Insights

Download our simple guide for Irish tax rates, credits and filing deadlines, as well as a summary of the key Irish tax reliefs, for 2024. This guide is updated to include amendments made by Finance Act 2023.

Businesses availing of the Debt Warehousing Scheme (DWS) have until 1 May 2024 to either pay their warehoused debt in full or engage with Revenue on addressing the debt. Read our latest insight to find out more.

The most recent Finance Act introduced a number of important changes to retirement relief, which may impact family businesses. Those affected should act now or face previously unforeseen CGT liabilities. Read our latest insight to find out more.

With effect from 1 January 2024 a new mandatory Capital Acquisitions Tax (CAT) reporting obligation is imposed on the recipients of certain loans from close relatives. Read our latest insight to find out more.

Budget 2024 and Finance (No. 2) Bill 2023 announced a package of wide-ranging measures to support Irish enterprise, which Minister for Finance Michael McGrath believes will make a very positive difference and encourage more businesses to engage with the R&D regime.

The Defective Concrete Products Levy (“DCPL”) was introduced in Finance Act 2022 and came into force on 1 September 2023.

The Temporary Business Energy Support Scheme (TBESS) is extended until the end of April 2023. The monthly limit on payments that can be made under the scheme is enhanced. These changes featured in the Government’s Cost of Living package of supports announced in February 2023.

The Digital Games Tax Credit aims to capitalise on the synergies with the established Irish film and animation sectors, and to support quality employment in creative and digital arts in Ireland.

The purpose of the R&D tax credit regime is to encourage both foreign and indigenous companies to undertake new or additional R&D activity in Ireland. It is a very valuable relief for qualifying companies.

Capital allowances are a form of tax relief for capital expenditure incurred on certain assets. Similar to depreciation, the relief is a write off of the expenditure over a certain period for certain assets in use for the purposes of the trade or rental business. Capital allowances reduce the income subject to tax. They are the only means of providing tax relief for capital expenditure incurred on both residential and commercial properties.

There have been a number of updates to the Temporary Business Energy Support Scheme (“TBESS”) in recent weeks. The updates mainly concern the administration of the scheme and are therefore the focus of this insight.

The Irish Government has introduced the Temporary Business Energy Support Scheme (“TBESS”) to provide support to businesses with their energy costs. This scheme, will be administered by the Irish Revenue, and intends to alleviate the pressures faced by businesses that are experiencing unprecedented increases in their electricity and gas costs.