Published: Tue, October 10, 2017
Medicine | By Earnest Bishop

Budget 2018 To Be Revealed This Afternoon

Budget 2018 To Be Revealed This Afternoon

A sugar tax from April 2018 will see an extra 30 cent (26p) per litre of tax on drinks with over 8g of sugar per 100ml.

Whilst the Taoiseach has confirmed some measures that will be in the budget.

It will be kicked off with €1.5bn from the Ireland Strategic Investment Fund, which makes commercial investments with state finances, before annual payments of 500 million euro a year are made from 2019.

There will be no increases in the duty on alcohol, petrol and diesel, although a carbon tax will be discussed next year.

A new agency, Home Building Finance Ireland, to use Nama's experience and provide cheap loans to developers was announced.

Spending on health has been increased by €685m, bringing total funding to nearly €15.3bn for 2018, reflecting an nearly 5% increase, the minister said.

A €1.7 billion (£1.5 billion) investment in special education, with more than 1,000 new special needs assistants being recruited before September 2018.

Stamp duty is also set to rise from 2 to 5 per cent, which could raise 300 million euro.

The main change for those on lower earnings is the drop in the Universal Social Charge (USC).

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The 3% levy for 1st year of vacant site will more than double to 7%.

The prescription charge is to be reduced from €2.50 to €2.00 per item.

A Christmas bonus of 85% will also be paid to social welfare recipients.

The Earned Income Credit for the self-employed will be increased by €200 to bring it to €1,150 a year from 2018.

Ireland's finance minister sought to raise over 800 million euros in extra revenue in a budget on Tuesday to give taxpayers a "modest" break and help tackle a housing crisis.

Meanwhile the cutoff point for higher tax band is being raised by €750 to €34,550 for single workers.

But the Value-Added Tax rate on tourism enterprises remains fixed at 9%, something welcomed by Senator Maria Byrne, who said this will "help protect jobs and create further employment".

The Home Carer Credit is to increase by €100 in 2018 to €1,200 a year.

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