BUDGET 2013 WAS announced on 5 December but some of the measures revealed by ministers Michael Noonan and Brendan Howlin only came into effect today.
Most of the consumer-related changes, such as the tax hike on cigarettes and alcohol, were implemented immediately but these measures kick in from today:
- PRSI changes (except PRSI changes to ‘unearned income’ which will not come in until 2014);
- The reduced rate of Universal Social Charge for those over 70 with an income in excess of €60,000 will be discontinued;
- Child benefit payments will be cut by €10 per child for the first and second child, and by €18 for the third child;
- The rates of both VRT and Motor Tax across all categories will increase;
- Capital acquisitions tax increase and threshold reduction;
- Capital gains tax changes for farm land;
- The increase in the Prescription levy from 50c to €1.50;
- Excise duty on the purchase of vehicles;
- The 19 per cent reduction in respite carer grants;
- Reduced payment periods for jobseeker benefit claimants.