Starting today, a series of tax changes aimed at helping people with their finances and the ongoing cost of living crisis will come into effect, as part of Budget 2024, reports RTE.
These plans were announced in October, and include adjustments to tax rates and support schemes for the coming year.
One of the most significant changes for individuals is the increase of the annual rent tax credit from €500 to €750 a year, along with a reduction of the Universal Social Charge rate from 4.5% to 4%.
The previous rent tax credit rate of €500, which has been in place for 2022 and 2023, had been criticized by opposition parties in recent months for not being high enough to address high rental costs, reports RTE.
As part of an overall €1.3bn income tax package, the main tax credits, including personal, employee, and earned income tax, will also rise by €100, from €1,775 to €1,875.
Additionally, there will be increases for those receiving the home carer tax credit, the single-person child carer tax credit, and the incapacitated child tax credit, reports RTE.
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