How Budget 2023 Benefits Guaranteed Irish Members

September 27, 2022
How Budget 2023 Benefits Guaranteed Irish Members
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How Budget 2023 Benefits Guaranteed Irish Business Members

While aligning with United Nations SDGs 8, 11, 12, 13 (Jobs, Community, Provenance, Environment)


The Government’s 2023 Budget was published today, 27th September, with some big announcements. In this blog we’ll briefly break down the key items of Budget 2023 which will directly benefit Irish Business and Guaranteed Irish Members


Business Support

Energy Support Scheme

The government focussed largely on helping businesses with their energy costs over the winter, with many Irish business continuing to struggle with the soaring cost of energy in recent weeks and months. The introduction of a new ‘Temporary Business Energy Support Scheme’ will be made available and will cover 40% of the increase in electricity or gas bills experienced by small business owners. The scheme will cap at €10,000 per month. It will be administered by the Revenue Commissioners and will be backdated to the beginning of September 2022, and run until at least February 2023.

Small Benefit Exemption

The government also announced an increase to the Small Benefit Exemption, which allows employers to provide limited non-cash benefits or rewards to employees, tax free. The annual limit will be increased from €500 to €1,000. This increase will be applied immediately, meaning businesses can avail of the benefit this year ahead of the holiday season.

Ukraine Crisis Enterprise Scheme

There will be an introduction of a new Ukraine Crisis Enterprise Scheme, worth €200million, to aid exporters and manufacturers affected by the War in Ukraine.

Tourism & Arts

There will be a temporary funding of €90million for tourism and the arts to help support the recovery from the Covid pandemic.

Low-Cost Sustainability Loan

A new longer-term low-cost loan for SMEs, farmers, and fisheries will be made available to invest in sustainability and/or energy efficiency. This in turn will go some way to reducing energy costs for businesses, while also helping to reduce their overall carbon footprint in the near future.

Key Employment Engagement Programme

The Key Employment Engagement Programme (KEEP) is set to be extended to 2025. KEEP was introduced in 2017 as a new ‘share initiative’ aimed at SMEs to encourage them to offer employees share options in a tax efficient manner. In the past number of years this has shown to aid in the growth of a business and increase staff morale and retention levels.


Farming Support

Tax Reliefs

The government announced 5 Agricultural tax reliefs will be extended for Young Trade Farmers, Farm Restructuring, and Stock Reliefs. The term of this extension has not yet been announced but is likely to apply for at least 1 year. There will also be a time-limited scheme for accelerated capital allowances for the construction of modern slurry storage facilities.

Energy Price Support Scheme

Farmers will also now be able to access the Energy Price Support Scheme on offer for businesses, up to a maximum of €62,000. As well as this, a new ‘fodder support scheme’ will pay farmers up to €1,000 to save hay and fodder in 2023.


Also announced for agriculture was a €238million allocation to alleviate the impact of Brexit on the Irish agriculture sector.


Other Key Supports

Department of Transport

The big announcement which will have benefit for all citizens of Ireland and our combined carbon footprint is the allocation of €3.5billion to the Department of Transport to help meet new climate targets. This will include new funding for public transport – namely new DART, train and bus routes – and will likely also take into account funding for increased infrastructure throughout Ireland for Electric Vehicles.

Excise Reductions on Fuel

Excise reductions on petrol, marked gas oil & diesel, and the VAT rate on electricity and gas have been extended until the end of February. This will benefit businesses who are subject to delivery charges, as well as to employees and staff who commute by car to work.


Not-for-profit organisations will benefit from funding of €60million this year to help with spiralling energy costs.

Carbon Tax

The national carbon tax is set to increase from €7.50 per tonne to €48.50. However, while this will result in a 2c per litre increase at the pump, the government have announced a reduction in the National Oil Reserves Agency levy of an equivalent 2c per litre – effectively cancelling out the carbon tax increase. This means both consumers and businesses involved in shipping, haulage and deliveries will be spared a further increase in petrol & diesel prices.

Covid Support

While the government announced Ireland have officially exited Covid regulations, they are not laxing on support against the pandemic fully, with €439million of the Covid fund set to go towards test and trace, vaccinations and PPE programmes. This will go towards helping to keep all in the workplace safe from any lingering effects of Covid this winter.


If you are a business affected by increased energy costs, keep an eye on the Guaranteed Irish newsletter and new Sustainability Section of our website for ideas and supports on how to reduce your energy costs. For more information, visit

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