Ireland Budget 2018: Here are the main points you need to know

16:40  10 october  2017
16:40  10 october  2017 Source:   Journal.ie

Budget 2018: Here are the main points you need to know

  Budget 2018: Here are the main points you need to know But just how does this year’s Budget, delivered this afternoon, affect you? Read on to find out…Minister @Paschald brings the #budget18 document to the annual photocall at Government buildings. MerrionStreet.ie (@merrionstreet) October 10, 2017Donohoe said the Budget would promote fairness and allow for sustained improvements in the standards of people’s lives. © Shutterstock Vladyslav Starozhylov Describing the state of the economy as he began his speech, he said that, at 6.1%, unemployment was at lowest point since 2008.

But just how does this year’s Budget , delivered this afternoon, affect you ?

Here are the main details of this year’s budget : Finance. Min Noonan Extension of the Home Renovation Incentive Scheme by two years to the end of 2018 @RebuildingIRL @RevenueIE # Budget 17 pic.twitter.com/Hhz56oJ7az.

Ireland's Minister for Finance Paschal Donohoe displays a copy of the budget on the steps of Government Buildings in Dublin, Ireland © REUTERS/Clodagh Kilcoyne Ireland's Minister for Finance Paschal Donohoe displays a copy of the budget on the steps of Government Buildings in Dublin, Ireland PASCHAL DONOHOE BEGAN his first Budget as Finance and Public Expenditure Minister by saying the announcement would “build on progress that would have seemed impossible only a few short years ago”.

Earlier on today the Taoiseach promised to put money back in the pockets of “taxpayers, working people, families, pensioners, people on welfare as well as measures to reduce the cost of living”.

But just how does this year’s Budget, delivered this afternoon, affect you?

Government plans to give Social Welfare Christmas bonus in Budget

  Government plans to give Social Welfare Christmas bonus in Budget Full details will be announced on Tuesda y, October 10, when Finance Minister Paschal Donohoe delivers the Budget.The Budget 2018 will also see working parents receive a wage increase of around €2.45 per hour, or almost €100 a week if they're working 40 hours.But Independent Alliance ministers are at odds with their Fine Gael colleagues in government over the future of the hated Universal Social Charge (USC).A spokeswoman for the group indicated that they are siding with Fianna Fáil in this row and want to see the tax cut in the Budget next month.

An 'at a glance' guide to all the main announcements from Chancellor George Osborne's fifth Budget . Here are the key points . Savings. :: Tax-free ISAs to be boosted to £15,000 per year from July. No borrowing from 2018 -19. :: OBR forecasts public debt to be 74.5% of GDP this year; 77.3

Here at Fora, we’ll be keeping you up to date with all the key news as it happens, while also providing more detailed analysis of some of the main areas of interest to Irish businesses. Here are the key things you need to know about Budget 2018

Read on to find out…

Donohoe said the Budget would promote fairness and allow for sustained improvements in the standards of people’s lives.

  Budget 2018: Here are the main points you need to know © Shutterstock Vladyslav Starozhylov Describing the state of the economy as he began his speech, he said that, at 6.1%, unemployment was at lowest point since 2008. The Budget was part of a process that would help minimise the exposure of the Irish economy to outside risk – including events like Brexit and possible changes to US trade policy.

He would be raising additional revenues worth €830 million, Donohoe said, giving a total Budget Day package of €1.2 billion. Expenditure will receive an additional €898 million and there will be tax reductions worth €335.

Price of a pint 'will not rise' in Budget 2018 but cigarettes look set to jump again

  Price of a pint 'will not rise' in Budget 2018 but cigarettes look set to jump again However it's not all good news as the price of cigarettes is reportedly set to jump yet again.It has been touted that there will be a 50c rise in smokes making it an even more expensive product.Elsewhere substantial welfare benefits across the board are on the cards in today’s budget.Read also: Blow for struggling homeowners as mortgage interest relief to be cutFianna Fáil are using their veto in the confidence and supply agreement with Fine Gael to secure the hikes for the hundreds of thousands on all different kinds of welfare benefits.

Here are the main details of this year’s budget Three year tax relief for startups extended until 2018 . RTÉ pay: 'Those who say that we need to pay a lot to attract talent are wrong' Julien Mercille.

Here Are The Major Highlights Which You Need To Know ! Arun Jaitley, the Finance Minister presented the Union Budget 2017- 2018 today in the Lok Sabha. Talking about railways, the main focus will be on cleanliness, capital works and also on passenger safety.

    There will be a €5 increase in all weekly social welfare payments, including the State pension
  • This will kick in at the end of March 2018
  • The Christmas bonus payment of 85% will again be paid to all social welfare recipients in 2017

Minister for Finance Pascal Donohoe © Artur Widak/NurPhoto via Getty Images Minister for Finance Pascal Donohoe Income taxes

    The point at which an income earner attracts the higher rate of income tax will rise next year by €750 per annum
  • The entry point for single earners will increase from €33,800 to €34,550
  • Donohoe will be reducing the 2.5% USC rate to 2% and increasing the ceiling for this new rate from €18,772 to €19,372
  • He will be reducing the 5% rate of USC to 4.75% – reducing the top marginal rate of tax on income up to €70,044 to 48.75%
  • There will be a €200 increase in the Earned Income Credit, bringing it to €1,150 per year from 2018. According to the Department, “This increase will benefit over 147,000 self-employed individuals generating economic activity across the country”.
  • There will be a further increase of €100 in the home carer credit, bringing the value of the credit up to €1,200 per year
  • The USC may be on the way out. A working group is to be set up “to plan, over the coming year, the process of amalgamating USC and PRSI over the medium term”

Minister for Housing Eoghan Murphy © Niall Carson/PA Images via Getty Images Minister for Housing Eoghan Murphy Housing

    3,800 new social homes will be built by local authorities and approved housing bodies
  • The Housing Assistance Payment scheme will be increased by €149 million
  • Extra €500 million for the direct building programme
  • Up to €750 million of the Ireland Strategic Investment Fund will be made available for commercial investment in housing finance. The funds are to be made available to a new vehicle to be known as Home Building Finance Ireland or HBFI

Rainy day fund

    Donohoe pledged to establish a Rainy Day Fund in 2018 and transfer €1.5 billion to it from the Ireland Strategic Investment Fund

Stamp duty

    The level of stamp duty on commercial property transactions will increase from 2% to 6% from midnight tonight, as had been widely flagged

Health

    There will be a reduction in prescription charges for all medical card holders under 70 from €2.50 to €2 per item with cap of €20

Cigarettes

    Excise duty on a pack of 20 cigarettes will rise by 50 cents, with a pro-rata increase on other tobacco products

Sugar tax

    As promised last year, a sugar tax is on the way in 2018 - at a rate of 30 cent per litre on drinks with over 8 grams of sugar per 100 millilitres
  • There will be a reduced rate of 20 cent per litre on drinks with between 5 and 8 grams of sugar per 100 millilitres
  • The sugar tax will kick in in April next year

Sunbeds

    Donohoe plans to increase the VAT rate on sunbed services from 13.5% to 23%

Gardaí

    An additional 800 gardaí will be hired next year, along with 500 civilian workers

Brexit

    Donohoe confirmed the State would launch a Brexit loan scheme for SMEs 
  • Up to €300 million will be made available at a competitive rate

Vat rate

    The VAT rate in the tourism and services sector will not change

Childcare

    The free pre-school programme will be further developed – ensuring entitlement to the full two year service from September 2018

More to follow…  

Philip Hammond ‘preparing revolutionary budget’ .
The DUP, meanwhile, is said to be “very concerned” about Mr Hammond’s behaviour. A party source told The Sunday Telegraph: “It is evident to us that he is winding people up and causing unnecessary division within the Conservative Party at a crucial time in the Brexit negotiations, and his behaviour is very unsettling.“One has to wonder what his motivation is. He appears to be at least highly sceptical about Brexit and one could conclude from his current position and his behaviour that he is trying to frustrate the negotiating process and to undermine the Prime Minister.

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