Meanwhile, Ireland announced on Tuesday tax cuts and spending increases amounting to 1.5 billion euros (S$2.4 billion) in its annual budget for 2016. He said this will mean that home owners are not faced with significant increases in their LPT liability in 2017 as a result of increased property values, and should afford sufficient time for the Government to consider the recommendations made in Dr. Don Thornhill’s review of the tax, published alongside the Budget.
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“So I am simplifying the rates of commercial motor tax by replacing the 20 existing rates with just five rates of commercial motor tax, ranging from €92 to €900 with effect from the 1st of January 2016”.
Hauliers were given a massive boost with tax on commercial vehicles to be cut to a maximum of €900.
Finance Minister Michael Noonan takes to his feet in the Dail parliament at 2.15pm followed by a second speech by his colleague in finance, Minister for Public Expenditure and Reform Brendan Howlin at about 3pm, to outline how the Government will spend its limited resources.
The finance minister said this budget would “give certainty to the Irish people of a better future”.
Last week Noonan channelled 2015 tax windfalls into a late-year spending splurge.
There certainly won’t be any scary surprises for retailers and customers alike this Halloween with the official introduction of the doubling of the max single contactless payment to €30 commencing on 31 October.
The minimum wage will also rise by 50 cent an hour.
Certainly of particular interest to consumers will be the removal of the €5 stamp duty on debit and ATM cards.
Child benefit has been partially restored and is now up to €140 per month, an increase of €5.
The budget also introduced free doctors’ appointments for children up to the age of 12, increased funding set aside for social housing and put plans in place to employ more teachers and police officers.
An extra €15 million has been earmarked for the scheme specifically for children with disabilities.
Mr Noonan said the country’s “bad bank” Nama has been tasked to deliver 20,000 new homes before the end of 2020.
Mr Howlin said free GP care – now only available to under 6s and over 70s – would be extended to all children under 12 years.
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More affordable and quality childcare was also a focus of the Budget, with fathers granted two weeks’ paternity leave. But tracking and tracing and showing how R&D contributed to the intellectual property will be key to its success, he adds. He plans to invest 14.2bn euros (£10.6m) in the health service.
