If you worked in any of these countries, you could be due a Tax Refund

Universal Social Charge to be reduced in Budget 2016

#TaxTipsIreland #Budget2016

Workers in Ireland complain at length about the universal social charge but thankfully it’s going to be reduced. Finance Minister Michael Noonan confirmed this week that the USC will be cut by at least 1%.

Irish Budget 2016 - the universal social charge rate will be cut at least 1%

People who earn up to €70,000 per annum currently pay a top rate of 7% USC. If the top rate of USC is cut by 1%, a person earning €35,000 per annum would be better off by €175 per year.

This hugely unpopular tax was introduced in 2011 as an emergency measure and replaced the health and income levies.

There have been calls to abolish it but that’s unlikely to happen as it’s said to bring in over €4bn a year. The current rates are as follows:

Income Band

USC Rate

Up to €12,012

1.5%

From €12,012.01 to €17,576

3.5%

From €17,576.01 to €70,044

7%

Any PAYE income over €100,000

8%

 

We’d welcome a reduction in USC as a step in the right direction following signs of recovery in the economy. Think you could be due a USC refund? Check out our Irish Tax Refund page now or get a free estimate using our calculator

Check out the changes in Budget 2016. 

 

The average Irish tax refund is €1076.17

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About The Author

Sinead Gill - PR & Communications Manager @ Taxback.com

Hello. I live and breathe communications and love finding different and original ways to reach an audience. The challenge lies in trying to keep things fresh even when it’s a topic you’ve covered before. Branding, PR and communications are the three cornerstones of what I do so it’s a very interesting job!

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