A number of tax changes announced as part of Budget 2024 came into effect on 1 January.
According to the Irish Government, the changes are intended to help individuals with their finances and the ongoing cost of living crisis in the coming year.
The main tax credits (personal, employee and earned income) are all increasing by €100 from €1,775 to €1,875. The standard rate cut-off point is increasing by €2,000 from €40,000 to €42,000 for single persons, with commensurate increases for married couples and civil partners.
The annual rent tax credit is rising from €500 to €750 a year, and the Universal Social Charge rate is being reduced from from 4.5% to 4%.
Minister for Finance Michael McGrath said the changes will mean that over two million income taxpayers in Ireland will see a rise in their net take home income in 2024.
Meanwhile, the minimum wage is increasing to €12.70.
