Budget 2023 Highlights

We are pleased to bring you our summary of the tax measures set out in Budget 2023.

27/09/2022

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 has announced today €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 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.

Summary of measures:

Personal Tax

  • 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 Tax

  • 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 Taxes

  • 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
Please contact our experienced team with any taxation or business questions.

Contact us:

Grayson Buckley, Partner, Tax - Crowe Ireland
Grayson Buckley
Partner, Tax
John Byrne, Partner, Tax - Crowe Ireland
John Byrne
Partner, Tax
Cormac Doyle Crowe Ireland Tax Partner
Cormac Doyle
Partner, Tax
Lisa Kinsella, Partner, Tax - Crowe Ireland
Lisa Kinsella
Partner, Tax