Ripped Off

I felt like being ripped off by the Irish government.The income tax rates are 20% on the amount under the threshold and 41% on the above of threshold. On top of that, I have to contribute 6% of social insurance.

On 1 January 2009, there was an introduction of INCOME LEVY.1% of income levy of my GROSS INCOME regardless of what I have already contribute on income tax and social insurance contribution. WTF WTF WTF

Says individual A earn 2,000euro

2,000 x 20% = 400

An individual get a tax credit for 305euro per month.

So, Income tax = 400 – 350 = 150

The income tax individual A has to pay is 150euro.

And… individual A has to contribute 6% of social insurance after the tax payments.

Social insurance contribution = (2,000 – 150) X 6% = 111euro

And…

Income levy = Gross x 1% = 2,000 x 1% = 20euro

TOTAL AMOUNT PAID = 281euro. (281euro can eat 200plates of Nasi Lemak in M’sia ler)

And… there was a 21% of value added tax on whatever goods we buy! This rate has been increased from 21% to 21.5% from 1 December 2008.

Ok, so now you think you have paid all of them.

Wait!!! Guess what??? This is not the end yet. They’re going to change the tax rate again and it will be announced on around April.

Happy St Patrick’s Day and thank you for ripping off my hard earned money.