NKC TAX Book 2022
Our NKC Tax Book for 2022 is here! The tax book provides a quick guide for you to check updates and changes in tax rules for 2022. We’ve pulled out a few of the biggest changes that have come into place below:
Corporation Tax - Ireland's Corporation Tax has risen to 15% for businesses with turnover of over €750million.
Corporation tax relief - for certain start-up companies extended to companies commencing a qualifying trade over the next five years to 31 December 2026. The period for which the relief may be claimed is also being extended from three to five years.
Minimum wage - The minimum wage has increased to €10.50 per hour
VAT - The lower VAT rate of 9% for the hospitality sector will continue until the end of August.
BIK Exemption - The BIK exemption for electric vehicles has been extended out to 2025 with a tapering effect on the vehicle value. For BIK purposes, the original market value of an electric vehicle will be reduced by €50,000 for 2022: €35,000 for 2023; €20,000 for 2024; and €10,000 for 2025.
Income Tax - The rates of 20% and 40% remain as they are, but the standard tax rate band, ie the amount you earn before paying the higher rate, has increased by €1,500.
Employment Investment Incentive (EII) scheme is being extended and, a number of important further modifications to the scheme are being introduced.
To download your copy of our 2022 Irish tax guide for your business just click.
If you feel you need some more detailed advice on your tax for 2022 feel free to get in touch with us directly. Email Padraig at padraig@nkc.ie or fill out the contact form below.
