2nd Irish Government Budget later two day
Apr 7th 2009, 10:44 am
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2nd Irish Government Budget later two day
2nd Irish Government Budget later two day
Finance Minister Brian Lenihan has said the Government has to ‘repair the tax base’ in day’s supplementary Budget , the measures he would announced would not be easy, but they would be fair . Predict the Budget is likely to cost the Irish taxpayer . last year the standard rate of VAT went up by half a percentage point to 21.5% . Cross boarder shopping have jump by 70 in the north with VAT only 15%
Finance Minister Brian Lenihan has said the Government has to ‘repair the tax base’ in day’s supplementary Budget , the measures he would announced would not be easy, but they would be fair . Predict the Budget is likely to cost the Irish taxpayer . last year the standard rate of VAT went up by half a percentage point to 21.5% . Cross boarder shopping have jump by 70 in the north with VAT only 15%
Apr 7th 2009, 4:14 pm
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Re: 2nd Irish Government Budget later two day
Taxation
The 12.5% rate of corporation tax will be retained.
The level of tax relief investors can claim on the interest for mortgages and loans on residential rental properties will be reduced to 75% of the interest with immediate effect.
The current 20% special rate applied to trading profits from residential development land will be abolished.
Property related accelerated capital allowance schemes in the Health Sector will end.
Mr Lenihan said it was not longer sustainable to keep minimum wage earners outside of the tax system.
The rates of the Income Levy will be doubled and the entry points for each rate will be reduced. 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 double to 4% and 5%. The entry point for the higher rate will be reduced to €1,443 per week which is €75,036 per annum.
Mr Lenihan said the PRSI ceiling will be raised to €1,443 per week or €75,036 per annum.
The new taxation measure will take effect from the 1st of May 2009.
Mr Lenihan said Ireland will still have one of the lowest tax wedges within the OECD.
Mr Lenihan said he is proposing a ''slight recasting' of the structure of the public service pension levy, to reduce the impact of the levy on the lowest paid public servants, with a small increase at the higher levels.
The net cost of this is €100m in 2009.
Mr Lenihan said these changes were made to address any issue of fairness.
Excise Duties
From midnight tonight excises on cigarettes will go up by 25 cent per pack of 20.
Excise on auto-diesel will go up by 5 cent per litre. These changes are VAT inclusive.
Brian Lenihan said there was no scope to increase the excise duties on alcohol or petrol because of a substantial risk that a lot of revenue would be lost by people buying these items in Northern Ireland.
The Credit System
Minister Lenihan announced changes to the role and structure of the Central Bank of Ireland.
He said the role of the Central Bank of Ireland will be reformed to place it at the centre of financial supervision and financial stability.
The Central Bank of Ireland will in the future be headed by a Commission, chaired by the Governor.
These changes will be complemented by significant new resources and additional expert staff.
A National Asset Management Agency is to be set-up under the aegis of the National Treasury Management Agency. Assets will be transferred from teh banks to the new agency to ensure the banks have 'a clean bill of health'.
The agency will have a commercial mandate and will have the central objective of maximising over time the income and capital value of the assets entrusted to it.
The Minister announced that he has asked Sir Andrew Large to advise on the process to select a new Head of Financial Regulation.
Sir Andrew is the former Deputy Governor of the Bank of England and a former member of the UK Monetary Policy Committee.
Mr Lenihan said the search for an new Head of Financial Regulation will be wide ranging and the person chosen will be of the calibre, reputation, experience and expertise to lead the reforms of financial regulation.
TDs & Senators
Mr Lenihan announced several changes to the remuneration of TDs and Senators following the decision to cut the number of junior ministers from 20 to 15.
No longer will deputies receive long service payments or increments, while there will be a 10% reduction in all expenses other than mileage rates where a 25% reduction has already taken place.
The arrangement where former ministers who were paid ministerial pensions while they are still members of the Oirechtas will not continue. The allowances paid to Oireachtas committee chairman will be halved and the payments to whips and vice-chairs will also go.
The Minister said in framing the budget he has been guided by the principle that everyone should contribute according to their means. Tax increases are required and they will not be easy to accept, but he described the measures announced today as 'progressive'. 'Those who can best afford it will pay most' he stated.
European Commission
Mr Lenihan said that agreement had been reached with the European Commision that five years would be the appropriate time frame for addressing our structural problems.
Announcing the multi-annual consolidation plan, Mr Lenihan said that in 2010 and 2011, the plan envisages greater reductions in expenditure than increases in revenue.
He stressed that the expenditure figures were the minimum that must be achieved and the tax figures were the very maximum that could be imposed.
He said spending reductions the Government had decided on for 2009 to 2011 would have a cumulative full year effect on current spending of €2.7bn in 2010 and €4.2bn in 2011.
Reductions in capital spending will accumulate to €1.3bn in 2010 and €2.4bn euro in 2011.
Policy decisions on these reductions are already in train and entail further reductions in pay costs, programmes and numbers.
There is no provision for extra social spending and efficiencies will be found throughout the public sector, he said.
LOAD OFF BS , THERE NO PLAN >>>
The 12.5% rate of corporation tax will be retained.
The level of tax relief investors can claim on the interest for mortgages and loans on residential rental properties will be reduced to 75% of the interest with immediate effect.
The current 20% special rate applied to trading profits from residential development land will be abolished.
Property related accelerated capital allowance schemes in the Health Sector will end.
Mr Lenihan said it was not longer sustainable to keep minimum wage earners outside of the tax system.
The rates of the Income Levy will be doubled and the entry points for each rate will be reduced. 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 double to 4% and 5%. The entry point for the higher rate will be reduced to €1,443 per week which is €75,036 per annum.
Mr Lenihan said the PRSI ceiling will be raised to €1,443 per week or €75,036 per annum.
The new taxation measure will take effect from the 1st of May 2009.
Mr Lenihan said Ireland will still have one of the lowest tax wedges within the OECD.
Mr Lenihan said he is proposing a ''slight recasting' of the structure of the public service pension levy, to reduce the impact of the levy on the lowest paid public servants, with a small increase at the higher levels.
The net cost of this is €100m in 2009.
Mr Lenihan said these changes were made to address any issue of fairness.
Excise Duties
From midnight tonight excises on cigarettes will go up by 25 cent per pack of 20.
Excise on auto-diesel will go up by 5 cent per litre. These changes are VAT inclusive.
Brian Lenihan said there was no scope to increase the excise duties on alcohol or petrol because of a substantial risk that a lot of revenue would be lost by people buying these items in Northern Ireland.
The Credit System
Minister Lenihan announced changes to the role and structure of the Central Bank of Ireland.
He said the role of the Central Bank of Ireland will be reformed to place it at the centre of financial supervision and financial stability.
The Central Bank of Ireland will in the future be headed by a Commission, chaired by the Governor.
These changes will be complemented by significant new resources and additional expert staff.
A National Asset Management Agency is to be set-up under the aegis of the National Treasury Management Agency. Assets will be transferred from teh banks to the new agency to ensure the banks have 'a clean bill of health'.
The agency will have a commercial mandate and will have the central objective of maximising over time the income and capital value of the assets entrusted to it.
The Minister announced that he has asked Sir Andrew Large to advise on the process to select a new Head of Financial Regulation.
Sir Andrew is the former Deputy Governor of the Bank of England and a former member of the UK Monetary Policy Committee.
Mr Lenihan said the search for an new Head of Financial Regulation will be wide ranging and the person chosen will be of the calibre, reputation, experience and expertise to lead the reforms of financial regulation.
TDs & Senators
Mr Lenihan announced several changes to the remuneration of TDs and Senators following the decision to cut the number of junior ministers from 20 to 15.
No longer will deputies receive long service payments or increments, while there will be a 10% reduction in all expenses other than mileage rates where a 25% reduction has already taken place.
The arrangement where former ministers who were paid ministerial pensions while they are still members of the Oirechtas will not continue. The allowances paid to Oireachtas committee chairman will be halved and the payments to whips and vice-chairs will also go.
The Minister said in framing the budget he has been guided by the principle that everyone should contribute according to their means. Tax increases are required and they will not be easy to accept, but he described the measures announced today as 'progressive'. 'Those who can best afford it will pay most' he stated.
European Commission
Mr Lenihan said that agreement had been reached with the European Commision that five years would be the appropriate time frame for addressing our structural problems.
Announcing the multi-annual consolidation plan, Mr Lenihan said that in 2010 and 2011, the plan envisages greater reductions in expenditure than increases in revenue.
He stressed that the expenditure figures were the minimum that must be achieved and the tax figures were the very maximum that could be imposed.
He said spending reductions the Government had decided on for 2009 to 2011 would have a cumulative full year effect on current spending of €2.7bn in 2010 and €4.2bn in 2011.
Reductions in capital spending will accumulate to €1.3bn in 2010 and €2.4bn euro in 2011.
Policy decisions on these reductions are already in train and entail further reductions in pay costs, programmes and numbers.
There is no provision for extra social spending and efficiencies will be found throughout the public sector, he said.
LOAD OFF BS , THERE NO PLAN >>>
Apr 8th 2009, 7:04 am
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Posts: 2,932
Re: 2nd Irish Government Budget later two day
Newry is going to look like Las Vegas soon.
I paid 93p a litre yesterday in Banbridge. Its 1.08 in Wicklow. Another 5 cents on that!
I paid 93p a litre yesterday in Banbridge. Its 1.08 in Wicklow. Another 5 cents on that!
Last edited by Londonuck; Apr 8th 2009 at 7:07 am.
Apr 8th 2009, 7:33 am
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Apr 8th 2009, 11:01 pm
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Re: 2nd Irish Government Budget later two day
ya like that one ....spain with free seat 1000 fags ... a offices i smoke a 100 aday .....
why i move from Ireland
food ....rip off ireland ....
drink rip off ireland...
cars prices ....rip off ireland
house prices .... rip off ireland
keep going .....rip off ireland
2ltr 7up uk 99 p ireland 2.40 cent
Apr 9th 2009, 7:19 am
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Apr 12th 2009, 5:09 pm
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Re: 2nd Irish Government Budget later two day
Bad ya .... bank wont lend , no jobs , now thay payying for it .... less money in the system now .... there sortfall again in vat ... there all head over the boarder to shop .... food cars and so on
Apr 12th 2009, 11:07 pm
#10
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Location: Dublin (ex Nottingham)
Posts: 192
Re: 2nd Irish Government Budget later two day
I just got a mortgage for how much I asked for with no problems?
Yeah, but that makes sense - things are so much cheaper in the North and if the Government in the South want to increase VAT when the UK reduces it what do they expect? For example we ran up to Sainsbury's a few weeks ago and filled 2 trolleys for £400, we'd only get half a trolley for that here!
A few examples of how cheap it was? A litre bottle of Bacardi - North £19.99, South €30.
Airwaves chewing gum - South 55c to 80c a packet - North £1.45 for a pack of 5
Yeah, but that makes sense - things are so much cheaper in the North and if the Government in the South want to increase VAT when the UK reduces it what do they expect? For example we ran up to Sainsbury's a few weeks ago and filled 2 trolleys for £400, we'd only get half a trolley for that here!
A few examples of how cheap it was? A litre bottle of Bacardi - North £19.99, South €30.
Airwaves chewing gum - South 55c to 80c a packet - North £1.45 for a pack of 5
