• once-off €250 million Increased Cost of Business Scheme
  • €145 million Smart Regions Fund announced
  • increase in R&D Tax Credit to 30%
  • additional €27 million for IDA Ireland to accelerate Regional Property and Enterprise grants programmes
  • €9 million 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

The Minister for Enterprise, Trade and Employment Simon Coveney announced a Budget 2024 package which recognises the ongoing challenges businesses are facing.

The government also secured approval for the Increased Cost of Business Scheme (ICOB), which is a once-off grant to benefit up to 130,000 small and medium businesses at a cost of €250 million.

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Overall funding allocated to the Department of Enterprise, Trade and Employment in Budget 2024 has increased by 3.7% to €979 million.

This includes a €26 million increase in capital expenditure to €584 million, and a €9 million increase for current expenditure to €395 million.

The Minister has also secured agreement to spend an additional €31 million of EI and IDA Ireland’s Own Resource Income (ORI), as well as funding for a new €145 million Smart Regions Enterprise Innovation Scheme.

The Minister welcomed the range of tax measures in the Budget to assist start-ups and SMEs, including improvements to the R&D Tax Credit, a new Angel Investor Scheme with a reduced Capital Gains Tax Rate of 16%, and improvements to the EIIS.

The Minister also welcomed the increases in personal income tax credits, reduction in the USC and the delay in the increase in Employer’s PRSI Contribution until October 2024.