Dáil debates

Tuesday, 5 November 2024

Finance Bill 2024: Committee and Remaining Stages

 

5:15 pm

Photo of Jack ChambersJack Chambers (Dublin West, Fianna Fail) | Oireachtas source

That is to be factual in reply to Deputy McGrath's question.

On Deputy Doherty's question, I have set out my perspective on the three changes we have made around personal tax credits, USC and the standard rate. Even if we were to use the median, the CSO figures published today show it is €43,000 for 2023. It is likely to be higher in 2024 and higher again in 2025, so many of the workers the Deputy referred to will benefit from the change I have made in budget 2025. They will benefit from the standard rate being adjusted upwards. They will be taken out of the higher rate of income tax. That will be of benefit to those earning between €42,000 and €44,000.

In response to Deputy Healy-Rae's point, I did meet with the chamber of commerce in Killarney. I had a good engagement with it about the challenges businesses face. I also met with many others in Kerry.

In response to the question about the 9% VAT rate, as I said previously, that was not possible in the overall tax package we had available in budget 2025, but we are cognisant of the issues relating to the sustainability of costs for business. That is why the Government introduced a power up grant to support businesses, especially energy costs for retail and the hospitality sector.

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