Budget 2018: All You Need To Know


That's € 12,700 per person in the country.

By increasing the relatively low threshold at which people hit the higher rate of income tax and trimming the amount they actually pay, Prime Minister Leo Varadkar said an average family would be a "modest" 500 to 600 euros better off a year.

The esthablisment of a "rainy day" fund with €1.5 bn to be transferred from the Ireland Strategic Investment fund.

In a bid to address the homelessness crisis, €1.8 billion (£1.6 billion) will be allocated for housing.

3,800 new social houses are to be built next year.

He has also declared war on vacant site owners, with the levy on this doubling from 3% to 7% by 2020.

In order to combat cancer cases, the Finance Minister also announced a Value-Added Tax rate rise of 13.5% on sunbeds up to 23%.

That will allow for 1800 additional frontline staff, a trebling of the national treatment purchase fund to 55 million and a lowering of the prescription charge from 2.50 per item to 2 euro per item.

A sugar tax from April 2018 will see an extra 30 cent (26p) per litre of tax on drinks with over 8g of sugar per 100ml.

Mr Donohoe signalled that better spending for education will cut the pupil-teacher ratio at primary level to 26-1.

1,000 extra special needs teachers will have been employed by Sept 2018, bringing the total to 15,000.

NVIDIA divulges next generation chip for completely independent cars
This dramatic improvement is a pre-condition for developing and testing future autonomous cars, experts said. The event will also feature disruptive innovations as early-stage companies and startups present their work.

Microsoft Data Centers in Ireland to Use Energy from GE Wind Farm
The companies will test using these batteries for storing energy and releasing it into the grid when it is needed. Microsoft signed a 15-year PPA today for 100% of the electricity from GE's new 37-megawatt wind farm in Ireland.

Oil prices edge up as Opec confirms the market is rebalancing
In a speech yesterday, Mohammed Barkindo said: "There is clear evidence that the market is rebalancing". The move is said to spell doom for oil demand as the world turns to electric cars.

An additional 500 civilians are also to be hired into the force.

Here's Budget 2018 at a glance.

The VAT rate on tourism & services sector WILL NOT change.

Tusla is to get extra funding of €40m for child protection, bringing total to €754m.

-Two free pre-school years per child.

The USC has an entry point of €13,000.

The 2.5% rate will be lowered to 2% with the ceiling for this rate raised from € 18,772 to € 19,372 (keeps minimum wage earners out of it).

This will be worth an extra €150 each year if you earn that figure.

All weekly social welfare payments to be increased by €5 (£4.47) starting from the last week of March.

There'll be a 0% benefit in kind on electric vehicles.