Ireland’s Budget 2020 was announced on Tuesday 8th October 2019. Tax Partner, Ronan McGivern, shared his analysis and opinion at our Budget Breakfast Briefing yesterday morning. His presentation and further analysis can be seen below.
Overall according to Mr McGivern "This Budget was delivered against the backdrop of a looming No Deal Brexit and the forthcoming deadline for Ireland’s 2020 emissions targets, with both of these elements underpinning Budget 2020. As many expected, the Budget focused on the key priorities of supporting vulnerable businesses, sectors and regions through these unprecedented times and also with a long term view of moving Ireland away from fossil fuels. The Minister adopted a conservative approach and this can be seen plainly in the limited changes made to income tax rates; put simply the minister focused on providing for the effects of a No Deal Brexit, leaving minimal funds available to make any meaningful tax changes.
There were, however, some welcome changes made to the EII Scheme, R&D tax credits and also the KEEP Scheme with a view to supporting Irish business especially those small or medium sized enterprises which will be most affected by the UK leaving the EU. It is also clear that taxes to target climate change are moving up the agenda, with a clear focus on “the polluter pays” principle with the ultimate aim of changing behaviour. We expect that the green agenda and carbon taxes will continue to form a key component of future Budgetary policy.
Overall, the Minister has focused on building up a fund to ensure that there are funds and supports available so that a no deal Brexit, if it were to occur, can be weathered by Irish businesses.”
Link to Budget 2020 Presentation by Ronan McGivern, Tax Partner, RBK.
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