Finance Minister Jack Chambers is set to significantly increase the threshold for tax relief on pensions. There is currently a threshold of €2m on the overall value of a pension fund that a person can get tax relief on. Mr Chambers has received Cabinet approval to increase this by €200,000 annually for every year up
The new president of the Irish Tax Institute has described Revenue’s Enhanced Reporting Requirements (ERR) regime as “counter-productive”. The new rules require employers to report tax-free employee benefits in real-time, meaning on or before the time they are awarded to their staff. Speaking at the institute’s annual general meeting yesterday, Aoife Lavan said there was
It is rumoured that tax-free limits around pensions, specifically in relation to employer contributions to PRSAs could face future restrictions in the upcoming finance acts. Currently the only limit on large contributions to PRSAs is the €2 million Standard Fund Threshold, which effectively frees up an employer to pay more employer contributions into an employee’s
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Decisions, decisions. While next October’s budget is unlikely to be at the top of new Taoiseach Simon Harris’s inbox just now, in time there will be plenty of choices to consider in conjunction with Minister for Finance Michael McGrath. With a general election looming, Fine Gael’s new leader will want to take advantage of whatever
Men are putting more money into their pensions than women, according to 93pc of financial advisers questioned for a new survey. Over two thirds of the advisers said that men are saving “way more” than their female co-workers. The findings are further evidence of the gender pension gap, with women being generally less financially prepared
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The European Central Bank (ECB) must lower borrowing costs twice before its August summer break and two more times before the end of the year, without being swayed by the US Federal Reserve, according to Governing Council member Yannis Stournaras. “We need to start cutting rates soon so that our monetary policy does not become
A Nobel Prize-winning labour market economist has cautioned younger generations against piling into studying science, technology, engineering, and mathematics (Stem) subjects, saying “empathetic” and creative skills may thrive in a world dominated by artificial intelligence (AI). Christopher Pissarides, professor of economics at the London School of Economics, said workers in certain IT jobs risk sowing
Credit unions are experiencing a massive demand for mortgages, with a 50pc rise in lending among members last year to €500m, new figures show. The member-owned lenders have seen a strong interest from first-time buyers and switchers in their mortgage offering because they have some of the lowest rates in the market. Some are offering
