Payroll Summary - Budget 2022
Revenue • October 14, 2021
Tax Credits
Personal, Employee and Earned Income credit each increased by €50 - from €1650 - €1700
Standard Rate Tax Bands
The standard rate tax bands (currently 20%) will increase by €1500
Minimum Wage
Minimum Wage increase from €10.20 to €10.50 per hour.
Universal Social Charge (USC)
The second USC band has been increased from €20,687 to €21,295
Employee Wage Subsidy Scheme (EWSS)
The EWSS has been extended to 30 April 2022 in a graduated format.
Working From Home
Employees can claim a 30% income tax deduction for vouched expenses for electricity, heat and broadband.
BIK - Electric Vehicles
BIK exemption for battery electric vehicles will be extended to 2025 with a tapering effect on vehicle value.
Employers' PRSI
The weekly income threshold for a higher rate of employer's PRSI will increase from €398 to €410
Need help with your accounting services?
The return of the 9% VAT rate will provide a welcome reduction for many hospitality and tourism businesses. The change was introduced in the Finance Act 2025 and Revenue have now issued updated guidance ahead of the change on 01 July 2026. Hospitality, accommodation, food service and tourism businesses should take note
In today's ever-increasing pandemic economy, a qualified employees is critical for any sector. In Ireland, there is a high demand for experienced IT contractors.
The Charitable Donation Scheme allows tax relief on qualifying donations made to approved charity bodies
