IRELAND: Budget 2023- Double child benefit payment November 1, €600 energy credit; €500 rental tax credit; 40 percent tax above €40,000; Help-to-buy scheme until 2024

Budget 2023 measures: The government has announced an 11 billion euro budget package

A package of one-off measures worth €4.1 billion was announced today to help families, individuals and businesses cope with the rising cost of living. This will be accompanied by budgetary measures of 6.9 billion euros for 2023. This brings the total size of the 2023 budget to €11 billion. In addition, there will be another €300 million in public service support measures funded from the Contingency Reserve Fund.

A new rental tax credit of €500
€600 energy credit in three installments - first before Christmas
Starting tonight, cigarettes will be charged an extra 50 cents
No increase in the price of liquor
Social welfare rates will increase by €12 (elderly, carers and disabled people get extra.)
Home Carer Tax Credit by €100 to help parents stay at home.
The 3rd -level fee has been reduced by €1,000 this year
Double Child Benefit payments will be made to all eligible parents on 1 November
Only income above €40,000 is taxed at 40 percent.
VAT has been abolished for newspapers, digital editions and subscriptions
Expansion of the GP Visit Card scheme bringing in 430,000 additional patients
Help-to-Buy Scheme till 2024
To reduce taxes, the VAT rate has been extended to 21 per cent per liter on petrol, 16 per cent per liter on diesel, 5.4 per cent on marked gas oil (MGO) and 9 per cent on electricity and gas till 28 February, 2023.
The fuel allowance scheme has been extended to 80,000 people who are not currently eligible for payment.
A levy on concrete blocks and concrete pours will be introduced in an effort to raise €80m a year. It will be applicable from April 3 at the rate of 10%.
More than €4 billion in contingency funds to deal with Brexit and Ukraine war consequences.
New fodder aid scheme to give farmers up to €1,000 to save on hay and fodder in 2023

Cost of living package

A power credit of €600 will be introduced in three installments of €200 in the coming months. First payment before Christmas
A total of €400 before Christmas for those eligible for fuel allowance.
Parents also benefit from a double payment of the monthly child benefit, worth €840 for a family with three children.
Between now and the end of the year there will also be double payments of welfare rates.
The total living costs package will be €4.1bn, including €1.4bn allocated to the new Business Energy Support Scheme (BESS).
Under BESS, businesses can access grants of up to €10,000 per premises per month towards their energy costs, subject to meeting certain criteria.
The government will put €2 billion of the surplus in the coffers into a new reserve fund, with €4 billion earmarked for the fund next year.
Double Child Benefit payments will be made to all eligible parents on 1 November.

Tax

To reduce taxes, the VAT rate has been extended to 21 per cent per liter on petrol, 16 per cent per liter on diesel, 5.4 per cent on marked gas oil (MGO) and 9 per cent on electricity and gas till February 28, 2023.
Only income above €40,000 will be taxed at 40 per cent when changes to tax bands come into force in the new year as part of a €1.1 billion income tax package.
The personal tax credit will rise from €1,700 to €1,775, while the employee tax credit and the earned income tax credit will increase by the same amount.
The tax changes are set to save single people €800 a year and couples €1,600.
The current €5,000 limit that landlords can claim on pre-letting costs will double to €10,000
The second USC band is set to rise from €20,687 to €22,920 due to an increase in the minimum wage.
The annual limit of vouchers that employers can give to their employees is rising from €500 to €1,000. Additionally, two vouchers may be exempted during this tax year if an employer so desires.
Personal tax credits for carers will also increase from €100 to €1,700.

Bank Levy

Since its introduction in 2013, the bank levy has been extended several times. It is currently valid till the end of this year. The current annual revenue of this levy is approximately €87 million per year. It was extended for another year.

Students / Education

Students benefit from a once-off double grant payment, minus the third-level fee of €1,000, calculated on living costs.
Student fees will be permanently reduced by €500 to €2,500 (for income up to €100,000)
For families with an annual income of between €55,240 and €62,000, their student contribution fee will be limited to €1,500.
Student grants will increase by between 10 per cent and 14 per cent in January, depending on how much their family earns. Low-income households will receive an extra €856 next year. The total package for students will amount to €148m.
10,250 students from poor households will see their Suzi grant increase by €856 per year.
A total of 15,716 students living more than 30km from their college will benefit from a €450 increase in fees.
A permanent reduction of €500 in student contribution fees will apply to families earning between €62,000 and €100,000 per year.
The government will allocate €9.6 billion to the Department for Education in 2023, including a capital budget of €860 million
Free school books for primary students
Reservation for 686 additional teachers.
The continuation of the NDP will include a further 150 school building projects in advanced design or tender stage with construction commencing by 2023.

Irish Colleges

An additional €2.5 million to support the Irish summer college sector.
This includes a 10 per cent increase in Mná Tí's per-child subsidy, which provides food and accommodation for Irish students.
A tripling of the grant for families deciding to accommodate students for the first time, from €2,000 to €6,000, and increased funding for Údarás na Gaeltachta and Foras na Gaeilge.

Pensions

Pensioners will be entitled to a one-off payment of up to €1,100 before the end of the year under social welfare spending measures
A double payment of €253 of the weekly pension will be made twice in the coming months (after the Budget and then again in December).
Pensioners receiving Living Alone Allowance will receive a separate €200 payment, while fuel allowance claimants will receive a €400 lump sum on top of their normal rate.
This means around 450,000 people could claim welfare payments in the coming months.
This year carers and disabled people will get a special payment of €500 plus a €12 a week increase in all social welfare rates in the new year.
The fuel allowance scheme has been extended to 80,000 people who are not currently eligible for payment.

Housing

A new rental tax credit worth €500 per year will apply in 2023 and subsequent years. It will also be backdated to 2022.
Help-to-buy scheme extended till 2024
Landlords won't reduce the tax they pay on rental income, but can claim more from pre-letting expenses.
A vacant house tax was introduced to apply to residential properties occupied for less than 30 days a year. This is expected to affect thousands of holiday home owners in Ireland. Exemptions will apply where the property is vacant for "genuine reasons", and the tax can be self-assessed.
Changes to the pre-letting costs clause for the landlord, doubling the claimable amount to €10,000 and reducing the time the premises must be vacant from 12 months to six months.

Health

Around 70,000 children and six-year-olds will be eligible for free doctor visits by the end of the year, a measure already announced in last year's Budget, by extending free GP care to an additional 430,000 people.
In addition, Health Minister Stephen Donnelly plans to make 360,000 adults and children in low-income households eligible for a free GP visit card by April 1 next year. Eligibility for the scheme depends on household income and number of dependents.
A further €10 million is earmarked for publicly funded IVF in 2023. Including money to subsidize private IVF and the development of public clinics.
Extension of free contraception to women aged 16-30
The Drug Payment Scheme threshold will remain at the lower rate of €80 in 2023

Transportation

The government has extended excise exemptions of 21 C per liter on petrol, 16 C on diesel and 5.4 C per liter on marked gas oil (MGO).
€3.5 billion (including current costs) is being offered to support BusConnects, MetroLink and DART+ in 2023. 2.6 billion in capital investment, the highest since 2008.

Newspapers / Digital Editions

In a last-minute move, newspapers will be zero-rated from January 1.
Abolition of VAT on newspapers will also apply to digital editions and subscriptions.

Hospitality

The special VAT rate for hospitality at 9 percent expires at the end of February 2023.

Defense Force

The defense budget will be more than €1.1 billion next year as Foreign Secretary Simon Coveney tries to address funding shortfalls in the defense force.
This includes €176 million for construction projects in barracks, new ships for the navy, new aircraft for the air corps and more armored vehicles for the army.

Alcohol and cigarettes

Cigarettes will be charged an extra 50c from tonight, rising to €15.50 for a pack of 20.
There will be no increase in the price of alcohol

Agriculture

Slurry Scheme: The budget provides for a time-bound scheme of accelerated capital allowances to farmers for construction of modern slurry storage facilities; This will help the sector to adopt eco-friendly farming practices.
Five farm tax reliefs expiring this year will be extended: Young Trained Farmers and Farm Consolidation Stamp Duty Reliefs, Farm Restructuring CGT Reliefs and Young Trained Farmers and Registered Farm Partnership Stock Reliefs.
A new Sackler scheme with a similar level of funding of €28 million for the Beef Environmental Efficiency Programme. This new scheme will work alongside the new Common Agricultural Policy (CAP) 150 euro per cow-sugar carbon efficiency scheme.
Funding for a new fodder aid scheme that will give farmers up to €1,000 to save on grass and fodder in 2023.
Funding for 30,000 places has been secured in the 2023 Agri-Climate Rural Environment Plan, with additional funding for farm innovation support through the TAMS programme, forestry and organics, and new and improved lactation and goat support.
Specific capital funding to support the development of anaerobic digestion in 2023 features an enhanced multi-species sward / red clover scheme and a new €8m grant-aid scheme to support the spread of lime.
New 10 Million Tillage Incentive Scheme. Farmers will be part of an energy price support scheme promised to support businesses, with payments based on their energy use.

Windfall Energy Tax

There is a lot of activity in the EU to leverage the windfall benefits of energy companies in revenue-raising measures. It is not fair for companies to make extra profit from the current volatility in the market. Ireland aims to be part of this EU-wide response to high energy prices. If this is not possible, this government itself will bring forward new measures.

Businesses

Meanwhile, businesses will receive up to €10,000 a month on their electricity or gas bills as part of a €1 billion scheme.
Small and medium-sized enterprises will receive a 40 percent increase in their electricity or gas bills up to a maximum of €10,000 per month.

🔴READ MORE: 👉Statement by Minister Donohoe on Budget 2023
🔴Budget in brief👉SEE HERE
🔴How Budget 2023 will affect your pocket! 👉 Budget 2023 Tax Calculator CREDITS: https://www.taxback.com/

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