Dáil Éireann Debate, Tuesday - 24 October 2023
236. Deputy Emer Higgins asked the Minister for Enterprise, Trade and Employment if he could provide an overview of the new increased cost of business scheme; to confirm whether the scheme will be based on individual rate numbers rather than being per business; and if he will make a statement on the matter. [46654/23]
Amharc ar fhreagraThe Increased Cost of Business Grant (ICOB) was a measure announced as part of Budget 2024. The grant will be paid to small and medium sized businesses who operate from a rateable premises. It is intended to be paid at a rate of up to half the enterprise’s commercial rates bill, subject to a prescribed limit. The grant will therefore be calculated with reference to the rates that a given business will pay. The payment is intended to aid firms but is not intended to directly compensate for all increases in wages, or other costs, for every business. It is also a grant – rather than a rates rebate or waiver – and firms should continue to pay their commercial rates as normal.
The technical details underpinning the scheme and the mechanism for delivering the payment are currently being developed. My officials will work together with officials from the Department of Housing, Local Government and Heritage will work together with the Local Authorities to finalise the details of the grant in the coming weeks.
