The Clare Champion Clare news, sport, entertainment and local notes
The higher rate of income tax will decrease by 1% while the amount a person can earn before entering the higher tax bracket has also increased under Budget 2015 announced today by Minister for Finance Michael Noonan. The income tax standard rate band will increase by €1,000 to €33,800 for a single person and changes will be introduced to the Universal Social Charge which will mean workers earning less than €12,000 will not have to pay it. The higher rate of income tax will come down by 1% from 41% to 40% while the entry rate for the USC goes up from €10,000 to €12,000. The existing 2% USC rate will be brought down to 1.5% and the 4% rate will fall to 3.5%. A new 8% USC rate is being introduced for those earning over €70,000. The Minister announced the ending of the 0.6% Pension Levy at the end of 2014. The additional 0.15% Pension Levy introduced for 2014 …
Read More »