The below is a brief synopsis of the details of the Brian Lenihans 2011 Budget. For a more comprehensive look at the Budget Click Here.
No change to 12.5% corporation tax rate.
Accelerated capital allowances scheme for energy efficient equipment timeframe to be extended.
Replacement of Income Levy and Health Levy with a single Universal Social Charge.
Removal of employee PRSI contribution ceiling.
Reduction in value of income tax bands and credits by 10%.
DIRT to be increased by 2%.
Excise on petrol to be increased by 4c per litre on petrol and 2c per litre on auto diesel.
Fundamental reform of stamp duty on residential property for new contracts from 8 December 2010, with a flat rate of 1% for all residential property transactions up to €1m and a 2% rate applying to amounts above €1m. All existing reliefs and exemptions to Stamp Duty on residential property will be abolished, which means first time buyers exemption is removed.