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Oct 2019

9

Budget 2020 – Employer Focus

Finance Minister Paschal Donohoe announced Budget 2020 with very few changes:

  • There is no change to tax credits, cut off points or the rates of PAYE
  • There is no change to the rates of Universal Social Charge (USC)
  • The Earned Income Tax Credit will increase by €150 to €1,500
  • The Home Carer Tax Credit will increase by €100 to €1,600
  • The Benefit In Kind will remain as 0% on electric vehicles provided by an employer to an employee until 2022
  • The Minimum Wage increase of 30c recommended by the Low Pay Commission has been deferred due to the threat of a no-deal Brexit. The current rate of €9.80 per hour will remain until there is more clarity on Brexit.

PRSI: 

The National Training Levy which is collected as part of Employer PRSI will increase by 0.1% from 0.9% to 1% in 2020 to fund further and higher education.

  2019 2020
Employer PRSI Class A Reduced Rate 8.7% 8.8%
Employer PRSI Class A Higher Rate 10.95% 11.05%
Employer PRSI Class H 10.25% 10.35%

 

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Posted byDebbie ClarkeinPAYE