Budget 2018 Summary

Budget 2018 Summary

budget 2018
Social Welfare will see a €5 per week increase in all weekly social welfare payments, commencing at the end of March 2018.

Those set to benefit from this years budget are primarily the unemployed, disabled, pensioners and lone parents.

Below is a summary of some of the main taxation measures that will be introduced in 2018:

 USC: 2.5% rate reduced to 2%, €600 increase to €18,772 band ceiling, 5% rate reduced to 4.75%

Sugar Tax: 5 grams & 8 grams per 100ml at a rate of 20c per litre & a second rate will apply for drinks with a sugar content of 8 grams or above at 30c per litre.

 Tobacco Products Tax: 20 cigarettes will increase by 50 cents with an additional 25c on roll your own tobacco. Commencing from midnight 10th October 2017.

Sun Beds: There will be a big increase in the VAT rate on sunbeds from 13.5% to 23% which will come into affect from the 1 January 2018.

Stamp Duty: Non-Residential Property will increase from 2% to 6%.

 Prescription charge: Reduction in prescription charges for all medical card holders under 70 from €2.50 to €2 per item with cap of €20.

Gardai: 800 new guards will be introduced.

Special Needs: 1,000 new special needs assistants.

Social Welfare: As mentioned €5 per week increase in all social welfare payments. Christmas bonus of 85% will be given again this year.

State Pension: €5 increase in State pension from the end of next March.

Lower Tax Band: €750 increase to €34,550.