No show scheduled
advertisement

Finance Minister Announces Budget 2020

In past hour, Finance Minister has been announcing the budget for 2020. Paschal Donohoe says this is a budget developed in the shadow of Brexit.

A 1.2 billion euro package has been announced excluding EU funding, to respond to Brexit.

- Advertisement -

650 million will go towards supporting Agriculture, Enterprise and Tourism. 220 million of that to be deployed immediately if there’s no deal.

This will include:

A 45 million euro transition fund
A 42 million euro rescue and restructuring fund
An 8 million euro transformation fund for food and non food businesses
An 5 million euro for micro finance Ireland
A 5 million for LEO Brexit Fund
A 2 million for Intertrade Ireland
A 3 million for regulatory bodies

85 million euro for beef farmers
14 million euro for fisheries
6 million euro for livestock farmers and mushroom sector
5 million euro  for food and drinks processing

SOCIAL

365 million euro for Social Protection Expenditure on Live Register and 45 million euro for people to transition to New Jobs post no deal Brexit.

RAINY DAY FUND

1.5 billion euro into the rainy day fund from Ireland Strategic Investment Fund

Decision not to put 500m extra promised from exchequer

DEFICIT

Department expecting a 0.6% deficit next year

BUDGET OVERRUNS

Minister says significant reduction in supplementary estimates needed to bail out overspending departments.

TAX

Paschal Donohoe confirms tax measures to raise 300m euro

Total net budget package of 2.9 billion euro

EXPENDITURE

Total voted expenditure will be 70 billion euro next year

CARBON TAX

Carbon tax to increase by 6 euro a tonne

Carbon tax will apply to auto fuels from tonight, but other fuels will be delayed until May 2020 after winter heating season.

Carbon tax will raise 90 million in 2020.

Carbon tax funding used for package targeted at Midlands/Bord na Mona. Midlands investment will support 400 environmentally sustainable jobs with 100 more through peatlands rehabilitation, according to Minister. No announcement for Moneypoint.

20 million for a new energy efficiency scheme targeted initially at social housing stock in the region.

5 million for peatland rehabilitation.

6 million for a just transition fund.

The 1% diesel surcharge will be replaced by a nitrogen oxide emissions based charge

It will apply to all new cars registered from 1st Jan 2020

GREEN

Benefit in Kind to have environmental rationale for commercial vehicles from 2023

Extend BIK zero rate on electric cars to 2022

Extend VRT relief on hybrids to 2020

Diesel rebate scheme for hauliers to compensate for fuel cost increases

Equalising electricity tax rates for businesses and non businesses

BUSINESS

Nearly 1 billion euro for Dept of Business

10 million for disruptive technologies fund

600 million for Brexit loan and growth scheme

Increasing the R&D tax credit for small and micro companies from 25 to 30 per cent

Increasing qualifying production cap for microbreweries from 40,000 to 50,000 hectolitres

A relief for small independent bookmakers up to 50,000 euro a year from the betting duty

AGRICULTURE AND RURAL

Farm restructuring relief to be extended until 2022

Government investing 2 billion in rural Ireland next year including 51 million more for Dept of Agriculture

3 million to pilot a new agri-environmental schemes in 2020 to reduce emissions in sector

TOURISM

40 million for tourism specific initiatives in 2020

OVERSEAS

21 million increase in overseas aid to 837 million in 2020

TRANSPORT

384 million extra to Dept of Transport to total budget of 2.7 billion

9m for sustainable mobility projects like greenways and urban cycling projects

3m for electric car infrastructure

Will double the number of local authority on street charge points

New scheme for communal charge points in apartment blocks

Roll out of fast charging points at taxi ranks

8 million to Dept of Communications for retention of grants to buy electric cars

HOUSING AND SOCIAL

Extra 20 million for homeless services bringing budget to 166 million

1.1 billion to support building of 11,000 social houses in 2020

A further 12,000 in 2021

80 million for HAP payments

17.5 Million for the Land Development Agency and 186m for the serviced site fund and affordable housing

130 million for urban regeneration fund

2 million in additional funding for the  RTB to step up powers

Help to buy scheme extended as is until 2021

Rate of stamp duty applicable to non-residential property to increase 1.5 per cent at midnight

HEALTH

Health current spending to increase by 6.3 per cent to 17.4 billion euro

Health current spending to increase by 6.3 per cent to 17.4 billion euro

Prescription charges to be reduced by 50c

25 million extra for the National Treatment Purchase Fund

Drug payment scheme being reduced 10 euro a month

Change in bands for over 70s so 56,000 more people get medical cards

Free GP care for under 8s

Free dental care for under 6s

1 million additional home help hours

20 million in slaintecare fund

1,000 therapists, nurses and other healthcare workers to be recruited

TEACHERS

150 new teaching posts and 1.9 billion investment in special education

400 teaching posts to support those with special educational needs and 1,000 SNAs

LEVY

0.1 per cent increase in higher ed training levy to raise 74 million

HIGHER EDUCATION

60m extra for human capital initiative for 3,000 extra places in identified priority skill areas

GARDA

700 new garda recruits with extra garda budget of 81 million

DEFENCE

32 million extra for the Defence Forces

TAX

No across the board tax cuts

CARERS

Increase in Home Carer Credit of 100 euro to bring it to 1600 euro

SELF EMPLOYED

Earned Income Credit going up 150 to 1500

USC 

Reduced rate of USC for medical card holders until December 2020

DIVIDEND WITHOLDING TAX

Increase of Dividend Witholding Tax from 20 to 25 per cent from Jan 1st

Modifying of the scheme too

BANK LEVY

Banking levy increasing from 59 to 170 per cent

IRISH REAL ESTATE FUNDS

New measures being announced to avoid aggressive tax avoidance by Irish Real Estate Funds

INHERITANCE TAX

Increase in threshold for tax free threshold for inheritance tax by 15,000 to 335,000

CHRISTMAS BONUS

100% Christmas bonus retained

ALONE

Living Alone allowance to increase by 5 euro

ONE PARENT FAMILIES

One Parent Family Payment going up by 15 euro and 10 euro for working family payment

advertisement
advertisement
advertisement