In the past few moments, Finance Minister Michael McGrath has taken to his feet in the Dáil to announce Budget 2024.
The 6-point-4 billion euro package, revealed this lunchtime, promises something for everyone, in terms of tax cuts and support measures.
Minister McGrath will be followed by the Public Expenditure Paschal Donohoe, who will outline new spending measures. Read More below…
14 billion put aside of Infrastructure Climate and Nature fund by 2030.
The Future of Ireland fund with potential to grow to over 100 billion by middle of next decade to help protect living standards.
Total Budget Package of 14 billion euro.
Surplus of 8.8 billion euro projected for this year, 8.4 billion for next year.
1.1 billion in tax measures, 5.3 billion in core spending changes.
Cost of living package worth 2.7 billion euro net of windfall revenues from energy sector.
Income tax package worth 1.3 billion euro.
Personal employee PAYE and earned income tax credits to increase by 100 euro.
Higher rate of increase up by 2000 euro to 42 thousand.
4.5 percent USC rate falling to 4 percent.
Entry rate into third point of USC raised to 25,760 euro.
Minimum wage up 1 euro 40 cents to 12 euro 70 cents.
Home carer and single person child carer credits to rise by 100 euro.
Extending 9 percent VAT rate for gas and electricity for another 12 months.
Restoration of 8 cent on petrol and 6 cent on diesel deferred to April 24 and August 24.
Renters tax credit raised to 750 euro.
1 year mortgage tax relief to be capped at 1250 to benefit 165,000 mortgage holders.
Help to buy scheme to be extended to the end of 2025.
Temporary tax relief for small landlords; Rental income of 3000 euro disregarded at standard rates in 2024, 4000 euro in 2025, and 5000 for years 2026 and 2027.
Increasing vacant homes tax to five times the property’s existing basic Local Property Tax.
Income disregard of 400 euro per year to apply to profits or gains from micro-generation of electricity and selling back to the grid.
Carbon tax to rise from 48.50 per tonne to 56 euro per tonne from October 11th, which will lead to a 2.5 cent rise on diesel, and 2.1 cent on petrol.
VAT on e-books to reduce from 9 percent to zero in January, bringing it in line with printed books.
Consanguinity relief to be extended for 5 years.
Put in place a revised bank levy in 2024 to raise 200 million euro.
A pack of cigarettes to increase by 75 cents, raising price to 16 euro 75 cents, and pro-rata increase on other tobacco products.
Domestic tax to be introduced on e-cigarettes in next year’s budget.
A new savings fund called the Future Ireland Fund is to be established to help meet the costs of running the State in the future.
0.8 percent of GDP annually to be inserted into the fund from 2024 to 2035.
New Infrastructure, Climate and Nature Fund to use portions of windfall corporate taxes to grow by 2 billion euro for seven consecutive years.
First 2 billion will come in 2024 from the National Reserve Fund.
The fund will have a climate and nature component worth over 3 billion euro to help with carbon budgets through capital projects where its clear climate targets aren’t being reached.
Government approved Heads of Bill providing for both new funds.
Three energy credits of 150 euro each to be provided between the end of this year and April of next year.
300 euro lump sum payment for fuel allowance recipients.
200 euro to be paid to Living Alone allowance recipients.
Christmas bonus to be paid in early December.
One-off double week Cost of Living support to be paid to all qualifying recipients.
Once off 400 euro payment to those who get Carers Allowance, Disability Allowance and others.
Double payments of Child Benefit before Christmas.
Foster care benefit double payment also this year.
Fee waivers for school transport and State exams.
1000 euro cut for free fees students, and a 33 percent cut in contribution fees for apprentices in higher education.
250 million euro scheme for business supports to be established.
1 million euro to be provided to the CSO for the Growing Up in Ireland survey to improve understanding of child poverty and well being.
Hot school meals to be expanded to a further 900 primary schools from August 24th.
Parents Benefit to be extended to 9 weeks from August 2024.
Expanding Child Benefit to 18 year olds in full time education.
Income threshold for Working Family Payment to increase by 54 euro per week.
338 million euro increase to core spending of Department of Children.
Further 25 percent reduction in childcare costs for parents to be implemented from September 2024.
64 million euro for investment in disability services.
10.5 billion euro to Department of Education.
740 additional teachers to support those with special educational needs.
1200 additional SNAs.
Free schoolbooks scheme to be extended to Junior Cycle post-primary students.
12 euro increase for anyone getting a weekly social protection payment.
12 euro increase for anyone getting a weekly social protection payment.
450 euro disregard for Carers Allowance means test.
Increase of 0.1 percent on all PRSI contributions from October next year.
7 billion euro in funding for Department of Housing.
1.9 billion euro to deliver 9300 new build social homes.
265 million euro to support delivery of 6400 affordable homes in 2024.
90 million for the retrofitting of social homes.
207 million euro aimed at bringing vacant and derelict homes back into supply.
22.5 billion euro for the Department of Health.
808 million euro increase in core funding to address demographic and service pressures.
1.23 billion euro being provided through the National Development Plan for delivery of additional health infrastructure.
4.1 billion euro to Department of Higher Education etc.
9 million euro to Local Enterprise Offices.
3 million euro for Digital Services Co-Ordinator to support enforcement of Digital Services Act.
900 million allocated to the NDP in 2024.
380 million euro to residential and community energy schemes.
Temporary 20 percent transport fare reductions to continue until the end of 2024.
Young Adult Card being extended to adults aged 19 to 25.
1.35 billion for the development, protection and renewal of roads network.
To continue 1 million per day investment in cycling and walking infrastructure.
348 million euro in the National Broadband Plan to provide another 100 thousand homes with chance to connect to fibre broadband.
431 million euro for the Department of Rural Affairs and Community Development.
1.9 billion euro for the Department of Agriculture.
700 million euro for farmers participating in agri-environmental actions.
1.17 billion euro for the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
1000 Gardaí and up to 250 civilian staff in specialist roles to be hired in An Garda Siochána.
25 million euro increase to the Garda Overtime Budget.
1.23 billion euro for the Defence sector.
Funding for additional 400 military personnel and for posts to implement reform and in cyber security.
8.4 percent increase on the level of Irish Aid funding – up to 776.5 million euro.
