Finally some good news.
There is nothing worse than calculating how much money you’re going to make at the end of a month only to get a paycheck with a considerably smaller number on it.
No one likes tax, from PRSI to PAYE it’s horrible to see money being deducted from your payslip.
But we may finally be getting rid of one of those annoying deductions, the Universal Social Charge.
Minister for Finance Michael Noonan told an Oireachtas committee on Tuesday that he plans of phasing out the USC but it will be gradual.
“It will not be possible to phase out USC completely over a three-budget cycle, but it would be possible to phase it out over a five-budget cycle,” Mr Noonan stated according to RTÉ.
The Universal Social Charge is a tax on income that was introduced in 2011. You pay the USC if your gross income is more than €13,000 per year.
Mr. Noonan said that high rates of tax can discourage young Irish people abroad who want to come home and feel that they cannot afford to do so. Eliminating this charge could help this.
