Budget 2016 To Be Unveiled Today

Reductions in the Universal Social Charge (USC) rates and tax credits for the self-employed are widely expected, as is a raising of the entry level to exempt all on the minimum wage.

Details are emerging tonight on Budget 2016.

The increases will be brought about by decreasing the 7% rate of USC to 5.5%; the 3.5% rate to 3% and the 1.5% to 1%.

Ireland’s finance minister will effectively kick off the government’s re-election campaign on Tuesday when he presents his 2016 budget, with a booming economy meaning he can offer to cut taxes and spend more on services.

The price of a packet of 20 cigarettes is to increase by 50 cent. Moves will also be made to improve the lot of the self-employed, with the gradual introduction of a new tax credit.

There were early reports that Mr Noonan was planning e1. “Clearly a few of them have been very unpopular but the proof of the pudding now is that the economic strategy we laid out from day one has worked and we now want to begin to create the sort of Ireland that is more equal, fairer, that supports work – because that is the best way for people to escape poverty – and to ensure that work pays and that’s what will happen today”.

There will be changes to inheritance tax thresholds.

The Tánaiste Joan Burton is also said to be in favour of increasing child benefit.

Social welfare rates could see a few increase and the Christmas bonus could be further restored.

On childcare, the free pre-school scheme will be extended for a second year, giving parents three hours of care for a five-day week, over 38 weeks.

On the jobs front hundreds of new positions are expected to be cleared for teaching and the Garda, a timely investment in the wake of the murder of an officer at the weekend.

There will also be measures to help deal with the housing crisis: incentives for both developers and landlords.