Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Irish Mirror
Irish Mirror
National
David Kent

Ten things you may have missed in Budget 2023 - from mica help to newspaper changes

Budget 2023 has been delivered, with Minister Paschal Donohoe and Minister Michael McGrath both giving lengthy speeches on Tuesday afternoon.

We had known a fair few of the concessions that were coming from the Government ahead of time, as the cost of living crisis dominated the conversations for the last few weeks.

Today, they addressed those concerns.

READ MORE: Child injured in violent incident at house in Clare as gardai seal off scene

Every household will get €600 electricity credit, with the first payment before Christmas and two more in the new year. There will also be a once-off double payment week for core social welfare recipients. See those changes in full.

Other headlines included cigarettes, public transport fares and a note about Brexit.

Here are ten things you may have missed among the figures and comments.

The removal of VAT on defibrillators

Minister Donohoe explained: "Many Deputies in this house have contacted me seeking the removal of VAT on defibrillators and were told that it was not permitted under the EU VAT Directive.

"However, after much negotiation it is now possible for member states to apply a zero rate and I am happy to announce that I will apply this rate to these life-saving devices from 1 January."

Removal of VAT on period products and select therapies

On a similar line, Minister Donohoe confirmed that therapies and period products would see changes.

He told TDs: "I will also apply a zero rate of VAT to hormone replacement and nicotine replacement therapies, as well as the small number of period products that are currently subject to a 9 per cent rate."

Special exemption orders

The Government will halve the cost of applying for a Special Exemption Order, which late night venues require in order to open. This will reduce the excise fees for a special exemption application order from €110 to €55.

The move will encourage potentially more nightclubs across the island, particularly those who hope to open throughout the night if future plans are enabled.

Minister for Finance Paschal Donohoe (right) and Minister for Public Expenditure Michael McGrath arriving at Government Buildings, Dublin, to unveil the Government's Budget for 2023. (PA Wire/PA Images)

Gift to farmers for slurry storage

There was a provision in the Budget for a time-limited scheme of accelerated capital allowances for farmers for the construction of modern slurry storage facilities.

This will assist the sector in further adopting environmentally positive farming practices.

Carbon tax

The carbon tax issue had plagued some Government meetings in the past few months, but there was a resolution confirmed by Minister Donohoe.

The tax has been introduced, causing petrol and diesel to rise by 2c per litre.

But the Government will offset this carbon tax increase with a reduction to zero of the National Oil Reserves Agency (NORA) levy.

Minister for Finance Paschal Donohoe (right) and Minister for Public Expenditure Michael McGrath arriving at Government Buildings, Dublin, to unveil the Government's Budget for 2023. (PA Wire/PA Images)

Mica

Earlier this year the government agreed a comprehensive redress scheme for those home owners who have been affected by the issue of defective products used in the building of their homes - such as pyrite or mica.

In response, they are bringing forward a levy on concrete blocks, pouring concrete and certain other concrete products

Inflation forecasts updated

Right at the start of the speech, Minister Donohoe said that his department had updated its forecasts to headline inflation of 8½ per cent for 2022, and just over 7 per cent for 2023.

Removal of VAT on newspapers

VAT on newspapers, which had previously been set at 9%, will now be completely removed.

This will be very welcome news particularly for local and regional publications.

Donohoe thanks Commission on Taxation

Just weeks after his party leader Leo Varadkar criticised it, Minister Donohoe made a point in his Budget speech to praise the Commission on Taxation and Welfare.

He said: "I very much welcome the recent publication of the report of the Commission on Taxation and Welfare, and thank members for their hard work."

Preparing for future issues

€2 billion will be put into the National Reserve Fund, and €4 billion in 2023.

This, Minister Donohoe said, was because there are "major challenges which we know are coming.

"These include an ageing population, the digital transition, and climate change. Challenges which were largely unforeseen, are becoming increasingly frequent, and increasingly impactful".

READ NEXT:

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.