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National News


Income Levy Doubled in April Budget 09
Tuesday, 7th April 2009

Extract from today's budget statement :



"The scope for income tax changes half way through the income tax year is limited. To raise the necessary revenues, the Government must use the various levies and charges already established in the tax code.



Accordingly, the Government has decided to double the rates of the Income Levy and to reduce the entry points for each rate. The new rates will be 2%, 4% and 6%. The new entry points will be 15,028, 75,036 and 174,980 per annum, with the weekly equivalents being 289, 1,443 and 3,365 respectively.



Health Levy rates will also double to 4% and 5% and the entry point for the higher rate will be reduced to 1,443 per week which is 75,036 per annum.



Finally, the PRSI ceiling will be raised to 1,443 per week or 75,036 per annum.



These measures will reduce all our living standards. I am acutely aware of that. The Government has taken care to ensure they are fair, equitable and highly progressive. I would point out that notwithstanding all the increases made today, Ireland will continue to have one of the lowest tax wedges within the OECD. All of these measures will take effect from 1st May 2009."



The full reports can be read at :





http://budget.gov.ie/2009SupApril09/FinancialStatement.html



and



Summary of New Budget Measures and Tax Changes





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