Budget 2024

Taxation highlights

• Standard Rate tax band of 20%, to increase by €2,000 from €40,000 to €42,000
• Personal tax credit, Employee tax credit and the Earned Income Tax Credit will rise by €100 to €1,875
• USC 2% rate increases by €2,840 on earnings up to €25,760
• USC on earnings between €25,760 to €70,044 decreases by .5% to 4%

Business highlights

• Business to avail of once off grant up to 50% of their rates
• Section 481 tax credit for qualifying expenditure increase from €70 million to €125 million
• The Employment Investment Incentive scheme (EII) will be enhanced
• Retirement relief will be extended from 65 until the age of 70
• R&D tax credit increase from 25% to 30%
• VAT Registration threshold to increase for services from €37,500 to €40,000 and for goods from €75,000 to €80,000
• Corporation tax rate introduction of 15% minimum effective tax rate for large companies
• Angel investors tax break allowing a reduced rate of Capital Gains Tax

Download OSK Budget 2024 PDF

Contact OSK Tax Advisers for further details of Budget 2024 or our tax services.