Budget 2023 will be announced on Tuesday after Government officials meet today to finalise new measures aimed at tackling the current cost of living crisis.
A string of benefits are expected to combat rising rates of inflation, providing some much-needed relief to struggling households across the country.
Finance ministers met with party leaders this morning to finish up the work and add the final touches to Budget 2023.
Here are 15 things we expect to be announced, from tax breaks to cigarette changes.
All weekly social welfare payments are expected to rise by €12 in the Budget, with officials opting to meet in the middle after increases of €10 and €15 were discussed.
Recipients will receive the hike in payments from January 2023.
It is understood the total cost of the increase will amount to €900m.
Minister for Education Norma Foley is believed to have secured free schoolbooks for primary school children as part of this year’s Budget.
The news comes as a last minute change that was not spoken about in the media until this week.
Housing Minister Darragh O’Brien has been seeking the introduction of a tax credit for renters while also easing the tax burden on landlords to encourage them to stay in the rental market.
There have also been questions over how much the tax credit should amount to, with some suggesting it should be €200, while Fianna Fáil is believed to be backing a €400 tax credit for renters.
Landlords risk being disappointed with resistance to straight up tax breaks on rental income in the Department of Finance.
Childcare fees look set to be reduced by between 20 and 35 per cent on average.
However, a timeline for when this change will take effect has not yet been confirmed, although some sources have pointed towards January 2023.
Children's Minister Roderic O'Gorman previously said he hopes to see childcare fees fall by 50 per cent over the next two years.
Energy credits to the total value of €600 seem to be a definite in tomorrow’s Budget.
The universal payments are set to be split across two or three payments on either side of Christmas.
It’s also expected that there will be an increase in the Fuel Allowance, with the threshold that a person must reach to receive the payment to be expanded.
An agreement has also been reached on increasing the 40 per cent income tax band by €2,500, meaning workers will not have to pay the higher rate on any earnings below €39,300.
This will see a single person earning €50,000, taking home at least an extra €500 a year.
A deal has been struck, which resulted in an increase in the amount offered to Minister for Health Stephen Donnelly by €50 million to €1.15 billion in additional funding.
However, the sum will also have to cover the increasing cost of existing services, meaning not all his priorities will be funded this year.
Money will also be allocated to pay for backlogs and waiting list actions.
Petrol and Diesel costs
Over the past year, motorists have faced huge increases in the cost of petrol and diesel.
To combat this, the Government is considering extending the cut on excise duty of 9 per cent on petrol and diesel that is due to expire at the end of this year for another six months.
Third-level fees are to be cut by €1,000 this year.
The measure means no student will pay more than €2,000 to attend third level education for the coming term.
The Minister is also seeking increases in SUSI grants. All students grant recipients will get a double payment this year.
Meanwhile, those studying for PHDs will get a once off payment before Christmas.
It comes as young people plead for the Government to raise the national minimum wage for under-20s so they can afford to live in Ireland.
Over 70 per cent of young people aged 18-24 admitted that they are considering moving abroad because they think they would enjoy a better quality of life elsewhere.
Leo Varadkar has also said there may be a new law on sick leave, entitling almost all workers in the State to sick pay of up to €110 per day, which would come into effect in 2023.
However, unions have criticised deferring the new law until next year, which was initially planned to come into effect this month.
Finance Minister Paschal Donohoe is also working on a proposal to increase the tax-free bonus amount an employer can give an employee from €500 to €1,000 annually.
Under current rules, employees can only receive a benefit of €500 in value, tax-free, each year from their employer.
This benefit must not be in cash but can be in the form of vouchers or cards that can be used to purchase goods or services.
A once-off child benefit payment is also being considered to support families, which is expected ahead of the Christmas season.
Parents with one child could receive €280 under this proposal, while parents with two children would be entitled to €560.
The move would be a huge boost to parents, who would be in line for a €280 one-off payment if they have one child or €560 if they have two.
Meanwhile, a family with three children is eligible to receive €840 if the Government agrees to the policy.
A family with twins would also get €840 as they receive one-and-a-half times the normal rate per child.
Alcohol and cigarettes
The price of a pint will be left alone in the Budget on Tuesday to give hard-pressed consumers some reprieve in the current cost of living crisis.
However, while punters will be able to enjoy a pint for the same price this week, if they go out for a smoke, it will cost them more as the tax on fags is set to be hiked up again by an expected 50c a pack.
Other proposals also being considered include a double payment of social welfare, Child Benefit, a €100 lump sum for fuel allowance recipients and a one-off double Working Family Payment.
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