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Budget 2014

   Budget 2014 was delivered Tuesday 15 October 2013.  This webpage brings together all available information on Budget 2014 and what it means for you.

    Irish Tax Institute President Helen O'Sullivan's reaction to Budget 2014.

     Department of Finance Reform of Tax Appeals System Announced.

Department of Finance and Other Documents

Budget 2014 Financial Statement by the Minister for Finance
Financial Statement

Budget 2014 Address on Expenditure Estimates by the Minister for Public Expenditure and Reform
Estimates Statement

Budget 2014 Leaflet
Budget 2014 Leaflet

Budget 2014 Budget Publications
Summary of Budget 2014 Taxation Measures - Policy Changes (Irish Version)
Taxation of Annexes to the Budget 2014 Measures (All Annexes)
Economic and Fiscal Outlook 2014
Endorsement letter and associated material from the Irish Fiscal Advisory Council
Budget 2014 - full document

Budget 2014 Presentations & Infographics
Creating jobs - infographic
Exiting the bailout - infographic
Fairness - infographic
Economic Developments and Outlook for Ireland - presentation
Pension Reform - Changes to Standard Fund Threshold (SFT) - presentation
Funding Growth in the SME sector - presentation

Budget 2014 Related Documents
Estimates of Reciepts & Expenditure for year ending 31 Dec 2014 (Irish Version)
Financial Resolutions
Department of Finance: Ireland's International Tax Strategy
What Makes a Country a Tax Haven? An Assessment of International Standards Shows Why Ireland is Not a Tax Haven. Paper Published on the Economic and Social Research website.
Department of Finance: Review of Ireland's Research and Development (R&D) Tax Credit 2013
Crowe Horwath Final Report in respect of a Survey of R&D Active Companies October 2013
Indecon: CBA of the Living City Initiative
Department of Finance: The Impact of the Patent Cliff on Pharma-chem Output in Ireland (Working paper no. 1)

Budget 2014 Fact Sheets

Budget 2014 Pre-Budget Documents
Irish Stability Programme Update (April 2013) - contains details of Budget 2014 targets

Explanation of Budget "Carry Forward" figures (Parliamentary Question 30 April 2013)

Tax Strategy Group Papers - Budget 2013

Budget 2014 General News

Budget 2014/Finance Bill Outcomes

Home upgrade budget measures being fast-tracked
The Irish Times (Fri, 25 Oct 2013)

Angel investors excluded from CGT relief in Finance Bill
The Irish Times (Fri, 25 Oct 2013)

Film stars from outside EU face ‘withholding tax’
The Irish Times (Fri, 25 Oct 2013)

Sports stars to benefit from tax change
The Irish Times (Fri, 25 Oct 2013)

New Ryanair routes could nearly double Shannon passengers
The Irish Times (Fri, 25 Oct 2013)

Ryanair adds eight routes in huge boost for Shannon
Irish Independent (Fri, 25 Oct 2013)

New law makes it a crime to snoop on tax affairs
Irish Independent (Fri, 25 Oct 2013)

Reilly loses tax relief battle
Irish Independent (Fri, 25 Oct 2013)

Post-Budget 2014/Reaction
Tax return date move 'to close firms'
Irish Independent (Thu, 24 Oct 2013)

Early start for home renovation scheme
The Irish Times (Thu, 24 Oct 2013)

Home renovation tax break kicks in tomorrow
Irish Independent (Thu, 24 Oct 2013)

Tax relief on private health insurance to cost €500m, says Kenny
The Irish Times (Thu, 24 Oct 2013)

Health cover hike sparks Coalition tensions
Irish Independent (Thu, 24 Oct 2013)

Pensions tax relief limit to bring in €130m less for State
Irish Independent (Thu, 24 Oct 2013)

Budget 2014 - Institute in the Media

RTÉ Radio One Morning Ireland coverage of the Irish Tax Institute Budget 2014 Breakfast Briefing. Listen to the piece here, and read about it on the Morning Business News here

No rises in income tax or USC rates - Irish Tax Institute President Helen O'Sullivan quoted
Irish Independent (Wed, 16 Oct 2013)

Institute Comment on September 2013 Exchequer Returns

Government ‘likely to broaden tax base’ rather than increasing rates
The Irish Tax Institute discusses tax changes for Budget 2014
The Irish Times (Thurs, 26 Sep 2013)

The Irish Independent's Fionnan Sheahan talks to Mark Redmond, Chief Executive, Irish Tax Institute about Budget 2014
Irish Independent (Thurs, 26 Sep 2013)

Income tax on self-employed should be lowered – Irish Tax Institute
The Irish Tax Institute comments on income tax for the self employed
Irish Independent (Thurs, 26 Sep 2013)

Mark Redmond, Chief Executive, Irish Tax Institute discusses Budget 2014 on Newstalk with Pat Kenny
Newstalk.ie (Thurs, 26 Sep 2013)

Click here to see Irish Tax Institute Press Release on PRSI and the Self-Employed

Click here to see our Pre-Budget Submission on the Capital Tax Environment

Click here to see details of our Budget 2014 Budget Breakfast on Wednesday 16 Oct

Press Release Budget 2014: PRSI changes could lead to staggering 56.5% marginal tax rate for self-employed

Irish Independent: Tax breaks for business confined to the big boys – cites Institute President Martin Phelan and Institute’s Pre-Budget Submission

Special Institute Bulletin on Pre-Budget 2014 Submission – Developing a Culture of Entrepreneurship

Institute Pre-Budget 2014 Submission

Institute Pre-Budget 2014 Submission - Developing a Culture of Entrepreneurship

Budget 2014 Calculators, Budget Reaction, Submissions & Commentary

Budget Calculators

Click on the links below to access Budget 2014 calculators.





Budget Reaction

SIPTU: SIPTU President says Budget 2014 requires much renovation

Budget 2014 is one that requires much renovation SIPTU President, Jack O’Connor has said. In a review of today’s budget measures he said: "Granted, a €2.5bn budget is better than the €3.1bn originally projected. However, the Government could have got away with taking out a couple of hundred million euro less again while still safely undercutting the 5.1% deficit target for 2014..."

Read the full reaction on the SIPTU website here.

IEA: The Irish Exporters Association (IEA) stated this was one of the most pro export oriented Budgets for several decades. The IEA Chief Executive John Whelan, commenting immediately after Minister Noonan had released his Budget 2014 said;

"There have been serious erosions in many of the schemes which were originally designed to encourage people with funds to invest them in productive industry , particularly export industry .Today , sense has prevailed and many of the blockages to investment have been removed . We now look forward to early implementation of the measures announced in Budget 2014, so that we can get a renewed stream of quality investment into industry and ensure exporters can fund the identified opportunities in the international markets .Time is against us as can be seen from the deteriorating export figures."

Read the full response here.

IBEC: Ibec, the group that represents Irish business, today said the reduced size of budget adjustment will give some relief to the economy, but there are too many new taxes and increased costs for business. These will dampen the economic and jobs recovery, which has gained momentum in recent months. New measures to support small business, encourage entrepreneurship and underpin activity in the domestic economy are very welcome.

Read the full release here.

SFA: “The announcements supporting entrepreneurs and business start-ups will play a key role in contributing to growth. Concerns that continuing to levy pension funds is just a further robbing of the schemes which are already under serious pressure.”AJ Noonan, Chairman, Small Firms Association .

Reacting to the Budget 2014 announcement today, the Small Firms Association said there were positives and negatives for business. The increase in the lower rate of PRSI and other taxes to the economy will impact detrimentally on the domestic economy.

Read the full release on the SFA website here.

ISME: ISME, the Irish Small & Medium Enterprises Association, gave a cautious welcome to the incentives introduced in today’s Budget to assist smaller enterprises to develop and grow. The Association believes that the decision not to increase income taxes is a wise move as the economy is already experiencing diminishing returns as a consequence of the introduction of USC levies in the previous budgets.

Read the full release here.

Credit Review Office: John Trethowan, the Head of the Credit Review Office, welcomes the Minister for Finance’s announcement in Budget 2014 of an increase in the limit for appeals from SMEs and farms which have been refused credit from the pillar banks.

The Credit Review Office team has recently been expanded in anticipation of increased need for its services from an increased demand for credit by SMEs, and Trethowan is confident that his team have the capacity to service the increase in the appeals limit to €3m.

Read the full release here.

Economist Richard Curran: Outlines the five key business measures.

Sinn Féin: Speaking in response to budget 2014’s cuts to jobseekers’ allowance for under-25s, Sinn Féin’s social protection spokesperson, Aengus Ó Snodaigh TD said that the clear message from government to young people is that they should emigrate.

“Despite those fine words and a promise not to cut social welfare rates, today the Labour and Fine Gael parties are kicking our young people in the teeth once again and this time they are kicking them even harder, giving them the choice of suffering even more hardship and poverty at home or taking the boat or plane.”

Read the full statement here.

Senator Kathryn Reilly echoed Aengus Ó Snodaigh TD's thoughts by stating that “budget 2014 gives young people just one guarantee – emigration.”

Read her full statement here.

Sinn Féin Health spokesperson Caoimhghín Ó Caoláin TD has described the government’s medical card measures in the budget as “an act of fraud”.

Read the full piece on the Sinn Féin website here.

Chambers Ireland: Chambers Ireland has today (15/10/13) welcomed the majority of pro-business measures announced as part of Budget 2014. Read Chief Executive Ian Talbot's full statement here.

Pre-Budget Submissions


Chambers Ireland

ESRI - Budget Perspectives 2014

Forum on Philanthropy and Fundraising - Invest in Irish Jobs Scheme (appearance before Oireachtas Finance Committee)

Nevin Economic Research Institute - Tax Justice Alternatives for Budget 2014

Social Justice Ireland

Irish Farmers' Association

Irish Exporters Association

Irish Congress of Trade Unions