Finance Bill Gives Effect To Budget 2016 Taxation Measures

Minister for Finance, Michael Noonan, has published the Finance Bill 2015, which gives effect to taxation measures announced in the Budget 2016.

"Finance Bill 2015, gives legal effect to the range of tax measures that I announced on Budget Day. Subject to Dáil approval, the Bill will mean that from the 1st of January next year, people all over the country will see increases in their net pay," Minister Noonan said.

"For the second budget in a row, every worker and pensioner who pays income tax and or USC will benefit from the changes announced in Budget 2016.

"The USC reductions detailed in this Finance Bill will reduce the marginal rate of tax to 49.5 per cent for all earners who earn up to €70,044. This is an important milestone. Furthermore, the Bill provides for an exemption from an employee USC charge in respect of employer contributions to a PRSA, in line with the existing exemption for employer contributions to occupational pension schemes.

"Our economy has been transformed and is growing strongly across all sectors of the economy and most importantly is creating jobs. Creating jobs and rewarding work remains a key driver of growth and prosperity. The objective now is to ensure the benefits of a growing economy are felt by every family in the country."

(MH/LM)