No changes have been announced in relation to the taxation of companies. The Minister reaffirmed this government’s commitment to maintaining the 12.5% rate of corporation tax.
The Start Your Own Business scheme, which was due to end on 31 December 2016, has been extended until the end of 2018. The scheme provides for an exemption from Income Tax on profits of up to €40,000 per annum for two years, where an individual who was unemployed for a minimum of 12 months sets up a qualifying business.
The scheme of accelerated capital allowances for energy efficient equipment is being extended to sole traders and non-corporates. The scheme provides for 100% allowances in year 1 for expenditure on certain energy efficient equipment.