Young people could be in line for €5k boost in Budget 2025
This could be an incentive for young people to stay in Ireland
If you are aged 25-years-old and under you could be in with a chance to receive a major cash boost in the upcoming Budget 2025.
The government have announced the possibility of a tax credit for those within the above age bracket of €5k, according to the chair of the Dáil’s finance committee.
Enterprise Minister Peter Burke previously proposed a €750 tax credit should be put in place for young people in order to incentivize them to stay in Ireland after finishing their studies instead of immigrating.
He said the tax cut should be central to Fine Gael policy if it is not brought in under the Budget.
The proposal, which he said should be central to Fine Gael policy if it is not brought in is included in the pre-Budget submission for the Department of Enterprise.
Oireachtas Finance Committee chair John McGuinness, a Fianna Fáil TD argued this figure was not high enough.
“I absolutely support any measure that keeps the well- educated people who live in Ireland home, working within the health service or wherever else. It will take a hell of a lot more than the €750 tax credit to encourage people to come back here. I think the tax break for young people, given the differences in their employment conditions that they can achieve abroad and their salary, you’d want to be putting it up to €5,000.
“The cost of living, the cost of rent, the cost of getting a house, it’s not just about a tax break. It’s about a whole lot of things that the Government could do before to reduce the cost of living and housing.
“The Government needs to do something about the tax take from those that are working or could work here to make it any way attractive to them.
“Young people are being penalised everywhere they turn – penalised with taxation, penalised with the high cost of petrol, or diesel, green economy cost and the general cost of living.”
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