We all know that the future is going to be highly unpredictable, so as the budget. As our current economy, social system, and the environment are facing uncertainties, Mr. Paschal Donohoe, Finance Minister has delivered the most awaited Budget 2021 in the Dáil.
Let’s dive into the main summary of Budget 2021.
The total budget package announced by Mr. Donohoe is €17.75 billion. As expected, a promising amount of €8.5 billion has been allotted for Covid support. Aiming for prosperity in employment, an amount of €2.1 billion of Covid funds will be held in contingency.
There will be a rise in the self-employed income tax credit and the weekly threshold for the higher rate of employers PRSI will also go up. On Brexit supports in 2021, a whopping amount of voted expenditure will be spent including money for ports and airports. Overall, the total capital expenditure will rise over €10 billion for the first time ever. The rate of corporation tax will remain unchanged but there will be an increase in the Dependent Relative Tax Credit. Also, there will be an additional €100m of carbon tax revenue will be put towards the energy efficiency of our homes. This sums up the major talking points of this budget.
Want to know more! Check out the detailed analysis of this year’s budget and educate yourself on what it will mean for you, your family, and your businesses.
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