Budget 2015 Calculator & Summary

After weeks of speculation, Budget 2015 was finally unveiled in Dublin today. Much discussion about Budget 2015 in the run-up to today centred on the fact that this was heralded as the first non-austerity budget in seven years. Check out the main points below or use our Budget 2015 Calculator to see how you’ve been affected.

Income Tax Changes

• Top income tax rate reduced from 41% to 40%
• Standard rate band increased by €1000 from €32,800 to €38,800

Universal Social Charge Changes

• Incomes of less than €12,012 exempt from USC
• Changes to rates and bands as follows:
  • €0 to €12,912 – 1.5%
  • €12,013 to €17,756 – 3.5%
  • €17,577 to €70,004 – 7%
  • €70,044 to €100,000 – 8%

Miscellaneous

• €5 increase to child benefit
• Cigarettes up by 40c to €10
• No change to alcohol, motor tax, diesel or petrol
• DIRT refund on savings for first time buyers
• Tax relief of 20% on water charges
• 0.6% pension levy to end in 2014
• 12.5% corporate tax rate unchanged
• 9% VAT rate on tourism industry to continue
• €2.2 billion plan for social housing

Remember, at Taxback.com, we give money not take it away! Check out our Budget 2015 calculator or register for an Irish tax refund.