VAT Exemption for Newly Built Apartments Expected in Upcoming Budget
Dublin: Newly constructed apartments in Ireland are set to receive a VAT exemption, according to reports ahead of the upcoming national budget. The measure aims to revive stalled housing projects and accelerate construction across the country.
The VAT relief is expected to benefit approximately 40,000 apartments that have already secured planning permission. Officials anticipate that the provision will take effect immediately following the budget announcement.
Prime Minister Micheál Martin, Deputy Prime Minister Simon Harris, and Independent TD Seán Kenny held a meeting with Finance Minister Paschal Donohoe and Public Expenditure Minister Jack Chambers to finalise details of the €9.4 billion budget package for the next fiscal year.
Among the key measures agreed is a permanent €500 reduction in college fees, though opposition parties have criticised the move as insufficient to ease the financial strain on students.
Meanwhile, the social protection package is expected to be confirmed today. Sources indicate that weekly welfare and pension payments could rise by €8 or more. Social Protection Minister Dara Calleary is also advocating for an increase in child benefit payments.
The government has reiterated its commitment to abolish the means test for the Carer’s Allowance and raise income thresholds to extend eligibility. Additionally, while energy credits are not expected to be renewed this year, Fuel Allowance eligibility will be expanded to support more households facing high living costs.
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