The Seven Main Taxes
The seven main taxes in Ireland are as follows:
- Income Tax & PRSI – All working people pay income tax. Those who are self-employed pay income tax under the self-assessment system. Employees pay income tax through the PAYE (Pay As You Earn) system. PRSI stands for pay-related social insurance and is the system by which individuals contribute to social insurance.
- Corporation Tax – This is the tax paid by companies.
- Capital Gains Tax – CGT is the tax paid by people when they sell a capital asset, e.g. a business or a rental property.
- Capital Acquisitions Tax – CAT is the tax paid by people who receive wealth in the form of gifts or inheritances.
- Stamp Duty – This is a duty paid in relation to the “stamping” of certain legal documents, e.g. contracts of sale.
- Value-Added Tax – VAT is the tax levied on the value added to goods and services.
- Customs & Excise – Customs is levied on goods imported from non-EU Member States, and excise is a duty levied on certain goods.