Budget 2013 Main Points
Draw your own conclusions but the cumulative effect will be savage for the average family.
Child benefit cut by €10 per month
Unvouched expenses for TDs abolished
Third-level fees to rise by €250 per year
DIRT increases by 3% to 33%
Expenditure adjustments to toal €2.25bn
Motor tax to rise from January 1st
Excise duty on tobacco to rise
€1 duty increase on 75cl bottle of wine
10 cent rise on spirits, beer and cider
No increase on petrol/diesel
Carbon tax extended to solid fuels
Corporation tax remains unchanged at 12.5%
Homes bought in 2013 exempt from property tax
Property tax based on market value introduced
Property tax will be collected by the Revenue
Capital Acquisitions Tax threshold falls by 10 per cent.
Increase in USC for over 70s with incomes of €60,000+
Film tax relief extended to 2020
Tourism industry’s 9% VAT rate to remain in 2013
Stock relief for farmers extended
CRO to publish guidance for SMEs on credit
CRO to extend team of reviewers
Diesel rebate for hauliers from July 1st
R&D tax credits amended to encourage innovation
Tax reform plan to support SMEs
Noonan confident Ireland will return to markets
Minister for Finance Michael Noonan begins speech
THE tax take for the nine months ended September was €26.1bn, €385m ahead of expectations, new Exchequer Return figures show.
The exchequer deficit was just over €11bn, compared with €20.6bn last year, due mainly to the settlement of the IBRC promissory note payment.
And the Government has warned that pressure points remain, particularly in the departments of health and social protection.
“Although challenging targets still remain for the last quarter, I am confident that the overall tax revenue target for 2012 can be achieved,” Reform Minister Brendan Howlin said.
He added that departmental expenditure remains less than 1pc above expectations “with pressures on health and social protection areas.”
The figures also show that the Government is set to meet budget targets set out by the EU/IMF/ECB troika.
He added that the return by the National Treasury Management Agency, which manages the country’s debt, to the bond markets this year was proof that action being taken by the Government to fix Ireland’s finances is being recognised by investors.