The Dáil has voted through elements of Budget 2025.
These include excise on tobacco products and changes to value added tax, capital acquisitions tax and stamp duty.
Each came into force at midnight.
Taoiseach Simon Harris said Budget 2025 was the last of this Government’s mandate and he was looking forward to going to the polls.
Mr Harris said the Government first needed to finish its work, and ensure that the required laws were passed to make Budget 2025 a reality for people.
Yesterday the Minister for Finance Jack Chambers announced a multi-billion euro Budget to the Dáil, saying the package of measures will “foster a real sense of hope for the future.”
A double welfare payment later this month, two double child benefit payments before Christmas and reductions to the Universal Social Charge were among the measures that have been announced.
Budget 2025 measures included a €12 increase in weekly social welfare payments, including the pension, and a double payment will be made in both October and December.
Every household will receive two energy credits of €125 each – one at the end of this year and another at the start of next year .
The minimum wage will increase by 80 cent from January the first, rising to €13.50 an hour, while there will be two double child benefit payments made in November and December, and a baby boost payment of €420 for new parents.
On taxation, the entry point for the 40% top rate of tax has increased by €2,000 to €44,000.
The Universal Social Charge has been cut, with the entry rate for the 3% rate rising.
In the politically contentious area of housing, the renters tax credit will increase to 1,000, the Help to Buy scheme has been extended to 2029 and the mortgage interest relief extended for another year.
The “land hoarding tax”, which was the source of disagreement between coalition parties will go ahead, but those who are using land for genuine economic reasons will be exempt.
A new mansion tax will see stamp duty rise from 2% to 6% on the value of a residential property above €1.5m.
In what was his first Budget, Jack Chambers said it has its common good at the core and it will deliver a fairer society.
Article Source – Dáil votes through some elements of Budget 2015 – RTE
