Budget 2022 - Summary of Key Tax Measures To Support Enterprises, SMEs and Agri-Sector

Measures to support Enterprise, SMEs and Agri-Sector in Budget 2022.

Budget 2022 was announced on Tuesday 12th October 2021. This document sets out a short summary of the main changes in taxation, employment, hospitality, tourism, culture, arts, agriculture and other areas.

  • The extension of the Employment Wage Subsidy Scheme (EWSS) until April 2022 to help struggling businesses retain staff. The estimate cost of extending the EWSS from November 2021 to 30 April 2022 is in the region of €1.26 billion.

  • €200 million across the Tourism, Culture and Arts, Gaeltacht, Sport and Media Programmes, including support for Regional Culture Centres and The Arts Council, Business Continuity Grants to assist the hard hit tourism and hospitality sectors and Live Entertainment Support Grands to support a sustainable live entertainment sector.

    The reduced VAT rate 9% for the hospitality sector which was introduced in November 2020 will remain in place to the end of August 2022.

  • The Help to Buy measures is being extended at the enhanced rate of support to end 2022.

    Extension of pre-letting expenses for landlords to end 2024.

    • Income tax packages €520 million.

    • Standard rate bands increase by €1,500.

    • Personal tax, employee tax and earned income credits by €50.

    • Minimum wage up 30c to €10.50 per hour.

    • Income tax deduction of 30% of cost of vouched heat, electricity and broadband expenses incurred while working from home.

    • Tax credit for remote working, which will equate to a discount of 30% on energy bills for each day working from home.

    • Employment Wage Subsidy Scheme to be extended.

    • The 9% VAT rate for the hospitality sector has been retained until August 2022.

    • Employment Investment Incentive scheme extended and reformed.

    • €30 million for State’s innovation equity fund, matched by European Investment Bank funding.

    • €60 million for the extension of commercial rates waive on targeted basis, from 2021 funding.

    • Stock reliefs to be extended for a further 3 years and full relief from stamp duty to eligible young trained farmers to be continued until 2022.

    • Increased funding of €32 million for Department of Agriculture, most farm supports maintained.

    • €4 million for SIAP Programme and €5 million for community centres.

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