What Does The Latest Budget 2024 Hold For Business in Ireland?
The 2024 Budget was announced in Ireland on Tuesday 10th October by the Minister for Finance Michael McGrath. For business in Ireland the measures are generally good news particularly if you are involved in Research & Development.
Budget 2024 unveiled a series of business aids. Minister for Finance, Michael McGrath, emphasized that these measures would positively impact enterprises and lighten the administrative load on businesses.
The Minister welcomed the variety of tax initiatives in the Budget aimed at supporting start-ups and SMEs. These include enhancements to the Research & Development Tax Credit, the introduction of a new Angel Investor Scheme with a lowered Capital Gains Tax Rate at 16%, and refinements to the EIIS. Additionally, the Minister praised the postponement of the Employer’s PRSI Contribution hike until October 2024.
Local businesses, start-ups, and their supporters stand to gain from Budget 2024. If you’re an entrepreneur running a small to medium enterprise, the visionary behind a budding start-up aiming for growth, or an investor keen on bolstering Ireland’s business ecosystem, here are pivotal highlights from today’s Budget that will help shape the financial trajectory of your investment or business in the coming year.
What Are The Highlights of Budget 2024 For Business?
The recent Budget 2024 has announced some interesting highlights for enterprise in Ireland. They announced particular incentives for areas in Research and Development. See the main highlights below.
- Once-off €250m Increased Cost of Business Scheme
- Reduced Capital Gains Tax for certain angel investors in innovative companies
- €145m Smart Regions fund announced
- Increase in R&D Tax Credit to 30%
- Additional €27m for IDA Ireland to accelerate Regional Property and Enterprise grants programmes
- €9m for Local Enterprise Offices to help business with green journey and digital transformation
- New Angel Investment Scheme with 16% CGT Rate for Innovative SMEs
- New National Enterprise Hub
How We Can Help?
If you are planning your year ahead and need some assistance with your future compliance please contact us. A great way to take advantage of these new business incentives in budget 2024 is to create a company in Ireland. We are experts in this area and would be happy to help in any way we can. If you have questions about any of the above please do not hesitate to contact us.
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