Budget 2016 can best be summarised as an “Election Budget”. Having played Santa last year the Minister returns, like Santa, in good time for Christmas with something for all the good boys and girls. The Minister has a list, Enda and Joan have checked it twice, of all who have been naughty or nice over the last year.
Those on the nice list are getting:
- USC rates reduced and threshold increased
- Hauliers road tax reduced
- CGT Reduced for entrepreneurs to 20%
- Self-employed get PAYE Allowance €550
- Fee GP care for under 11s
- State Pension increased
- Inheritance/Git Tax Exemption increased
- LPT Valuation Review date put back to 2019
- Pension Levy ends this year
- No change to 9% VAT rate
- Minimum wage increase
- Child Allowance increased
The naughty boys are girls are getting:
- Increase in Cigarette prices by 50c
NAMA’s plans to build 20,000 housing units over the next 5 years will be a help both to alleviating the housing crisis and also boost the construction sector. Word is that all the houses will have extra wide chimneys.
For the second year in a row, the Budget is expansionary, putting more money into the economy than it takes out. Bit like Santy leaving presents worth more than the drink and food that he and his team consume on his annual visit.
In keeping with our annual salute to the Boss, Bruce Springsteen let us close on the image of Ministers Noonan and Howlin belting out a chorus from “Let the Good Times Roll”
“Come on Baby
Let the good times roll
Roll on and on
Come on Baby
Roll on and on
I feel so good”
Contact Ned Gladney, Tax Director with your queries and comments.
Download comprehensive Budget 2016 summary pdf and watch video by clicking link: GSW Budget 2016 Highlights