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Thomas McGibney & Company | |||
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Main Street, Virginia, Co. Cavan. Phone 049 8549966 |
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BUDGET 2003
Indirect Taxes 2003
The
Budget includes increases in VAT, Excise Duty and Stamp Duty. VAT The standard rate of VAT stays at 21%. The lower VAT rate (which applies to such business sectors as construction,
contracting and hairdressing) rises from 12.5% to 13.5%. This
change will take effect from January 1, 2003. Excise duty on cigarettes
and other tobacco products will increase by 50 cent per packet of
twenty cigarettes and pro-rata on other products Excise duty on spirits
will go up by 20 cent per standard measure. Duty on Alcopops
is being raised by 35 cent per bottle. Duty on diesel
will go up by 3 cent per litre. These excise
duty increases are to take effect immediately. There are minor
increases in VRT for certain categories of cars. Stamp Duty
Non-Residential
Property Cheques,
Credit Cards etc The stamp duty
on Cheques goes up from 8 cent to 15 cent per cheque The stamp duty
on Credit Cards goes up from €19 to €40 per annum. The stamp duty
on ATM Cards goes up from €6.25 to €10 per annum A new stamp duty
of €10 per annum will be charged on Laser Cards.
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