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Ireland announces details of 2.1 bln USD in tax hikes


10:48, December 07, 2011

DUBLIN, Dec. 6 (Xinhua) -- Ireland on Tuesday announced details of 1.6 billion euros (2.14 billion U.S. dollars) in tax increases and extra charges in the second part of the 2012 budget.

In a speech to parliament, Minister for Finance Michael Noonan said that income tax and PRSI (pay-related social insurance) rates will be left untouched, but value-added tax (VAT) will be increased from 21 to 23 percent.

"I want to make clear that there will be no increase in income taxes in this budget, no increases in rates, no narrowing of bands and no reductions in personal tax credits," he said.

"As direct taxes such as income tax and PRSI have an impact on jobs, the bulk of adjustments being made in this budget will be through increases in VAT and in capital taxes," he added.

According to Noonan, excise on a packet of 20 cigarettes will be increased by 25 cents. There will be an increase in carbon tax on fossil fuels from 15 to 20 euros per ton.

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