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No tax hikes or cuts in next months budget

Sep 16, 2020 17:39 By Shannonside News
No tax hikes or cuts in next months budget
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There won't be any hikes in income tax in the upcoming budget - but there won't be any cuts either. The government has confirmed

There won't be any hikes in income tax in the upcoming budget - but there won't be any cuts either.

The government has confirmed it intends to borrow somewhere between 15 and 19 billion euro to meet the cost of COVID next year.

Budget 2021 is less than a month away and is being put together in a very different context to last year.

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Living alongside COVID will be central to the plan - but a potential no-trade-deal Brexit is also being planned for.

The government has confirmed it intends to borrow between 15 and 19 billion euro to meet the costs 2021 is expected to bring.

But Finance Minister Paschal Donohoe has promised no income tax hikes.

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Much like last year's budget a no-deal Brexit is still on the cards - and Public Expenditure Minister Michael McGrath says they have to plan for it.

Carbon taxes are also set to rise, though a decision on the local property tax has been deferred for another year.

It will be a difficult balancing act to fund the demands put on the economy by COVID and potentially Brexit, provide business supports and most people claiming social welfare payments, while also making much needed moves on housing and climate action.

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