Budget 2015 is being announced in the Dail.
The Minister for Finance has announced that our Corporate Tax Rate will remain at 12.5 percent, although the "double Irish" tax loophole is to be phased out over the next five years.
Michael Noonan has announced tax relief on Water Charges at the standard rate – 20 – percent for all households up to a maximum of 500 euro per year.
He confirmed the end of the point-six per cent pension levy at end of 2014, but says the additional zero-point-one-five per cent introduced for 2014 and 2015 will remain
Pack of 20 cigarettes to increase by 40 cent from midnight tonight, with pro rata increase on other tobacco products, while there will be no increase in excise duty on alcohol.
The Minister told the Dáil that he is increasing the entry point for the Universal Social Charge will remove 80,000 low income workers altogether from the charge.
New 8% and 11% rates have also been announced on income above €70,000 and €100,000 respectively.
Public Expenditure Minister Brendan Howlin has now begun delivering his portion of the speech. He has already told the Dáil that there will be an increase of €210 million in capital expenditure next year to over €3.5 billion.
