Budget 2024

Budget 2024 was arguably the Government’s most challenging budget yet. Despite being buoyed by strong corporate tax revenues, the Government was constrained by inflationary risks and capacity constraints. With one eye on a general election, did the Minister for Finance strike the right balance between easing the cost-of-living burden and investing in the country’s future?

The role of Budget 2024 in securing sustainable growth

As Ireland’s tax revenues continue to perform strongly—notwithstanding the recent moderation in corporate tax receipts—many hoped that Budget 2024 would alleviate the cost of living crisis and solve some of the country’s most stubborn challenges — from the housing crisis to environmental concerns. Cash flow wasn’t an immediate issue, but significant investment in an economy with persistent inflation and evident capacity constraints could cause the economy to overheat. Budget 2024 instead sought to adopt a “sensible budgetary policy” that aimed to balance investment in public services and infrastructure with the long-term sustainability of our public finances. With measures for the squeezed public and Ireland’s community of SMEs coupled with investment in public services and infrastructure, the Government sought to appease a broad set of stakeholders — but was it enough?

Budget 2024

Key measures at a glance

Buoyed by a strong surplus, Budget 2024 sought to meet the expectations of a squeezed public.

icon 8.8bn budget surplus expected this year.

icon 6.1% spending increase when compared with Budget 2023.

icon 6.4bn core Budget 2024 package, €1.1bn of which is reserved for tax measures.

icon Up to €100bn to be invested in the Future Ireland Fund.

Corporate Tax


will be the mandated minimum corporate tax rate from 31 December 2023 for certain companies within the scope of Pillar Two.

Personal Tax


increase in the point at which taxpayers hit the standard/higher rate of income tax.


decrease in the USC rate to 4% with the middle rate applying to incomes between €25,761 and €77,040. The 2% rate band ceiling will increase by €2,840 to €25,760.


increase in the personal tax credit, employee tax credit and earned income tax credit.


reserved for temporary one-year support for mortgage holders.


in rent credit, up from €500.




increase in all rates of PRSI from 1 October 2024.


increase in the amount of qualifying expenditure eligible for film tax credit relief to €125m.


increase in the R&D Tax Credit rate to 30%.

Climate Action


increase in the carbon tax to €56 per tonne.


increase in the exemption from income tax, USC and PRSI for profits arising from energy generated from renewable, sustainable or alternative sources.


earmarked for the Infrastructure, Climate and Nature Fund by 2030.


Down icon

Reduced CGT for certain angel investors in innovative companies.


permanent increase to weekly welfare and pension payments.


worth of energy credits to be applied to households.


of rental income disregarded for income tax, USC and PRSI as a temporary relief for small landlords where the property will remain on the market for at least four years (amount to increase over the coming years).

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