| KEY MEASURES IN BUDGET 2010 |
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 | Launch of a medium-term national savings product, called the National Solidarity Bond, to be used as an additional source of funding for capital investment. Details are not yet available, but it will represent a key competitor in the savings market
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| Pension lump sums below 200,000 will not be taxed. The treatment of sums above this level, and the tax treatment of pensions, including the consolidated 33% rate of relief will be considered in the Governments National Pensions Framework, which will be published shortly |
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| The tourism budget is to be increased to boost number of visitors to Ireland
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| A carbon tax is being introduced equivalent to 15 per tonne. The tax will apply to petrol and diesel from midnight on December 9th 2009, and will be extended to home heating oil and gas in May 2010. 50m of carbon tax yield will be used to help those at risk of fuel poverty and 130 million will be allocated for energy efficiency measures |
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| Credit activity in the economy continues to weaken. In the 12-month period to October, total private sector credit contracted by 3.7% and mortgage credit expanded by just 0.2%. This reflects weakness in demand in an economy where consumer and business confidence is extremely fragile, and limited credit supply as a result of the extreme difficulties in the banking sector.
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| A VRT exemption for electric vehicles; reliefs for hybrid vehicles extended to 2012
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| Corporation tax rate of 12.5% is not to be changed and the three-year corporate and capital tax break for start up companies is to be extended |
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| Top VAT rate is to be cut by 0.5% from January to 21%
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| Excise duty on alcohol to be reduced and must be passed on to consumer equates to 12 cent per pint of beer and cider; 14 cent per half glass of spirits; and 60 cent per standard bottle of wine |
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| 9.5 million is being made available as support measures for the food industry to enhance the competitiveness of this key indigenous industry
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| 36 million will be allocated to an Employers Job Incentive Scheme giving PRSI exemption to encourage employers to take employees off the dole |
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| 136 million to be allocated to provide 26,000 training places for the unemployed
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| Roads, housing and education among investment priorities
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| Public services spending to be reduced, mainly through efficiencies rather than cuts |
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| Rates of payment will revert to 2006 levels in child benefit
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| Child benefit to be reduced by 16 per month
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| No cut in State pensions planned |
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| Further cuts for younger claimants. Jobseekers and supplementary welfare allowance to be reduced to 150; for persons aged 20 and 21 years of age who have no dependent children is being reduced to 100 per week and for those aged between 22 and 24 to 150 per week; and for all other cases, the rate will be reduced to 150 per week where job offers or activation measures have been refused
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| A 50 cent charge is to be introduced for every medical card prescription item from next April
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| The effective rate of income tax for those benefiting from tax reliefs will increase from 20% to 30% on top of which they will also pay PRSI levies |
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| Social welfare to be cut by 4.1% |
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| The Government has provided for an adjustment of 1bn in capital spending, and has also pencilled in an adjustment of about 2bn in day-to-day spending for 2011
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| Hospital consultants will see their pay cut by up to 15% under the Budget measures |
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| Pensions for new public staff to be calculated on career average; the minimum pension age for new public servants will also be increased from 65 to 66 and then linked to increases in the state pension age
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| The State's pension bill to grow to 13% of GDP by 2050 |
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| Public sector pay to be cut by 5% on first 30,000 salary; 7.5% on the following 40,000 of salary and 10% on next 55,000
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| No pay increase for judges during lifetime of current Government. Taoiseach's pay to be cut by 20%; Ministers by 15%; 8% for public staff with salaries from 125,000 to 165,000; 12% for those earning between 165,000 to 200,000 |
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| Permanent pay reduction of 12% for public sector earners over 200,000
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| Vouched fuel allowance scheme to be introduced for low income families |
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| Irish domicile levy of 200,000 per year to be introduced for high net worth individuals with annual income of over 1m wherever it arises and whose Irish-located capital is greater than 5m
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| Water charges to be introduced. The charges, like the charge on second homes, will finance the provision of local services by local authorities |
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| Universal social contribution to be introduced which will replace employee PRSI, the Health Levy and the Income Levy in Budget 2011
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| A credit review system is being set up. The Minister will use his powers under the NAMA legislation to issue guidelines to all banks participating in NAMA who have an SME business, to ensure that SMEs, sole traders and farm enterprises will have recourse to an independent, external review of decisions of credit refusal by the banks. He wants to have an effective appeals process to help get credit flowing to vulnerable parts of the economy. |
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