The Minister for Finance Mr Noonan announced today that there would be €1 billion plus in tax increases in the next budget scheduled for the first week of December 2012. It has been previously stated in the Memorandum of Understanding on the EU-IMF-ECB bailout that these would come from:
- A lowering of personal income tax bands and credits.
- A reduction in private pension tax reliefs.
- A reduction in general tax expenditures.
- A increase in property tax.
Mr Noonan also stated that the budget would be helped by a tax carryover from 2012.