Irish budget to tackle childcare and energy costs
Summary
The Irish government will announce a budget with new measures to help families with energy and childcare costs. The budget will raise the income level where people pay higher tax and include increased spending and tax changes based on the country’s current financial gains.Key Facts
- The budget aims to ease financial pressure on families and households.
- The income threshold for higher-rate tax will rise from €44,000 (£37,000) per year.
- Tax measures worth €1.5 billion (£1.27 billion) and extra spending of €7 billion (£5.92 billion) are planned.
- Much of the additional spending is to cover rising costs of existing public services.
- Ireland expects a budget surplus of €6.9 billion (£5.84 billion) this year, less than previously forecasted.
- The smaller surplus is due to fuel supports and increased health spending.
- Part of the surplus will be invested in national wealth funds for future needs.
- New plans include a tax-free savings scheme similar to the UK’s ISA, and a culture card for teenagers to use on entertainment.
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