At a glance: Key points for business from Budget 2024

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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.

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.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.

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.PRSI for employers as well as employees will increase by 0.1% in October next year.The upper age limit for Retirement Relief will extend from 65 to 70.€3m has been allocated for the Digital Services Coordinator.Section 481 relief for the film industry will increase from €70m to €125m.

 

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