Current income tax rates and bands to remain unchanged

CURRENT income tax rates are to remain unchanged as part of the new Government’s fiscal policy to promote economic stability and growth.

The Programme for Government has stated that all existing income tax rates as well as bands and credits will be maintained despite the financial constraints it faces over its attempts to meet the target of reaching the 3% of GDP deficit target by 2015.

However, householders are likely to face water charges and a site valuation tax over the term of the Fine Gael-Labour administration as new sources of revenue need to be found as part of the Government’s deficit reduction strategy.