BUDGET 2023 UPDATE - Amergin Group

Written by Amergin Group | Oct 15, 2022 5:16:30 PM

The Irish government announced the 2023 budget on 27 September 2022.
The budget describes all government expenditures and revenues, including all government departments, agencies, non-commercial state bodies and the local government sector.
This newsletter will guide you through the critical points of the 2023 Budget that will affect entrepreneurs and individuals in Ireland.

” With average inflation in Ireland expected to be 7.1% in 2022 before easing back to 4% per cent in 2023, the budget was a reasonable balance of relief for individuals and businesses from the rising cost of living.
It was good too to see the minister recognize the temporary nature of our tax revenues and make some provisions for the future in that regard.”

Conor MacGowan FCA QFA
Managing Director

The Main Points

Finance Minister Paschal Donohoe announced a budget of around €11 billion.
Finance Minister Paschal Donohoe said the 2023 Budget is and should be a “cost of living budget” focused on helping individuals, families, and businesses cope with a price increase.
Income tax standard rate bands increased by €3,200 for a single person, with corresponding increases for married couples, and major personal tax credits increased by €75 for a single person €150 and for a married couple.
The 2% USC band will be increased in 2023 from €9,283 to €10,908, with a corresponding reduction in the 4.5% band.
No change was announced in the DIRT rate of 33%, exit tax rate of 41% or the 1% life assurance premium levy.
The maximum personal rate of State Pension and other Social Welfare benefits increases by €12 PW,with proportionate increases for qualified adults and those on reduced payment rates. There will be a double payment of Social Welfare benefit its in October and again in December.
No changes in private pension tax reliefs, limits or taxation of benefits.
No change in CAT rates or Threshold amounts.
No change in CGT rate.
No change in PRSI rates, employer or employee.
Help to Buy Scheme extended to end of 2024.
A new €500 annual tax credit from 2022 for those renting their principal private residence and not in receipt of any other State housing support.

View full post