County Tipp Chamber Gives Positive Reception To Budget 2024 Measures

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The County Tipperary Chamber of Commerce is giving a positive reception to measures in the Budget to support small businesses and enhancing vital infrastructure in the region. In the face of upcoming regulatory changes, the Chamber sees these measures as crucial for sustaining local enterprises and fostering economic growth.

A €250 million fund(ICOB) to be distributed via a rates rebate is praised by the Chamber as a practical and efficient solution County Tipperary Chamber Chief Executive, Michelle Alyward says the support is welcome in light of rising energy costs, minimum wage adjustments, additional leave entitlements, and the introduction of auto-enrolment pensions in 2024.

Budget 2024 emphasis on skills development to drive climate action aligns with the Chamber’s vision for a sustainable future according to Ms Alyward who added that the focus on attracting Foreign Direct Investment (FDI) will stimulate economic growth, creating employment opportunities and fostering innovation.

The Vintners’ Federation of Ireland (VFI) says the Increased Costs of Business Scheme (ICOB) announced in Budget 2024 will have limited impact for its members who are experiencing increased costs in every aspect of their business. The VFI is calling for the scheme to be enlarged and enhanced before its introduction in early 2024.

It emerged today that the proposed scheme completely excludes any business paying over €20,000 in commercial rates. The Increased Costs of Business Scheme (ICOB) allows any small business to claim a 50% rebate on commercial rates for 2023, up to a value of €10,000. For example, a business paying €18,000 rates can claim €9,000.