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| Ireland budget: Local property tax introduced | Ireland budget: Local property tax introduced |
| (34 minutes later) | |
| The Irish government has announced a fresh package of spending cuts and tax rises worth billions of euros in its budget for 2013. | The Irish government has announced a fresh package of spending cuts and tax rises worth billions of euros in its budget for 2013. |
| These include a new property tax of 0.18% of the value of a home up to 1m euros ($1.3m; £800,000). | These include a new property tax of 0.18% of the value of a home up to 1m euros ($1.3m; £800,000). |
| These are the latest in a long line of austerity measures imposed on Ireland by international lenders that bailed out the country in 2010. | These are the latest in a long line of austerity measures imposed on Ireland by international lenders that bailed out the country in 2010. |
| The government said it would meet its deficit reduction target for this year. | The government said it would meet its deficit reduction target for this year. |
| It projected a budget deficit of 8.2%, compared with a target of 8.6%. The deficit would fall steadily to 2.9% by 2015, it added. | |
| These forecasts were based on economic growth of 1.5% next year, rising to 2.9% in 2015. | |
| "There are manifest signs that the country is emerging from the worst of the crisis and that the efforts of the Irish people, despite the hardship, are leading to success," said Irish Finance Minister Michael Noonan. | "There are manifest signs that the country is emerging from the worst of the crisis and that the efforts of the Irish people, despite the hardship, are leading to success," said Irish Finance Minister Michael Noonan. |
| The Local Property Tax will be introduced in July next year, and will include a higher rate of 0.25% that kicks in on the balance of any property over and above 1m euros. | |
| The government also increased tax on alcohol and cigarettes. | |
| Income tax rates were left unchanged. |