As Cliff Taylor, Editor of The Sunday Business Post, notes: who needs to raise income tax when you can introduce levy after levy with the same effect? Of course, this is an old refrain readers of the Noone Casey round-up will be very familiar with. Taylor argues the Government has no choice, given the hairshirt demanded by the bailout.
Needless to reiterate, it isn’t great out there and the president of the Irish Tax Institute, Bernard Doherty, tells The Sunday Business Post it isn’t likely to get a whole lot better. Doherty notes we can expect the introduction of household charges and increases in VAT and capital taxes as well as possible changes affecting PRSI and pensions in the upcoming Budget but “the devil will be in the detail”.
If you haven’t filed your income tax return, delaying further will only compound the damage, The Sunday Business Post reminds us.
Many motorists are staring down the barrel of a 63% increase in car tax and everyone faces a 4c a litre increase for every litre of petrol after the forthcoming budget, according to The Sunday Times.
The Government projections for additional revenue from the Vat increase are already in doubt and finance minister Michael Noonan has admitted as much, according to The Sunday Independent.