Key wins for business
- A €1.4 billion package of energy supports for businesses, covering all sectors domestic and internationally traded
- A significant increase in the top rate entry point on income tax to €40,000, the second rate of USC and tax credits
- €195 million increase in funding for further and higher education, skills and innovation in 2023
- Major improvements in funding for childcare of €180 million to encourage labour market participation and reduce costs to households
- Extension of important schemes such as the Special Assignee Relief (SARP), the Foreign Earnings Deduction (FED), Knowledge Development Box (KDB) with no unexpected changes
- Extension of the Key Employee Engagement Programme (KEEP) with significant improvements aimed at take-up
- Recognition of the importance of the R&D tax credit and changes to be made to protect it in the context of international tax changes
- Support for housing costs through the renewal of HTB and a rental tax credit running to 2025
Listen / Budget 2023: The business reaction
Following Government's Budget 2023 announcement, Ibec Chief Economist and Head of National Policy, Gerard Brady, and Ibec Economist, Hazel Ahern-Flynn, provide timely analysis and an immediate business reaction to the key wins and areas that fall short.
Press release / Budget 2023 the correct scale for now
Ibec, the group that represents Irish business, has said that the underlying strength of the Irish business model and its capacity to generate record tax revenue has put Government in a position whereby it can afford to deliver the correct scale of Budget amidst a challenging inflationary environment.
Read the full press release
Get in touch
Gerard Brady is the Chief Economist at Ibec. His role involves regular analysis of economic issues for a business audience, shaping Ibec's economic, tax and fiscal policy positions and advising companies and sectoral organisations. He is a current member on the National Economic and Social Council (NESC) and the National Statistics Board. He also represents Irish business in a number of international economic and tax fora such as Business at the OECD (BIAC) and BusinessEurope. Prior to joining Ibec in 2013, Gerard worked as a Lecturer in Economics in University College Cork. He is a previous winner of the Miriam Hederman O’Brien prize awarded by the Foundation for Fiscal Studies.
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