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Report: Ireland's finance minister hikes budget package to €1B

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Report: Ireland's finance minister hikes budget package to €1B

Ireland's Minister for Finance Paschal Donohoe is expected to announce on Oct. 10 a budget package of new spending and tax cuts between €900 million and €1 billion, The Irish Times reported Oct. 7.

The figure is significantly higher than had initially been expected, the newspaper reported.

An increase in stamp duty, which in recent years has declined to 2% from 9%, is expected to boost revenue to help meet the budget package, according to The Irish Times. The tax component of the plan is expected to include a mix of reductions to the Universal Social Charge and an increase to the threshold that determines who falls into the 40% income tax rate.

Ireland is also looking at other revenue-raising measures, including hikes in excise on alcohol and tobacco, as well as a sugar tax, according to the report.