Brief overview of the various taxes payable in Ireland
Capital Acquisitions Tax
Capital Acquisitions Tax comprises gift tax, inheritance tax, discretionary trust tax and probate tax. An inheritance is a gratuitous benefit taken on a death and a gift is a gratuitous benefit taken otherwise than on a death.
Capital Gains Tax
Tax chargeable on the gains arising on the disposals of assets.
Corporation Tax
Tax payable by companies resident in the State, and on profits of non-resident companies in so far as those profits are attributable to an Irish branch or agency.
Deposit Interest Retention Tax (DIRT)
DIRT is a retention tax deducted at source by banks, building societies etc. from interest paid or credited on deposits of Irish residents.
Dividend Withholding Tax
Withholding tax from dividend payments and other distributions made by an Irish resident company.
Income Tax
Payable by individuals, partnerships and unincorporated bodies
Professional Services Withholding Tax (PSWT)
Withholding tax deductible at source from payments for “professional services” made to individuals and companies by Government Departments, Local Authorities, Health Boards, State bodies, etc.
Relevant Contracts Tax
Contractors in the construction, forestry or meat processing industry, must operate Relevant Contracts Tax (RCT) on payments made to sub-contractors. Tax must be deducted at a 35% rate from such payments and paid over to Revenue, unless the sub-contractor has a certificate (C2), which authorises the payment to be paid without deduction of the tax.
Stamp Duty
Duties payable on legal and commercial documents, certain transactions of capital companies and duties and levies payable by reference to statements such as credit cards, charge cards, cash cards and levies on certain insurance premiums and certain statements of interest.
Value-Added Tax
Value-Added Tax (VAT) is a general sales tax applied to the supply of taxable goods or services.
Vehicle Registration Tax
Vehicle Registration Tax (VRT) is a tax levied at the time of the registration of a vehicle in Ireland.