The biggest changes to income tax in more than a decade have been confirmed as part of Budget 2023.

People won't start paying the higher rate of tax until they earn 40,000 euro - meaning 800 euro a year back into the pockets of those earners.

Finance Minister Paschal Donohoe has also confirmed the creation of a Vacant Property Tax charged at three times the local property tax.

In a blow to the hospitality sector the reduced 9 per cent VAT rate will be scrapped from February 2023.

While the Government has confirmed the carbon tax increases planned for next month will go ahead but will be offset by scrapping the National Oil Reserves Levy.

The Finance Minister is introducing a concrete blocks levy to pay for Mica redress at a rate of 10% on some concrete products from April 2023.

A packet of 20 cigarettes will go up by 50 cent

Pascal Donohue says the public finances have recovered well since the Covid lockdowns, but remain vulnerable to other issues like the war in Ukraine and Brexit..

 

 

 

 

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