Standard Rate on Trading Income

12.5% from 1 January 2003

Investment/Rental Income

25%

Preliminary tax of at least 90% of the liability for the period or 100% of previous year’s liability is due one month (by the 21st day of that month) before the end of the accounting period.

New or start up companies with a Corporation Tax liability of less than €200,000 in their first accounting period will not be required to pay Preliminary Corporation tax. The liability is paid when the return is filed.

Accounting Period Ending Before 14th October 2008

Preliminary Tax for an accounting period commencing before 14th October 2008 of at least 90% of the liability for the period is due one month (by the 21st day of that month) before the end of the accounting period. The second instalment consisting of the balance of the tax is required when the tax return is filed

Accounting Period Ending After 14th October 2008

In respect of accounting periods commencing after 14th October 2008 preliminary tax is due in three installments.

The first installment will be payable in the sixth month of the accounting period (by the 21st day of that month) and the amount payable will be 50% of corporation tax liability in the preceding accounting period or 45% of corporation tax liability for the current accounting period.

The second installment will be payable in the eleventh month (by the 21st day of that month) of the accounting period and the amount payable will bring the total preliminary tax paid to 90% of the corporation tax liability for the current accounting period.

The final balance is payable at the Return filing date i.e. 21st day of the ninth month following the end of the accounting period.

The scheme which provides relief from corporation tax on the trading income and certain gains of new start-up companies in the first 3 years of trading is being extended to include start-up companies which commence a new trade in 2012, 2013 or 2014.