Ireland to Tax Pension Funds
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Ireland to Tax Pension Funds
By Joe Brennan and Dara Doyle
Ireland’s government will impose a temporary levy on domestic private pension savings to fund a jobs plan aimed at cutting unemployment and aiding the economic recovery.
The government plans to apply an annual 0.6 percent charge over four years on pension assets, excluding funds providing benefits to non-resident employers and members, Finance Minister Michael Noonan said in Dublin today. The move should generate 470 million euros ($675 million) a year, he said.
The sales-tax rate on tourism-related products and services will be cut to 9 percent from 13.5 percent, while a travel tax may also be suspended, subject to conditions, he said. The government will also introduce a partial loan guarantee program for small and medium-sized businesses
