Budget 2023: Here's what we know of the everyday changes following the Budget announcement
DETAILS of Budget 2023 have been announced this Tuesday and there are plenty of day-to-day changes following the confirmation of its details - explained and discussed by Minister for Finance Paschal Donohoe and Minister for Public Expenditure Michael McGrath.
Budget 2023, which will tackle the cost of living crisis, will total €11 billion with €4.1 billion towards one-off cost of living measures accompanied by budgetary measures for 2023 worth €6.9 billion.
Welfare payments and supports
Social welfare payments will increase by €12 with recipients also receiving a Christmas bonus payment in early December with separate double payment of weekly rates in November.
There will be a new €500 tax credit for property renters.
Temporary Business Energy Support Scheme to help businesses with energy costs.
Electricity credits totalling €600 over the next three billing months - November, January and March.
The home carer tax credit will rise by €100 to support stay-at-home parents.
Once-off payment of €500 for people living with disabilities.
25% reduction in weekly childcare fees, worth up to €2,106.
Students
Once-off €1,000 reduction in student contribution for an eligible student.
Once-off double monthly payment of SUSI maintenance grant and a 10-14% increase in student SUSI grant from September.
Free School Books Scheme for primary school pupils from September.
Wages
The standard rate cut-off point will increase by €32,000 to €40,000.
The main tax credits (personal, employee and earned income credit) will increase by €75.
Increase in the second USC rate band (2% rate) from €21,295 to €22,920.
Cigarettes
Excise on pack of 20 cigarettes increased by 50c.
HRT and nicotine replacement products to become VAT-free.
During the Budget 2023 announcement in the Dail, Mr Donohoe said: “If you are an older person, you are having to spend more of your pension on heating your home; if you are looking after a family, you are facing higher grocery bills; if you are running a small business, you are trying to cope with increases in the cost of energy.
“This is why, Budget 2023, presented by Minister (Michael) McGrath and I today, is and must be a cost-of-living budget, focused on helping individuals, families and businesses to deal with rising prices."