member General Urko's Avatar
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    To answer the OP's headline as in our dealings with our European masters because our spineless politicians are afraid!
    Don't forget these orgs also receive massive training and other grants from the tax payer as well!
    I saw somewhere where it can cost around 20K in total per job created!

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    Politics.ie Member drummed's Avatar
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    Quote Originally Posted by james5001 View Post
    Is that something to do with computers?
    Nothing to do with them. Its simply a calculation of tax liability. To compute the tax?
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    Politics.ie Member drummed's Avatar
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    Quote Originally Posted by General Urko View Post
    To answer the OP's headline as in our dealings with our European masters because our spineless politicians are afraid!
    Don't forget these orgs also receive massive training and other grants from the tax payer as well!
    I saw somewhere where it can cost around 20K in total per job created!
    The tax lawyer is explaining it in terms the OPer will understand. Close the thread and save us all the inevitable stupidity which will occur otherwise.
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    Politics.ie Member james5001's Avatar
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    Quote Originally Posted by drummed View Post
    Nothing to do with them. Its simply a calculation of tax liability. To compute the tax?
    You may be good at making jokes but sometimes you're not great at picking up on them.
    The world is a very puzzling place. If you're not willing to be puzzled, you just become a replica of someone else's mind.

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    Politics.ie Member drummed's Avatar
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    Quote Originally Posted by Congalltee View Post
    Yes. No. What's an intercert? Thanks - do tell.

    Can I claim a capital allowance on my LPT? If corporations sign up to a low headline tax rate - why should we allow them keep more than 7/8ths of their profits? (When I can't keep more than 52% of my income after a certain threshold)
    You have no concept whatsoever how the tax system works. In fact i very much doubt you even have basic maths skills.
    I have no intention of wasting my evening explaining it to you. Go to your local library. Get a book on corporation tax. Read it.

    Or better, get somebody to read it to you.
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    Politics.ie Member stopdoingstuff's Avatar
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    Google relevant trade charges and patent royalties.
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