budget 2012
DESCRIPTION
A summary of Budget 2012.TRANSCRIPT
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Budget 2012
Minister for Finance Michael NoonanMinister for Public Spending & Reform Brendan Howlin
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Public Sector Social Welfare Education Transport Health Environment Enterprise Justice
The Main Hits- Day 1
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€400m savings in Public Sector pay bill by 2013
10pc cut in overtime
5pc cut in allowances
Reduced allowances and secretarial support for former Taoisigh
Limited recruitment across public sector
Economic impact?? Merit goods!
Public Sector
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Education
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€250 increase in college registration ( €2,250). This will create an additional €18.5m per annum in revenue.
Primary school transport increase to €100
Back-to-school clothing allowance for under-4 abolished. Reduced by €50 for primary and post-primary ( yield €30m)
School Capitation down 2pc
€30m investment for training initiatives for unemployed
950 teaching jobs to go (700 post-primary)
Education
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Health
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Threshold of drugs payment scheme to increase to €132
Charges for private beds in public hospitals to rise ( health insurance increase!!!)
Free GP for long-term illness 2pc cut in disability, mental health and
children services Reduction in use of agency staff Prescription charge to remain (50c)
Health
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Weekly social welfare payments unchanged
Child benefit for first and second child unchanged- reduced from €167 to €148 for third child and from €177 to €160 for fourth plus
Rent supplement change- pay €30 per week up from €24
Fuel allowance paid for 26 weeks not 32 weeks
Disability payments down by 50pc for young people.
Part time job seekers down 20pc ( saves € 5.9m)
Economic impact??
Social Welfare
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EnvironmentHousehold charge €100 from January 1st
Waived for those on mortgage assistance and living in unfinished housing
estates
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31 Garda stations to close
Garda budget cut by €79m
Justice
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Taxation time- day 2
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Income tax rates and bands unchanged at 20% and 41%
Higher rate of VAT increased to 23% USC- exemption raised to €10,036 Carbon tax from €15 per tonne to €20 per
tonne - petrol up 1.4c -diesel up 1.6c -€17.32 on oil -€14.46 on gas -no change on solid fuels
Taxation
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Cigarettes up 25c per pack of 20
Alcohol unchanged (legislation planned on low cost alcohol)
Motor Tax changes from January 1st:
Band A up €56 to €160 Band B up €69 to €225 Band C up €28 to €330
Taxation
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Capital Acquisitions tax up from 25pc to 30pc
Capital gains tax up 25pc to 30 pc
DIRT tax up 27pc to 30pc (discourage leakage of savings)
Corporation tax unchanged at 12.5pc
Taxation
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Mortgage Relief
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30% relief buyers 2004-2008
25% first time buyers 2012
15% for non first time buyers
Mortgage Relief
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Gambling legislation to be introduced for online betting
Research and development expenses of €100,000 can be used as a tax credit
Other
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Will this budget cause growth?
Forecast GDP 1.3 % growth for 2012
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Will this budget increase employment
?Currently over 14% unemployment