A 1.3 billion euro Budget package comes into effect this New Year's Day.

1 and a half million income tax payers are set to benefit.

The Finance Minister Michael McGrath is reminding taxpayers the personal tax package announced in Budget 2023, takes effect from today.

The changes will result in a direct financial benefit for all those who pay income tax, particularly those on middle incomes.

From today, the Standard Rate Cut-Off Point will increase by € 3,200 from € 36,800 to € 40,000 for single people, with commensurate increases for married couples and civil partners.

For those earning € 40,000, this change will mean a reduction of over € 800 in income tax paid in 2023.

The main tax credits will all increase by € 75 from € 1,700 to € 1,775.

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