After weeks of speculation, details of Budget 2014 were officially revealed this afternoon, as Ministers Michael Noonan and Brendan Howlin outlined new spending cuts and tax hikes totalling 2.5 billion euro.
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Your 'budget at a glance'......
PART 1 - Finance Minister Michael Noonan
JOBS
Budget 2014 will see 25 pro business and pro jobs measures at a 500 million cost in a full year First budget since 2007 where there is an increase in employment - 1.5% both this year and next
VAT
Reduced VAT rate of 9 per cent to continue for sectors it applies to
AIR TRAVEL TAX
Air travel tax to be reduced to ZERO from 1st April 2014 - airlines must use to develop new routes
HOUSING
Introducing home renovation tax incentive scheme for people who carry out renovations on principal private residences in 2014/15 - Rate of 13.5 per cent credit on all qualifying expenditure over 5,000 euro and up to 30,000 NAMA investment will see the construction of 4,500 new homes and apartments in Dublin Cork, Galway, Kilkenny and Dublin to get Living City Initiative announced for Limerick and Waterford last year NAMA investment will see the construction of 4,500 new homes and apartments in Dublin
CORP TAX
We are committed to 12.5 per cent corporation tax rate and this will not change declares Michael Noonan A capital gains tax relief to entrepreneurs who reinvest proceeds from disposal of assets on which CGT has previously been paid
SHADOW ECONOMY
A raft of measures to tackle the shadow economy, targetting VAT fraud, illegal tobacco selling and unlicensed trading in alcohol
INCOME TAX
Abolishing the Top Slicing Relief on all ex-gratia lump sum payments made in respect of retirements, or terminations NO increases in income tax or Universal Social Charge in 2014
FAGS AND BOOZE
From midnight - 10 cent on a pint of cider / beer and a standard measure of spirits From midnight - 50 cent on a 75cl bottle of wine From midnight - 10 cent on a pack of 20 cigarettes
MOTORING
No motor tax increases and petrol and diesel prices are unchanged
PENSION LEVY
Confirms 0.6 per cent pension levy introduced to pay for the jobs initiative in 2011 will be scrapped, but be replaced by 0.15%
PARTNERSHIPS RELIEF
Abolishing the tax relief that was available for acquiring an interest in a partnership
PART 2 - Minister for Public Expenditure and Reform, Brendan Howlin
HOUSING
30 million of lottery funds will kickstart house building programme with 500 additional housing units A new pilot 'social impact' scheme to provide housing for homeless families in Dublin
PRIORY HALL
Allocating 10 million euro to 'heal the scar' of priory hall, a blot on the national psyche
LOTTO PROCEEDS
200 million of Lotto proceeds for new national children's hospital, remaining 200 million for local economic activity & job creation
- road maintenance and repair works
- new round of sports capital grants
- building of a new national indoor training arena at national sports campus
- the better energy programme
- housing adaptation grants for older people and those with a disability
- a number of 1916 commemoration projects
- development of a large scale multi functional events centre in cork
- the wild Atlantic way driving route tourism project
JOBS AND TRAINING
Additional 9 million in capital funding to complete roll out of one stop shop Intreo offices for the unemployed
14 million euro to the Youth Guarantee Fund which targets activation places for unemployed under 25
GP CARE - UNDER 5's
Allocating 37 million euro to fund the roll out of free GP care for children aged 5 & under as first step to free GP care for all
TELEPHONE ALLOWANCE
Telephone allowance to be scrapped for everyone from January 1 and save 44 million euro
WEEKLY WELFARE RATES
No reduction in basic social welfare rates for people of working age and pensioners
ILLNESS BENEFITS
Number of waiting days for entitlement to illness benefit to be increased from 3 to 6 days
GARDA RESOURCES
Extra funding for Garda vetting service
CLASS SIZES
No increase in class sizes at primary or secondary level / Additional 1250 classroom and resource teachers to be recruited.
FUEL ALLOWANCE
No changes to rate or duration
MATERNITY
Standardise the rate of maternity benefit to 230 euro per week for new claimants from January
CHILD BENEFIT
No change to monthly 130 euro monthly rate
YOUTH DOLE
One highly controversial move is a lower rate for the Job Seekers Allowance, standardised at €100 per week for under-25s with a statement that young people should be in education or work. Minister Howlin has announced 14 million euro to provide activation places for unemployed young people - those recipients aged 18 to 24 will receive €100 going forward - with €144 for 12 months for those turning 25. The 'Back to Education' rate will be €160
