‘Substantial’ income tax reduction set for Budget 2023

Tánaiste Leo Varadkar has said that there will be a “substantial income tax reduction package” included in this year’s Budget.

While Mr Varadkar warned that no measures have yet to be decided, a new 30 per cent tax rate would would benefit around one million workers in Ireland.

A 30 per cent tax band covering incomes from €36,800 to €46,800 would result in a tax saving of €1,000 per year for an individual.

This was outlined in the new Tax Strategy Group papers published by the Department of Finance, which set out options ahead of the Budget.

The Government has allocated just over €1 billion for tax relief in the upcoming Budget, which is set to be revealed on 27th September.