Finance Minister of Ireland has announced to cut the marginal rate of individual tax and also set out plans for the reform of the corporate tax regime in 2015 budget. The budget is aimed to recover the economic condition of Ireland. The marginal income tax rate for individual will be reduced from 52 percent and 51 percent through changes to income tax rates and thresholds. The top rate of income tax will fall from 41% to 40% and the measures will be taken to restructure the Universal Social Charge (USC). USC rates will fall for lower income person and the exempted threshold will be increased to EUR12,012 from EUR10,036.
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