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LIVE: All You Need To Know About Budget 2023

Here's all the latest from the government's landmark budget announcement...

The government is today announcing one of the biggest budgets in the history of the state.

A package of over €10 billion is being released, with a tranche of measures to offset the rising cost of living set to be included.

Finance Minister Paschal Donohoe will get to his feet in the Dáil just after 1pm to announce the details.

Stay tuned for all the latest here...

- Minister Donohue has described Budget 2023 as "a cost of living budget".

- The Department of Finance estimates inflation of 8.5% this year and 7% next year.

- The public debt amounts to €44,000 per person in Ireland, totally €225 billion.

- Cost of one off measures in the budget will amount to €4.1 billion, core budget measures will cost €6.9 billion - the total budget is €11 billion.

FUEL

Excise rate reductions of 21 cent on petrol and 16 cent per litre and 5.4c per litre in Marked Gas oil, 9% VAT rate for electricity and gas extended until 28th February 2023.

Department of Finance estimates inflation of 8.5 percent this year and just over 7 percent next year.

Minister Pascal Donohue explains energy is just one of a range of factors behind that:

INCOME TAX

€1.1bn income tax package.

€3,200 increase in the cut-off rate to higher tax to €40,000.

The main tax credits (personal, employee, earned income) are being raised by €75.

HOME CARERS

Home Carer tax credit being increased by €100.

USC

The second USC rate band (2% rate) will increase from 21,295 to 22,920 to take account of minimum wage increase of 80c p/h.

USC concession for those with a medical card earning less than 60k is being extended for another year.

INCOME TAX

Minister signals future move towards a third rate of income tax.

Further analysis to take place on a new third rate of income tax with review published before next year's Summer Economic Statement.

Donohoe says significant lead in time needed but could be done by Jan 2024.

HELP TO BUY

Help to Buy extended at current rates until the end of 2024.

RENTERS

A new tax credit for renters of €500 a year confirmed, 400,000 to benefit, can be claimed for 2022 and 2023:

LANDLORDS

The pre-letting expenses for landlords is being doubled to €10,000 and the time a property must be vacant reduced from 12 to six months.

VACANT HOMES TAX

Vacant Homes Tax introduced, will apply to homes which are occupied for less than 30 days a year

Will be charged at a rate three times the Local Property Tax for the home and will be self-assessed

HOME TAX

There will be a new Residential Zoned Land Tax, local authorities to publish draft maps in November.

STAMP DUTY

The residential development stamp duty refund scheme is being extended to the end of 2025.

CONCRETE

A levy on concrete blocks, pouring concrete and some concrete products will be introduced, to help pay for the MICA redress scheme.

The levy will come into effect from April of next year, and will be applied at a rate of 10 per cent.

Minister Pascal Donohue says it'll raise €80 million a year:

CARBON TAX

Carbon tax increase of €7.50 a tonne will go ahead as planned on October 12th.

Will put up petrol and diesel by 2c a litre.

However, the Government is reducing the National Oil Reserves Agency levy to 0% to offset the cost.

This is worth 2c a litre.

AGRICULTURE

Five tax reliefs will be extended.

Young Trained farmer and farm consolidation stamp duty reliefs, farm restructuring CGT relief, young trained farmer and registered farm partnership stock reliefs.

Accelerated capital allowances for building modern slurry storage facilities.

€238 million being allocated from the Brexit reserve fund to cushion agriculture from the impacts of Brexit

BUSINESS

A Temporary Business Energy Support Scheme has been announced to help those who are facing skyrocketing electricity bills.

It will give back 40% of increased cost of electricity bill, with a monthly cap of €10,000.

Minister Pascal Donohue says it will be managed by Revenue and it's proposed the scheme will work by comparing average unit prices this year to the costs incurred last year:

VOUCHERS

Companies will be allowed to give employees €1,000 tax free a year in vouchers, up from current €500.

CIDER

50 per cent excise relief to small independent producers of cider.

LICENCING

The government is halving the cost to apply for a Special Exception Order for late night venues.

It'll be reduced from €110 to €55.

HOSPITALITY

9 per cent VAT rate on hospitality will continue until 28th February 2023.

It will return to 13.5% after that.

NEWSPAPERS

VAT on newspapers reducing to 0% from January 1st 2023.

DEFIB

VAT on defibrillators reduced to 0% from January 1st 2023.

HRT AND NICOTINE

0% of VAT will apply to hormone replacement and nicotine replacement therapies.

WINDFALL TAX 

Ireland to be part of EU windfall tax approach but will go it alone if needed.

BANK LEVY

Bank levy extended for another year to raise €87 million per annum.

TOBACCO 

Pack of 20 cigarettes up 50c and pro-rata increase on other tobacco products.

Minister Pascal Donohue has also announced a proportionate increase on other tobacco products too:

NATIONAL RESERVE

€2 billion going into the Rainy Day fund this year.

€4 billion in 2023.

€4.5 billion of non-core expenditure to deal with risks like Brexit, Ukraine and the end of Covid.

Public Expenditure Michael McGrath has now taken over proceedings in the Dáil with the following announcements...

ENERGY

€600 electricity credit for all households.

First payment before Christmas and two in the new year.

€60 million to local authorities.

€110 million to health funded bodies for energy costs.

Public Expenditure Minister Michael McGrath has announced three electricity credits worth €200 each:

€337 million for grants for energy efficiency. This will fund 37,000 home energy upgrades.

WELFARE

Lump sum cost of living double social welfare payment in October.

€12 across the board increase in social welfare.

Minister Michael McGrath says social welfare payments will be increased:

BONUS

Christmas bonus confirmed.

WORKING FAMILY 

€500 lump some on working family payment

Double child benefit payment in November.

Working family payment thresholds up €40 a week.

Qualified child allowance up €2 a week.

CARERS

€500 payment for carers and those with a disability in November

€200 on the living alone allowance.

Domiciliary care allowance increased by €20.50.

STUDENTS

This year:

€1,000 reduction in student contribution.

Double payment of SUSI grant.

€1,000  increase to postgrad fee contribution grant.

Long-term:

Reduction in student fees of €500.

Increase of between 10 and 14 per cent in student grant.

Postgrad grant will increase by €500.

TRANSPORT

20% off public transport for all.

50% on youth travel card.

€2.6 billion for transport to progress busconnects, metrolink and dart+.

SCHOOLS 

€100 million for schools to deal with energy costs .

€10 million for third level institutes.

Reduction in the pupil teacher ratio by 1 point to 23:1 with 370 extra teaching posts.

Funding for free school books for all primary school pupils.

686 additional teachers to support those with special needs

An additional 1,194 SNAs bringing the number to 20,300.

FUEL ALLOWANCE

Fuel allowance lump sum of €400.

Income threshold for fuel allowance will increase from €120 to €200 above state pension.

The weekly fuel allowance means limit to €500 for single person and €1000 for a couple over 70.

There will be an added fuel allowance lump sum, as announced by Minister McGrath:

HOUSING

€1.7 billion for housing to deliver social housing build targets of 9,100.

Total €6.2 billion for the Department.

€215 million for the local authority affordable purchase scheme, AHB cost rental and shared equity scheme to deliver 5,000 affordable homes next year.

€215 million for homelessness services.

€87 million for retrofits in 2023.

New low-cost loan for residential retrofits has been introduced.

€930 million for water services.

HEALTH

Total budget of €23.4 billion.

Delivery of 650 acute and community beds by end of 2023.

Funding to recruit 6,000 additional staff to the health service.

€225 million in extra money to tackle waiting lists - total budget of €443 million.

€5 million for oral health services.

€138 million for disability services.

€150 million to support older people living at home, national dementia strategy.

€58 million for mental health.

Inpatient charges will be removed for all public patients under Budget 2023.

Minister Michael McGrath is also extending the free GP card to another 430,000 people:

WOMEN

Extending contraception to women aged 16 to 30

Providing supports for the first time for publicly funded IVF treatment.

COVID

€439 million will be provided for the ongoing response to Covid-19.

APPRENTICESHIPS 

There will be funding for an extra 4,800 additional apprentice placements 

BROADBAND

Up to 185,000 households to be passed by the National Broadband Plan next year.

UKRAINE

€11 million for the continued response to the refugee crisis from Ukraine and housing refugees. 

JUSTICE

1,000 new gardai into Templemore next year
430 garda civilian staff recruited
200 new recruits will enter Templemore every three months over the coming years

There will be a €5 million increase in the garda overtime budget to over €100 million.

Extra 400 permanent Defence Force members recruited in 2023
Money to include pay and allowance enhancements for the membership

€35 million increase in the capital allocation for the defence forces in part used to fund primary radar capabilities 

AID

An increase of €100 million euro for Irish Aid
The Official Development Assistance will be more than €1.2 billion in 2023
€75 million of that will go to humanitarian needs in Ukraine.

ARTS
€90 million extra for arts, tourism, culture and media to help that sector recover from Covid

GAEILGE

€1.25 million to support Irish as a living language in the Gaeltacht

SHARED ISLAND

€100 million euro for the shared island fund.
€500 million under the NDP out to 2025.

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