The Budget package unveiled today amounts to €14 billion. It comprises a €6.4 billion core budget allocation, €2 billion for one-time cost-of-living measures, and €4.75 billion for non-core expenditures, including €250 million for the public capital program funded by windfall corporation tax receipts. Housing receives nearly €7 billion, with €2.6 billion for housing capital investment, aiming to deliver 9,300 social homes and 6,400 affordable homes.
Budget 2023 key points
Data quality (37%) and data tracking (28%) are the top two impediments to producing a sustainability report.
37%
Most businesses already produce a sustainability report.
65%
10 tax-related changes announced in the budget:
Supports for business
Businesses plan to increase investment in sustainability initiatives in 2023.
68%
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Budget 2024
Mazars overview of key measures
In Minister Michael McGrath’s first Budget address, the Minister highlighted that the needs of our society today must be balanced with ensuring the wellbeing of our economy for future generations.
Over a third are “completely ready” to meet new ESG reporting requirements; another 38% are “mostly ready”.
36%
"It is unusual for the Finance Ministers to have had such fiscal space, however their indicated use of the windfall tax receipts is likely to be seen as balanced and proportionate in addressing both the short-term and long-term requirements of the country and the economy, with the majority receiving reasonable benefits. With an election on the near-term horizon, most people are likely to look at Budget 2024 in a positive light."
Mazars overview of key measures
Budget 2024
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Frank Greene
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Head of Tax
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Frank Greene
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Head of Tax
A note from our Head of Tax
Budget 2024 Briefing live webcast
The requirement for balance and a measured approach was a recurrent theme throughout the speeches of both Ministers Michael McGrath and Paschal Donohue. Minister McGrath stated that Budget 2024 is a step change in future planning, as it puts in place a long-term plan to make the economic future safer for all. Ireland’s full employment was noted, as were the challenges of capacity constraints with the associated issues in the housing and labour markets.
The health sector will see increased capacity with funding for over 2,500 additional beds and the recruitment of more than 22,000 staff. Additionally, measures support enterprises, including an increase in the R&D Tax Credit from 25% to 30% and a €250 million package to assist businesses facing rising costs.
The Research and Development (R&D) Tax Credit will increase from 25% to 30%.
An additional €35 million is allocated to the Department of Enterprise, Trade, and Employment, supporting various measures to promote regional investments and provide financial support and mentoring programs through Local Enterprise Offices.
A new capital gains tax relief for angel investors in innovative start-up SMEs was introduced, along with enhancements to the Employment Investment Incentive (EII) scheme.
Angel investors can now enjoy reduced Capital Gains Tax (CGT) rates (16% or 18% for partnerships) on qualifying investments held for at least three years, up to twice their investment value.
The EII regime standardizes the four-year investment period, doubling the claimable relief for four-year investments from €250,000 to €500,000.
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Changes to the retirement relief regime include extending the upper age limit to 70 and implementing a €10 million limit for disposals to a child starting in 2025.
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The Key Employee Engagement Programme (KEEP) is extended to 2025, with a doubled limit for unexercised qualifying share options, pending EU State aid approval.
The project cap for qualifying expenditure in the Section 481 Film Tax Credit regime is raised from €70 million to €125 million, pending State aid approval.
The accelerated capital allowances scheme for energy-efficient equipment receives a two-year extension.
The first-year payment threshold for R&D projects will rise from €25,000 to €50,000 to support smaller projects.
These changes aim to boost innovation, investment, and regional development in SMEs and innovative start-ups.
Our expert panel offer insights into the impact of Budget 2024 on business and the economy.
Our live webcast Budget 2024 Briefing on 11 October 2023 is an in-depth discussion of the key announcements made in the budget and their impact on you and your business.
This year, we were delighted to welcome Professor Alan Barrett, CEO of the Economic and Social Research Institute (ESRI), as guest speaker. Alan shares his perspective on Budget 2024 and the broader economic landscape.
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Budget 2023 report
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Mazars Budget 2024 briefing