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