The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The details of these provisions are included in the Finance (No. 2) Act 2023.
The two enhancements are:
- The R&D tax credit rate will be increased from 25% to 30%.
- The amount eligible for a refund as an initial R&D tax credit installment will be doubled, rising from EUR 25,000 to EUR 50,000.
The Finance (No.2) Bill 2023 was officially published on 19 October 2023. It included various provisions relating to business tax, income tax, capital gains tax, and indirect taxes as outlined by the Ministry of Finance in its 2024 budget announcement on 10 October 2023.
