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22/10/2008
Details Revealed Of Income Levy U-Turn
Following the almost universal outcry over the introduction of a 1% tax levy on all workers, the Government has announced its revised proposals.
Now people earning up to the minimum wage of €17,540 per year will be exempt from the levy announced in the Budget, although anyone earning above this level will still be charged at the new tax rate.
An early Government estimate suggests the exemption for minimum wage workers will be around €60m of potential Government income.
To counter this however, speculation is mounting that the deficit would be made up from the levy in other ways. Reports are already suggesting that the point at which the higher rate of 2% applies, currently €100,000, may be lowered to compensate, although the full details, which will contained in the coming Finance Bill, will not be published until next month.
Last week's proposal for a 1% levy on all income has been heavily criticised by trade unions, who want the low paid excluded from the measure, and had placed in jeopardy the negotiations for the national pay agreement.
(DW)
Now people earning up to the minimum wage of €17,540 per year will be exempt from the levy announced in the Budget, although anyone earning above this level will still be charged at the new tax rate.
An early Government estimate suggests the exemption for minimum wage workers will be around €60m of potential Government income.
To counter this however, speculation is mounting that the deficit would be made up from the levy in other ways. Reports are already suggesting that the point at which the higher rate of 2% applies, currently €100,000, may be lowered to compensate, although the full details, which will contained in the coming Finance Bill, will not be published until next month.
Last week's proposal for a 1% levy on all income has been heavily criticised by trade unions, who want the low paid excluded from the measure, and had placed in jeopardy the negotiations for the national pay agreement.
(DW)
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