2024 Budget Briefing – Takeaways for Members
Wed Oct 11 2023
Details of the 2024 Budget were announced on Tuesday, 10th October 2023 in Dail Eireann and presented by the Minister for Finance, Michael McGrath, and Minister for Public Expenditure Paschal Donohoe who outlined a multi-billion package of spending increases, once-off payments, and tax cuts.
Brokers Ireland has teamed up with Grant Thornton who has compiled comprehensive coverage, commentary, and analysis of the 2024 Budget from their team of economic and industry experts across budgetary changes including:
- Capital gains
- Business Taxes
- ESG (environmental and social governance)
- Personal tax implications
- VAT/ Excise Duty and VRT changes
Budget 2024 is again labelled “A Cost of Living Budget” and includes measures that will benefit people before Christmas. Statements made earlier by the government made it clear that there is limited cash available for permanent Budget Day changes but there would be more money to spend on one-off measures.
The external economic background is still uncertain, with global inflation high and interest rates continuing to rise. Domestically the economy is still performing well, as shown in booming Corporation Tax receipts and with record levels of employment and unemployment at 4.1%. The concern is to avoid fuelling inflation whilst alleviating pressures on small businesses and households which is a difficult balancing act.
Energy costs have continued to be a major concern for many households and the €450 energy credit will be well received in households. The R&D Credit increase to 30% is welcome and will encourage innovation among SMEs in Ireland.
The Minister also announced the creation of a new Future Ireland fund, with a targeted fund of €100bn by 2035. The fund aims to future proof the demands of an ageing population.
CEO, Brokers Ireland