Budget 2013 - Advance Notice of PRSI Changes

The Advance Notice of PRSI Changes for Computer Users 2013 is now available on welfare.ie at  

 

http://www.welfare.ie/EN/Publications/Advanced2013/Documents/anprsi2013.pdf

Budget 2013 - BIK on preferential loans

Increase from 12.5% to 13.5% in the specified interest rate used in calculating the taxable benefit from preferential loans, other than home loans. The specified rate used to calculate the taxable benefit from home loans is decreased from 5.0% to 4.0%. Specified interest rates are reviewed annually in the light of current interest rates available in the market.

Budget 2013 - PRSI and USC Changes

The abolition of the standard PRSI allowance means most workers will pay an extra €264 a year. The minimum contribution from the self-employed will rise from €253 to €500.

The reduced rate of USC for those over 70 with an income in excess of €60,000 will be discontinued at the end of the year. 

Budget 2013 Main Points

The main points of the budget as announced today by Finance Minister Michael Noonan are:

• The abolition of the €127 a year PRSI allowance.
• Child benefit cut by €10 per month
• Capital Acquisitions Tax threshold falls by 10 per cent.
• Carbon tax extended to solid fuels
• Corporation tax remains unchanged
• DIRT increases by 3% to 33%
• Motor tax to rise from January 1st
• Excise duty on tobacco to increase
• €1 duty increase on wine
• 10 cent rise on spirits, beer and cider
• No increase on petrol/diesel
• Property tax will be collected by the Revenue
• Property tax based on market value introduced
• Increase in USC for over 70s with incomes of €60,000+
• Homes bought in 2013 exempt from property tax
• Film tax relief extended to 2020
• Tourism 9% VAT rate to remain for 2013
• Farmers to get extended rate of stock relief
• CRO to publish guidance for SMEs on credit
• CRO to extend team of reviewers
• Diesel rebate for hauliers from July
• R&D tax credits amended to encourage innovation
• Tax reform plan for SMEs