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Budget 2013 – Advance Notice of PRSI Changes
The Advance Notice of PRSI Changes for Computer Users 2013 is now available on welfare.ie at
http://www.welfare.ie/EN/Publications/Advanced2013/Documents/anprsi2013.pdf
Budget 2013 – BIK on preferential loans
Increase from 12.5% to 13.5% in the specified interest rate used in calculating the taxable benefit from preferential loans, other than home loans. The specified rate used to calculate the taxable benefit from home loans is decreased from 5.0% to 4.0%. Specified interest rates are reviewed annually in the light of current interest rates available in the market.
Budget 2013 – PRSI and USC Changes
The abolition of the standard PRSI allowance means most workers will pay an extra €264 a year. The minimum contribution from the self-employed will rise from €253 to €500.
The reduced rate of USC for those over 70 with an income in excess of €60,000 will be discontinued at the end of the year.
Budget 2013 Main Points
The main points of the budget as announced today by Finance Minister Michael Noonan are:
The abolition of the €127 a year PRSI allowance.
Child benefit cut by €10 per month
Capital Acquisitions Tax threshold falls by 10 per cent.
Carbon tax extended to solid fuels
Corporation tax remains unchanged
DIRT increases by 3% to 33%
Motor tax to rise from January 1st
Excise duty on tobacco to increase
€1 duty increase on wine
10 cent rise on spirits, beer and cider
No increase on petrol/diesel
Property tax will be collected by the Revenue
Property tax based on market value introduced
Increase in USC for over 70s with incomes of €60,000+
Homes bought in […]
Revenue Revised USC FAQ’s
Revenue has revised its Universal Social Charge Frequently Asked Questions Document which is available on the following link www.revenue.ie/en/tax/usc/universal-social-charge-faqs.pdf
Budget 2013 – Property Tax
It has been reported in the Irish Independent that the new property tax, now to be collected by Revenue will be implemented as follows
The householder will value their own property using local property prices as a guide, a database of which will be made available. These valuations will be spot checked by Revenue.
The property valuation will then be used to determine which band the property falls. These bands we are told will be fairly wide. The property tax will be in the range of 250 to 450 euro depending on which band the property falls into.
The householder will […]
P60 format Changed for 2012
Revenue have issued a new P60 format for 2012 which can be seen using the following link
http://www.ros.ie/PublisherServlet/offlineapps?language=en&languageSelect=en#Publications
and scrolling down to the P60 Section.
Employers will need to be careful when issuing P60’s as the employees address no longer appears. It will also cause problems for employers who post P60’s as address labels will now need to be used. In our EuroPayX payroll product it is possible to email P60’s direct to the employees. Ardbrook will try to include the address on the P60 and to get it Revenue approved.
Other changes to the P60 include
the amount of taxable illness […]
Budget 2013 Troika calls for €1.25 in new taxes!
A report on the seventh review on the terms of Ireland’s EU-International Monetary Fund bailout, which was published this afternoon, states that revenue measures to raise at least €1.25 billion in the Budget will also include
a broadening of the personal income tax base
a restructuring of motor tax
a property tax based on house valuation will be introduced
a reduction in general tax expenditures
an increase in excise duty and other indirect taxes
On the spending side, social expenditure reductions and a cut in the total pay and pensions bill will be part of consolidation measures worth €2.25 billion.
Budget 2013 Toughest Ever?
The Taoiseach Enda Kenny warned last night that the coming budget will the the toughest yet with a package of cuts and tax increases. December’s Budget will be a €3.5bn package, with €2.25bn coming from cuts, and a further €1.25bn in extra taxes.
There is also disagreement between the coalition parties on whether PRSI charges should be increased or social welfare payments reduced to cover a deficit in the social welfare fund of €2.2bn.