NKC TAX BOOK 2023
Our NKC tax Book for 2023 has arrived. It provides a useful guide to the Irish tax system showing all updates and changes in tax regulations for 2023.
We’ve pulled out a few of the most significant changes that have come to place this year:
Income tax standard rate band has been increased by €3,200 to €40,000 with proportionate increases for married couples and civil partners.
Personal Tax Credit increased from €1,700 to €1,775, Employee Tax Credit increased from €1,700 to €1,775, Earned Income Credit increased from €1,700 to €1,775.
A €500 per year rent tax credit will apply to each person paying rent. This credit will be available retrospectively for 2022 all the way to 2023.
The second USC rate band of 2% has increased from €21,295 to €22,920.
From 1 January 2023 Minimum wage has increased from €10.50 to €11.30 per hour.
The weekly income threshold for the higher rate of employer’s PRSI has increased from €410 to €441. This is to ensure that there is no incentive to reduce the working hours for a full-time employee on the increased minimum wage.
Key Employee Engagement Programme (KEEP) has been extended to the end of 2025 with further changes to be introduced following European Commission approval.
The enhanced Help to Buy Scheme is extended to 31 December 2024.
The residential development stamp duty refund scheme has been extended to 31 December 2025.
The deduction available to landlords of residential property for qualifying pre-letting expenses has been increased from €5,000 to €10,000 per premises with the minimum period of vacancy of the premises before such deductions are permitted has been reduced from 12 months to 6 months.
A new vacant homes tax (subject to certain exemptions) has been introduced. It applies to residential properties which have been occupied for less than 30 days in a 12 month period and is calculated at three times the basic local property tax liability applicable to the property.
To download your copy of our 2023 Irish tax guide for your business just click.
If you feel you need some more detailed advice on your tax for 2023 feel free to get in touch with us directly by emailing our tax expert Padraig, at pambrose@nkc.ie.