The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025.
The Minister announced the widening of all personal tax bads with effect from 1st January 2025.
With respect to single persons, the tax free threshold has been increased to Eur12,000 (up from Eur9,100). With respect to the married and parent rates, the tax free threshold was increased to Eur15,000 and Eur13,000 respectively (up from €12,700 and €10,500 respectively).
The 15% income tax bracket has also been widened as follows: €16,000 in the case of single persons (from €14,500), €23,000 in the case of married persons (from €21,200) and €17,500 in respect of the parent computation (from €15,800).
The amount of taxable income in excess of which, the applicable tax rate is 35% has remained the same i.e. €60,000.
