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Irish Budget 2024: ⁢Housing Boost and Targeted Tax Measures

The Irish government is prioritizing housing affordability and providing targeted tax⁢ relief in ⁢the upcoming budget. Key measures include significant incentives for apartment construction, ⁣extensions of existing schemes,‍ and adjustments‍ to tax credits.

Key⁣ Budget ⁢Proposals

• Apartment Construction Incentives: A reduction in corporation tax ⁤on profits from the construction of apartments.
• VAT Reduction: The VAT rate on new apartment sales⁤ will be cut to 9%. VAT on food and hospitality will also be reduced to 9%⁤ from July 2024.
• Cost‍ Rental Support: Potential exemption ⁣or reduction in corporation ⁢tax for companies building cost-rental properties.
• Renter’s Tax credit: The existing renter’s tax credit will ⁣be continued.
• Utility Bills: The lower VAT rate of 9% on utility bills⁤ will be extended.
• Mortgage Interest Tax Relief: ⁢Extended for two years, with decreasing amounts (€1,250 in 2025, €625 in 2026).
• Living⁣ City ⁢Initiative: Expanded to include more‍ large towns,⁣ providing tax incentives for building refurbishment.
• Help to Buy Scheme: Will be continued.
• Derelict Property Tax: Revenue will collect the derelict property tax.

Budget Breakdown: Government Spending⁤ & Revenue

The €9.4 billion budget represents a fraction of the overall government ⁢expenditure, which totals approximately €120 billion annually.