Budget for 2007 - highlights — Orbitax Tax News & Alerts
On 6 December 2006 the Minister of Finance presented the Budget for 2007 to Parliament. All figures are in euro. Unless otherwise stated, the proposals are expected to take effect from 1 January 2007. The new measures include:
Business taxation
| - | subject to EU state aid approval, amending the research and development (R&D) tax credit scheme by fixing the base year expenditure at 2003 levels for 3 more years until 2009 and allowing expenditure subcontracted to unconnected parties to qualify for relief up to a limit of 10% of qualifying expenditure in any year; | |
| - | increasing the corporation tax liability threshold for small companies from 50,000 to 150,000 with effect from 6 December 2006; | |
| - | subject to EU state aid approval, extending the qualifying period for relief for corporate investment in renewable energy projects to the end of 2011; and | |
| - | subject to EU state aid approval, renewing the business expansion scheme (BES) and the seed capital scheme (SCS) for 7 years to the end of 2013 and increasing the investor limits from 31,750 to 150,000 for the BES and from 31,750 to 100,000 for the SCS; |