Eddie Murphy, Partner & Head of Tax Services, outlines what to expect in Budget 2023.
Budget 2023 is being delivered on 27th September. This is a few weeks earlier than planned, demonstrating the urgency and seriousness of the cost-of-living crisis we are all facing.
A once-off financial package close to €3 billion is to be made available to help struggling households.
It is also expected that the income tax package in the budget will include increasing standard income tax rate bands to reduce the amount of income being taxed at the 40% rate.
This same budget must also encourage investment and future growth in Irish businesses. This can be achieved by strengthening and improving the Employment Investment Incentive Scheme and Entrepreneur Relief. For indigenous Irish businesses, these are key determinants and drivers of their initial and onward growth.
Budget 2023 is expected to contain short-term measures of financial assistance to individuals and businesses alike. However, the Government must continue to also look at the medium and longer term to ensure it continues to support both FDI and Irish SME businesses in their drive to create and grow sustainable employment in this country.
Stay tuned for our Budget analysis next week.