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Against the background of tough budgets in recent years, Ministers Noonan and Howlin framed their speeches in the context of preparing the country to exit the EU/IMF recovery programme and the creation of jobs in a range of sectors. Set out below is an outline of the main measures announced. More detail will be included in the Finance Bill which is to be published next month.

Ministers Noonan and Howlin were tasked with reducing the deficit in the country’s finances by €3.5bn in the Budget for 2013.  In their highly anticipated Budget speeches, they emphasised their aim to achieve this in a balanced and fair manner.  This has meant that they have cast the net widely and announced the following measures: 

Most Irish businesses are family owned and tend to remain in family ownership. Family businesses make up more than 60 per cent of all European companies, and they account for about 40-50 per cent of employment, encompassing a vast range of firms of different sizes and from different sectors.

Six Galway individuals made tax settlements in the first quarter of this year, the latest list of tax defaulters published by the Revenue Commissioners reveal.

The Minister for Finance Michael Noonan this week published the Finance Bill 2012 which gives effect to taxation measures announced in last December’s Budget.

Budget 2012 is unique in that the proposed expenditure cuts were announced a day ahead of the tax changes and also many of its provisions were well flagged ahead of Budget Day. The financial adjustment was set at €3.8bn with €2.2bn coming from expenditure cuts and €1.6bn coming from increased taxation. Despite all the advance leaks and speculation the Minister managed to keep a number of the changes secret until the Budget Speech especially in the area of incentives to business and measures to kick start the property market.

Over recent weeks, there has been much speculation on the provisions to be announced in Budget 2012. The anticipation was heightened by the “State of the Nation” address by An Taoiseach Enda Kenny on Sunday night. In an unprecedented move, Minister Howlin and Minister Noonan shared the burden and spread their respective speeches over two days. Some of the main features introduced in the 2012 Budget are set out below:

The Government must introduce relief from capital gains tax for farm consolidation if there is to be an increase in land mobility, according to Kilkenny IFA farm business chairman John Bambrick.

Now may be a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values and current tax reliefs.

CPOs - How much will the taxman take?