Government pledges to support small retailers in Budget 2024: RGDATA will hold them to account
In Budget 24 the Government announced a €250 million allocation for temporary supports for businesses as they deal with rampant cost inflation.
The €250m fund introduced in Budget 2024 to assist businesses with rising costs is expected to offer once-off grants to up to 130,000 SMEs. The government will make payments worth up to 50% of commercial rates paid by individual firms in early 2024 under the Increased Cost of Business Scheme.
RGDATA has said it will closely examine the Budget 2024 announcement to ensure that Government responds to its calls for supports for independent shops to fund the introduction of new policies on Minimum/Living wage; sick pay; pensions and other cost of doing businesses increases.
“RGDATA will review all proposed measures and keep members updated on how the Budget will impact on local community shops” the organisation has stated – full analysis to follow in next week’s IF&CR Click and in the next issue.
Minister for Finance Michael McGrath confirmed the Republic’s corporation tax rate for large companies would increase from 12.5 per cent to 15 per cent in line with international reform agreed upon by the members of the Organisation of Economic Co-Operation and Development (OECD).
Minister for Public Expenditure and Reform Paschal Donohoe confirmed a €250 million allocation for a package of temporary, inflation-related supports for businesses being developed by his department.
The Coalition will also allocate an extra €35 million to the Department of Enterprise, bringing its total funding package to €975 million for next year.
Some €9 million of the total will be allocated to Local Enterprise Offices and €3 million to the Digital Services Coordinator to support enforcement of the European Union’s Digital Services Act, which comes into force in January.