On 2 October 2026, People Before Profit (PBP) published its alternative Budget 2027 framework, centring on a new ‘Millionaires Tax’ targeting net assets exceeding €1 million, a corporate tax rate increase to 20% (from the current 12.5% for trading income), a €500 universal energy credit, and a statutory cap of €1.75 per litre on petrol and diesel. The party estimates the wealth tax would raise €2.5 billion annually from approximately 15,000 households, while the higher corporation tax would yield an additional €4 billion from large multinationals. PBP argues the measures are necessary to fund public housing, healthcare, and climate action without burdening low- and middle-income earners. The proposals are not Government policy but reflect left-wing opposition demands ahead of the October budget.
Key Takeaways
- Wealth Tax Design: Annual 1% levy on net assets above €1 million (primary residence exempt up to €500k), with valuation based on Revenue’s property price register and declared financial assets.
- Corporate Tax Shift: Raising the headline rate to 20% would align Ireland with the EU average but risks undermining the FDI model; PBP proposes a separate 12.5% rate for SMEs with turnover below €50 million.
- Cost-of-Living Measures: The €500 energy credit would be paid automatically to all households in January 2027; the fuel cap would be enforced via a temporary excise adjustment mechanism.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement