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Ireland MOF Announces Budget 2023

Sept. 30, 2022, 5:00 AM

The Irish Department of Finance Sept. 27 announced Budget 2023. The budget includes measures to: 1) increase the individual income tax standard rate band by 3,200 euros (US$3,060) for all earners; 2) increase to 1,775 euros (US$1,727) from 1,700 euros (US$1,654) personal, employee, and earned income tax credits; 3) extend the foreign earnings deduction (FED) through Dec. 31, 2025; 4) increase the universal social contribution (USC) threshold to 22,920 euros (US$21,914) from 21,295 euros (US$20,725); 5) increase the small benefit exemption to 1,000 euros (US$956) from 500 euros (US$478); 6) extend the 9 percent VAT rate for gas and electricity, ...