What can we expect from the Budget 2024.. Budget today in Ireland !!!

What can we expect from the Budget 2024.. Budget today in Ireland !!!

After a weekend of tense negotiations, Irish people and immigrants are looking forward to government announcements as details remain to be hammered out today. Intense talks between ministers and coalition leaders took place on Sunday, with the sign-off now expected to be over 1.1 billion euros in welfare packages, according to reports.

After a weekend of tense negotiations, Irish people and immigrants are looking forward to government announcements as details remain to be hammered out today. Intense talks between ministers and coalition leaders took place on Sunday, with the sign-off now expected to be over 1.1 billion euros in welfare packages, according to reports.

What is known about the budget so far:

• USC cuts, free school books, energy credits
• Electricity credits can be up to a minimum of €400. 
• The lifetime cost package of one-off measures will cost more than €2.3 billion.
• Electricity credits between €300-€400
• Cuts to USC and an increase in the entry point to the higher rate of income tax by €42,000 are now expected.
• Free school book up to junior cycle
• Mortgage interest relief will also be announced for home owners who are in dire straits due to rate hikes
• A new payment-linked-benefit scheme could be in place to ensure that those who lose their jobs receive higher social welfare payments linked to their previous salary.
• The Garda Trainee Allowance will rise from €185 a week to €305 a week in an effort to recruit and retain Garda.
• Rental credit between €750 and €1,000 (final amount negotiable)
• The landlord can see a tax relief of up to 20% on a proportion of their rental income, but this measure is tied to the landlord for a certain period.
• One-off business energy grants
• The minimum wage will increase from €1.40 to €12.70
• Social welfare payments of €12-€15, such as pensions
• Double child benefit payment
• Double fuel allowance payment
• Student grants will increase by €300
• Postgraduate students are eligible for grant support of up to €2,300
• 50c increased for cigarettes
• New tax on vaping to be announced
• There are no further concessions on public transport fares
• No increase in tax-free allowance from employers

As of yesterday, negotiations were completed with several departments such as health, which has yet to finalize its budget, with various financial sources stating that reconciling some financial information is "challenging".

READ MORE : https://www.rte.ie/news/budget-2024/

Approximately €1.1 billion of the budget is earmarked for taxation measures. These include an anticipated reduction in income tax and the Universal Social Charge (USC), a move that would be welcomed by taxpayers across the country. In addition to these tax cuts, the government is also expected to introduce measures to support small businesses, which form the backbone of the Irish economy.

One of the challenges the government aims to tackle with Budget 2024 is the rising cost of living. However, the cost-of-living measures in the budget will not be as generous as last year’s package. These include one-off electricity credits, which are anticipated to be smaller than those of the previous year. Nonetheless, these credits are an integral part of the government’s approach to shielding its citizens from rising living costs.

The government is also planning to bolster social welfare payments. Beneficiaries include pensioners, carers, people with disabilities, and working families. The exact details of the increases are yet to be decided, but they are expected to provide some relief to these groups. There is also a discussion around the possibility of a double child benefit payment, but the decision remains pending.

The Department of Health is currently facing an overrun, an issue the budget will seek to address. With the nation’s population growing, there is an increased demand for health, education, and childcare services. The government is determined to meet these needs through its budget, underlining its commitment to the welfare of its citizens. However, the exact allocation of funds to these sectors is yet to be announced.

As the coalition government finalises Budget 2024, the people of Ireland wait with bated breath. The budget’s focus on tax cuts, social welfare enhancements, and support for small businesses, coupled with measures to tackle the rising cost of living, promises a comprehensive financial plan. The final announcement, expected to be made on October 10, will provide a more detailed picture of the government’s fiscal strategy for the coming year.