• Changes in USC rates
• 41% income tax rate reduced to 40%
• Increase in the income tax standard rate bands
• Income tax relief on water charges up to maximum of €500 at 20%
• Refund of DIRT on savings for first time buyers

• 0.6% pension levy to end in 2014 with additional 0.15% pension levy to expire at the end of 2015

• Extension of three-year exemption from corporation tax
• R&D base year fully phased out from 1 January 2015
• Ireland's existing intangible asset tax provisions enhanced
• Improvements to the Employment and Investment Incentive Scheme
• Consultation on Knowledge Development Box to begin in 2014
• Range of reliefs introduced to incentivise farming
• “Double Irish” tax arrangement to be abolished
• SARP extended for a further three years until the end of 2017

• The reduced 9% rate of VAT on tourism-related activities to be retained
• Increase in unregistered farmer’s flat rate addition from 5% to 5.2%
• Changes to place of supply rules for some cross-border services

• Property purchase incentive not extended
• Windfall tax of 80% on development land to be replaced
• Retirement relief amended to increase the term allowed for the leasing of farmland

The past year has seen a comprehensive review by government of farmer taxation schemes and today we have seen the announcement of some significant changes in this area.

• Extension of consanguinity relief from stamp duty
• Stamp Duty exemption on agricultural leases
• Price of 20 cigarettes to rise by 40c from midnight
• The extension of betting duty to remote operators and betting exchanges

Today’s Budget is presented in the context of 4.7% growth in economic output for 2014, and a growth forecast of 3.9% for 2015.

Following seven austerity Budgets the Minister has taken the growth opportunity to loosen the Budget purse strings ever so slightly.

He proposes to reduce tax revenues by €420 million and to increase net voted expenditure by €630 million. However, tax buoyancy from a growing economy counter-balances these adjustments so that the Budget Deficit envisaged in 2015 is reduced by €1,445 million compared to 2014.

The 2015 Budget envisages a Current Budget Deficit of €3.73 billion and a Capital Budget Deficit of €2.75 billion.