March 22, 2018

Key announcements from Budget 2018

10 October 2017, 07:06 | Lena Norman

Budget 2018: All You Need To Know

Donohoe ready to pledge series of future tax cuts

The VAT rate on tourism & services sector WILL NOT change.

Excise duty on a packet of 20 cigarettes to rise by 50 cents.

The point of entering the higher income tax rate will be raised by €750 from €33,800 to € 34,550.

Some €1.2 billion in new spending and tax cut was announced this afternoon, in a plan that Minister Donohoe hopes will build on the progress made over the past few years.

Mr Donohoe pledged €1.83bn his being allocated to housing in 2018 - a move which will see 3,800 new social units to be developed by local authorities and approved housing bodies.

There was also a commitment to build 53,000 social homes by 2021 and from midnight commercial property deals will see a tripling of stamp duty to bring in €400m to the Exchequer coffers.

In order to combat cancer cases, the Finance Minister also announced a Value-Added Tax rate rise of 13.5% on sunbeds up to 23%.

Entry point to USC remains at €13,000 2.5% rate lowered to 2%.

A second USC rate will drop to 4.75%. A Benefit in Kind scheme for electric vehicles will be brought in.

Twitter is Developing a New Bookmarking Tool
That's interesting, given that building "with" user input is how Twitter used to develop features borrowed from the community. As noted by TechCrunch , Twitter users who want to follow the progress of the feature should follow Shah's account.

Health expenditure to increase by €685m, bringing next year's total to just under €15.3bn.

The vacant site levy, due to take effect from 2019, will increase from 3% to 7% in 2020.

Funding has also been announced for an extra 1,800 frontline staff.

1,300 additional teaching post in schools for 2018 - reducing the student teacher ratio to 26:1.

Taoiseach Leo Varadkar said there would be "no fireworks" and no "big bonanza" as Budget 2018 was unveiled today.

This means your USC payment next year will total about €237.

Ireland's finance minister sought to raise over 800 million euros in extra revenue in a budget on Tuesday to give taxpayers a "modest" break and help tackle a housing crisis.

And Mr Donohoe said: "We can not hope to remain competitive if someone on a relatively low income and who decides to work a few hours' overtime has almost half that extra money taken in tax".

-Home Carers tax credit increase by €100 to €1200.

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