A €1.3 billion income tax package and a range of measures to support businesses will come into effect at midnight tonight.

The changes include adjustments to the main tax credit, USC rates and the standard rate cut-off point.

Close on 2 million income-tax payers will benefit from the changes.

With a budget surplus of just under ten billion Euro, the Government has plenty of money to give away.

The package of changes will see Rent Tax credit increased to €750 from tomorrow.

Personal tax credits, including employee and earned income will all increase from €1,775 to €1,875.

The Standard Rate Cut-Off Point will increase by €2,000 from €40,000 to €42,000 for single persons, with commensurate increases for married couples and civil partners.

A single person earning the average annual salary of €47,000 can now expect to see an increase in take home pay of €780 in 2024 a result of the income tax measures coming in to effect.