Around two million people could be about to benefit from tax cuts as the Government looks to Budget 2023.
There will also be increases to social welfare payments in an effort to curb the squeeze caused by the cost of living crisis. They're possibly set to increase by €15 while changes will be made to tax bands and credits.
If the advice given in the Tax Strategy Group papers is taken, a new 30% tax band will be introduced to help middle income earners across the country. The change has been deemed "significant" by Finance Minister Paschal Donohue.
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But speaking on the papers introduced today, he warned it would be "difficult" to speed up any tax changes once the Budget was announced. That's because it would affect payroll systems across the country, meaning any changes would likely to be introduced in 2023.
Maximum social welfare changes would see payments increase to €223 per week, while the State pension would increase to €268 weekly. There are also proposals to increase the Living Alone payment and Fuel Allowance by €10.
Unemployment in Ireland currently stands at 4.2% with the Minister hailing the "strong recovery" Ireland has had since the COVID-19 pandemic left many without work. There have also been suggestions that landlords may receive a tax break but Tanaiste Leo Varadkar warned that the same would also have to be done for renters.
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