Tuesday 6 December 2016

Noonan’s pro-business offer serves a purpose

Published 06/10/2015 | 02:30

Mr Noonan has confirmed he will begin to extend the PAYE tax credit – worth €1,650 – to the self-employed and farmers in Budget 2016
Mr Noonan has confirmed he will begin to extend the PAYE tax credit – worth €1,650 – to the self-employed and farmers in Budget 2016

Finance Minister Michael Noonan will start the process of eliminating an inequality in our taxation system in next week’s Budget 2016.

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Business groups have long claimed the tax system discriminates against self-employed people. The disparity arises because the self-employed cannot claim the PAYE tax credit of €1,650. This effectively means that a self-employed person is paying €32 a week more in tax than an employee.

Of course, the PAYE and self-employed taxation systems are not directly comparable, and the benefits they receive when they lose their jobs also vary substantially.

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