Budget 2020 announced by Finance Minister Paschal Donohoe last week, the impact
on payroll for 2020 is as follows:
were no changes made to tax credits, cut off points or the rates of PAYE.
were no changes made to the Universal Social Charge rates (USC).
Earned Income Tax Credit increased by €150 from €1,350 to €1,500.
PRSI will increase from 8.7% to 8.8% for the Class A Reduced rate and from
10.95% to 11.05% for the Class A Higher rate.
0% Benefit in Kind charge on qualifying electrical vehicles provided by
employers to employees has been extended until 2022.
Minimum Wage increase of €9.80 to €10.10 has been deferred until there is more
clarity on Brexit.