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 2013 exempt from property tax
- Film tax relief extended to 2020
- Tourism 9% VAT rate to remain for 2013
- Farmers to get extended rate of stock relief
- CRO to publish guidance for SMEs on credit
- CRO to extend team of reviewers
- Diesel rebate for hauliers from July
- R&D tax credits amended to encourage innovation
- Tax reform plan for SMEs