Derek Madden & Company are a firm of Certified Public Accountants with offices based in Mallow, Co. Cork. We are a practice of professional advisors founded by the practice partner Derek Madden, BBS, CPA.
The National Recovery Plan 2011 to 2014
24 November 2010
The Government today unveiled a raft of Budget measures to restore the State’s finances by 2014.Measures include cutting social welfare by €3bn, reducing the public sector pay bill by €1.2bn and increasing VAT by 2pc. The four-year plan warned that the drastic cuts will negatively impact on the living standards of the people of Ireland.
The budget roadmap includes the following savings and tax reforms:
- The minimum wage is cut by one euro to €7.65
- VAT will increase 1pc to 22pc in 2013 and to 23pc in 2014
- Corporation tax will remain at 12.5pc
- Public sector workforce to be cut by 24,750, bringing levels back to 2005 levels
- Student fees will increase
- Water metering will be brought in by 2014
- Carbon tax charges will double to €30 a tonne, raising €330m.
A summary can be found here: