Global Daily Tax News, Ireland Updates Guides On Personal Income Tax Credits, (Dec 16, 2024)

The Irish Revenue on December 10, 2024, announced updates to various guidance publications concerning personal tax credits based on changes made in the 2024 Finance Act.

The updates are as follows:

Tax and Duty Manual Part 15-01-48 - Sea-Going Naval ...

The Irish Revenue on December 10, 2024, announced updates to various guidance publications concerning personal tax credits based on changes made in the 2024 Finance Act.

The updates are as follows:

Tax and Duty Manual Part 15-01-48 - Sea-Going Naval Personnel Tax Credit - has been updated to reflect the extension of the credit to the 2029 year of assessment. The value of the credit and the qualifying criteria remain unchanged. The examples have been updated.
Tax and Duty Manual Part 15-01-05 - Incapacitated Child Tax Credit - has been updated to reflect an increase to the value of the credit. From January 1, 2025, the value of the credit amounts to EUR3,800 (increased from EUR3,500).
Tax and Duty Manual Part 15-01-07 - Employee (PAYE) Tax Credit - has been updated to reflect the increase in the value of credit. For the 2025 year of assessment and subsequent years the value of the credit has increased to EUR2,000. The table and example in paragraph 1 of the TDM have been updated to reflect the increase to the credit. Section 1 Application of the Employee (PAYE) Tax Credit has been updated to include the 2025 value of the credit in the table of values and the example has been updated to reference the year 2025.
Tax and Duty Manual Part 15-01-44 - Earned Income Tax Credit - has been updated to reflect the increase in the value of the credit. For the 2025 year of assessment and subsequent years the value of the credit has increased to EUR2,000. Examples throughout the TDM have been updated.

Global Daily Tax News, Ireland Updates Guides On Personal Income Tax Credits, (Dec 16, 2024)

The Irish Revenue on December 10, 2024, announced updates to various guidance publications concerning personal tax credits based on changes made in the 2024 Finance Act.

The updates are as follows:

Tax and Duty Manual Part 15-01-48 - Sea-Going Naval ...

The Irish Revenue on December 10, 2024, announced updates to various guidance publications concerning personal tax credits based on changes made in the 2024 Finance Act.

The updates are as follows:

Tax and Duty Manual Part 15-01-48 - Sea-Going Naval Personnel Tax Credit - has been updated to reflect the extension of the credit to the 2029 year of assessment. The value of the credit and the qualifying criteria remain unchanged. The examples have been updated.
Tax and Duty Manual Part 15-01-05 - Incapacitated Child Tax Credit - has been updated to reflect an increase to the value of the credit. From January 1, 2025, the value of the credit amounts to EUR3,800 (increased from EUR3,500).
Tax and Duty Manual Part 15-01-07 - Employee (PAYE) Tax Credit - has been updated to reflect the increase in the value of credit. For the 2025 year of assessment and subsequent years the value of the credit has increased to EUR2,000. The table and example in paragraph 1 of the TDM have been updated to reflect the increase to the credit. Section 1 Application of the Employee (PAYE) Tax Credit has been updated to include the 2025 value of the credit in the table of values and the example has been updated to reference the year 2025.
Tax and Duty Manual Part 15-01-44 - Earned Income Tax Credit - has been updated to reflect the increase in the value of the credit. For the 2025 year of assessment and subsequent years the value of the credit has increased to EUR2,000. Examples throughout the TDM have been updated.