Summary of Budget 2003 highs and lows; from increases in social welfare and public sector pay to increases in excise and stamp duty.
What was given. . .
Social welfare increases
- Old Age Pension to rise by €10 per week
- Widows and Widowers Pension up €11 per week
- Child Benefit rises by €8 per month for first and second child and by €10 for third or more.
- Employee Tax Credit rises by €140 to €800 per annum. This increases the entry point for income tax to €223 per week.
- Mortgage interest relief increased for first-time buyers. Single home owners qualify for €4,000. Married couples allowed €8,000. The measure has been extended from five to seven years.
Public Sector Pay
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- Increase of €565 million provided.
. . . and what was taken away
VAT rises by 1 per cent to 13.5 per cent
Excise duty
- 20 cigarettes to increase by 50 cent.
- Sprits rise by 20 cent per measure
- Alcopops to rise by 35 cent per bottle
Stamp Duty
- Stamp duty on credit cards rises to €40
- Duty on Laser and other cards to rise to €10. Combined cash and Laser cards to cost €20.
- VRT Tax to rise to 30 per cent for cars over 1901cc.
- PRSI contribution ceiling for employees rises to €40,420