Today is the day: the penultimate Budget of this term for the Fine Gael/Labour coalition government and the first that has not been labelled an 'austerity Budget.' But how will it affect you?
We'll be here the moment Minister Noonan takes to the rostrum to deliver his Budget and will bring you all the information in real time. Check back often ;-)
COYBIG: Not Budget related but...
Lets party: A special provision of €4 million has been made for 1916 Centenary celebrations.
Disquiet: Not all parts of the motoring world are happy with the status quo on taxes. The Irish Road Haulage Association said was deeply disappointed that there was no change in the commercial vehicle road tax.
Upgrades: Transport and Torism Minister, Paschal Donohoe, says his repartment's budget will remain unchaged at €950 million and some of that budgte has already been reing-fenced for works on the N17/N18 Gort to Tuam road and a new footbridge in Limerick city that will begin this year.
Welcome: The Society of the Irish Motor Industry (SIMI) has welcomed the Budget 2015 strategy saying "Budget measures announced today mean that we can be confident about the year ahead."
Alan Nolan, Director General of SIMI “We have seen the early signs of recovery in our Industry this year with increased sales that have delivered the highest registrations since the recession started in 2008. In this context we particularly welcome the Minister’s statement that none of the motoring taxes have been increased.
Motor tax inequality: AA spokesperson, Conor Faughnan has hit out at the government for not doing anything to comabt the inequality that exists in Motor Tax rates.
"Someone lucky enough to be able to buy a brand new luxury car for €45,000 or €50,000 is likely to pay €270 per annum in road tax. Compare that to someone who cannot afford to replace an 8 year old run-about with a 2.2 litre petrol engine; that car costs €951 to tax every year. It is an anomaly that needs to be addressed.”
“Approximately 75 per cent of Ireland’s 1.88 million private cars date from 2008 or earlier and are therefore taxed on the old system based on engine size.” Says Faughnan. “For those that have larger engines the tax burden on them has become very unfair.”
New cop cars: As part of the public service spend some €10 million has been allocated to Gardai for 400 new vehicles.
Many hours later: So we've had dinner, put the kids to bed and its time to wrap up our Budget15 (not quite) LiveBlog.
The moratorium on public service recruitment has been lifted meaning there will soon be 200 extra Gardai on our streets and 1,700 more teachers in our schools: 920 full time teachers, 480 resource teachers and 365 special needs assistants.
15:40: Bord Gais Energy to be sold off, netting the Government an estimated €400 million.
15:30: An extra €5 per child added to Child Benefit.
15:10: Michael Noonan sits down to a raptorous applause from his backbenchers with Minister for Public Expenditure, Brendan Howlin, now taking to the rostrum. But to repeat - No increase in petrol, diesel, motor tax or VRT (booze also escaped unscathed).
15:08:I will not be raising ANY taxes as I can fund this government through progressive taxes already in place.
15:07: Finally, a biggie - NO increase on petrol, diesel, motor tax or VRT!
15:06:As expected an extra 40c added to cigarettes and 25c added to roll-your-own tobacco. Kicks in at midnight tonight.
15:02: Entry point for USC raised to just over €12,000. 2% USC rate cut to 1.5%. Top rate of Income tax drops from 41- to 40%. New 8% of USC for those earnign over €70,000
14:56:Water charge relief introduced for charges up to a maximim of €500 per year. Could be worth up to €100.
Lots of talk of removal of taxes. Might this be a giveaway rather than a neutral budget? We can but hope!
14:50: Micro-breweries are to get more excise relief production capacity. Ceiling rises from 20k to 30k hectolitres. Craft beers for all!
14:47:9% VAT for tourism is to remain and the 0.6% pension levy that funded it is to be scrapped
14:40:'Double Irish' loophole will close on January 1st for new companies but will be phased out by 2020 for existing companies (Apple/Google).
14:30: And we are off. Ministers Noonan and Howlin wearing nicely coordinated ties. Noonan giving his Budget '2-15' preamble at the moment, the foreplay before the real action.
13.30: T-minus 30 minutes and Government buildings are leaking like a burst water pipe. So far we know (or can at least accurately predict) that:
1. A fourth rate of USC (the much maligned Universal Social Charge) is to be introduced for high earners with the lower bands adjusted to benefit those on low and middle incomes.
2. Cigarettes to go up by 40c, to a nice round €10 a pack - you'd swear the Goverenmemt has never heard of the law of diminishing returns!
3. An 25 per cent 'Christmas Bonus' for pensioners.
4. An extra €5 being added to child beneift, bringing the payment up to €135 per child per month
5. The much touted 1 per cent reduction to the top tax rate. (The rich get richer...)
6. Tax relief on water charges for the long-term unemployed, pensioners and those on Fuel Allowance. And the other 100,000 people who protested??
7. No change to booze - yaaayyy!
8. A closing of the ‘Double Irish’ loophole which means Apple, Google and the likes will actually pay some taxes in this country
Still no word on anything motoring related but fear not, we have our finger on the pulse and will report the news as soon as it happens.
12.35:Lots of Budget 2015 leaks circulating on the web and in print and while an extra €5 in Child Benefit is welcome it is likely to be wiped out by the €0.40 increase in cigarettes (bringing them up to €10 a pack) - at least for the smokers out there.
Still no word on anything motoring related though. Might we avoid being hit at the pumps this year?