Budget 2023 Highlights
Today’s budget was presented within significant uncertainties both economic and geopolitical. While the domestic economy is still growing, the impact of inflation and higher interest rates is uncertain.
The Government announced €4.1 billion in once-off measures to help individuals, families and businesses with the rising cost of living, together with €6.9 billion in other budgetary adjustments.
The Government also announced a Temporary Business Energy Support Scheme to assist businesses with their increased energy costs until at least February 2023.
Should you have any taxation or business questions, our experienced team will be happy to share their insights with you.
Personal Taxation
Standard rate band increased
No changes to USC rates – small increase in some bands
Income tax rates remain the same
Increase of €75 in the personal tax and employee/earned income credits
Introduction of rent tax relief of €500
Extension of Help to Buy property scheme to 31 December 2024
Business Taxation
Temporary Business Energy Support Scheme introduced
Increase limit from €500 to €1,000 for benefits an employer can make to an employee tax-free
Extension and expansion of the Key Employee Engagement Scheme
Extension and improvements to the Research & Development tax credit
Extension of Foreign Earnings Deduction
Extension and modifications to Special Assignee Relief Programme
Other Measures
Excise duty to increase by 50c on a packet of 20 cigarettes with a pro rata increase on other tobacco products
Farmers’ flat rate addition to decrease from 5.6% to 5% from 1 January 2023
The bank levy is extended to the end of 2023