BUDGET 2025 HAS officially been announced, with a range of one-off payments and some changes to taxes charged on income.
Minister for Finance Jack Chambers announced a number of changes to tax this afternoon, including an increase to the entrance to the higher rate of tax for PAYE workers (from €42,000 to €44,0000).
The measures will affect people differently depending on their income. You can find out what exactly they mean for you with The Journal’s Budget Calculator.
For a person earning an annual income of €60,000, here’s a breakdown of how your tax will change.
We’re also breaking down what it means for people earning €20,000, €40,000 and €100,000 as well as our full Budget coverage on government spending, social welfare, and other changes.
The changes to PAYE will only affect people earning over €42,000, as the threshold has been raised to €44,000.
Personal tax credits and employee tax credits are increasing by €125 each.
That means savings on PAYE for a single person earning €60,000 will amount to €400 from the PAYE changes and €250 from changes to credits.
Changes to USC have also been announced with the 4% rate cut to 3% on incomes between €25,000 and €70,000.
So for a person earning €60,000 there will be a saving of €359.
The tax savings for people on €60,000 will be €1,009.
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