The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024.

Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as well as introducing some necessary administrative and technical changes to the tax code.

It simplifies the transfer pricing framework for marketing and distribution arrangements, referred to as Amount B, is part of Pillar One under the two-pillar global tax agreement facilitated by OECD.

The Bill provides Participation Exemption for Foreign Dividends; amendments arising from the Gambling Regulation Bill and relating to the Automatic Enrolment Retirement Savings Scheme; and the introduction of new film measures: A Tax Credit for Unscripted Production and the Scéal Uplift for Smaller Feature Films.

It supports economic activity with provisions for retirement savings, sports funding, and green energy adoption.

It also provides for changes to existing measures to support enterprises and farming, individuals and households, as well as property-related measures. These include the Rent Tax Credit, Help to Buy Scheme, Vacant Homes Tax, Residential Zoned Land Tax, Benefit-in-Kind on motor vehicles, R&D Tax Credit, Employment Investment Incentive, Small Benefit Exemption, Retirement Relief, Capital Acquisitions Tax thresholds, amendments to certain Stamp Duty rates and an extension of the revised Bank Levy amongst several other measures.

Earlier, Ireland’s Minister for Finance, Jack Chambers TD, published the Finance Bill 2024 and Explanatory Memorandum following the Government’s.

Commenting on the publication of the Finance Bill, Minister Chambers said, “As I outlined in my Budget Statement, this Government, through successive Budgets, has supported the individuals, families and businesses who have played an integral part in ensuring our economy is in such a strong position”. 

Finance Bill 2024 continues this positive trajectory by setting out the legislative provisions required to implement the range of tax measures announced in Budget 2025. The Bill includes a number of tax changes intended to provide additional support nationwide while also maintaining the long-term stability of the public finances.

“I look forward to bringing this important legislative instrument through the Oireachtas over the coming weeks.”