Budget 2024 has been welcomed for the most part by business groups for striking the right balance between investment ambition while recognising the changing economic outlook.
Here are some of the key points from the announcement for business:
The Government is to establish two investment funds - The Future Ireland Fund and the Infrastructure, Climate and Nature Fund. The new funds will help to secure a sustainable foundation for Ireland's economic future.
A €250m fund was announced in the Budget to help firms with the rising cost of doing business.
The Research & Development tax credit is to rise from 25% to 30%. The doubling of the payment threshold to €50,000 will provide cash-flow support to companies engaged in smaller R&D projects.
Angel investors can avail of Capital Gain Tax relief amounting to twice their investment.
The Employment Investment Incentive Scheme threshold will be increased to €500,000.
The VAT threshold will increase from €37,000 to €40,000 for services and from €70,000 to €80,000 for goods.
The Key Employee Engagement Programme has been amended, extending the scheme to the end of 2025 and doubling its market valuation from €3m to €6m.
The national minimum wage has been increased by €1.40 an hour to €12.70 an hour.
PRSI for employers as well as employees will increase by 0.1% in October next year.
The banking Levy is to rise to €200m next year.
The upper age limit for Retirement Relief will extend from 65 to 70.
€9m has been allocated for Local Enterprise Offices.
€3m has been allocated for the Digital Services Coordinator.
€27m has been allocated in capital for the IDA's Regional Property Grants Programme.
Section 481 relief for the film industry will increase from €70m to €125m.
