The Government is planning to reduce the universal social charge (USC) for the lower-paid in the forthcoming December 6 Budget and to find ways of increasing taxes on wealthy exiles, according to The Sunday Business Post.
Cliff Taylor, the editor of The Sunday Business Post, says the Vat hike will certainly hit retail sales and will affect the poor disproportionately – the question is will the measure have the desired effect of raising the bulk of tax revenues required under the terms of the so-called bailout? And now the cat is out of the bag regarding how the government intends to raise the tax component of the €3.6 billion our Troika masters are demanding.
Taxation changes will not be agreed by government until next week, with the spending cuts being decided first, according to The Sunday Business Post.
JP McManus, the Switzerland-based businessman, has told The Sunday Independent his decision to live abroad had nothing to do with tax avoidance.
“I didn’t leave this country for tax purposes; I left because I wanted to set up a business abroad. I paid my taxes before I left the country in full. I didn’t leave to avoid paying tax or any future tax or anything like that,” he said.
Income tax increases may be off the political agenda but gardaí are claiming other government charges will have the same impact when introduced in the New Year, according to The Sunday Business Post.