ARTICLE · 14 FEBRUARY 2024

Tax Update - December 2023

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The Irish Revenue Commissioners ("Revenue") issued an ebrief on 4 December 2023 regarding the publication of an updated manual on section 112B of the Taxes...

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Reporting Rules Regarding Small Benefit Exemptions

The Irish Revenue Commissioners ("Revenue") issued an ebrief on 4 December 2023 regarding the publication of an updated manual on section 112B of the Taxes Consolidation Act 1997 (the "TCA") on the small benefit exemption (available here). The update was to provide additional information and examples regarding the changes introduced by the Finance Act 2022 (the "2022 Act").

The 2022 Act amended the rules on providing qualifying incentives (such as a voucher or gift cards) to employees (also known as the small benefit exemption). Section 112B TCA provides that a qualifying incentive may be given to an employee tax free where certain conditions are met. Prior to the 2022 Act, section 112B TCA provided that employers could gift employees a benefit not exceeding €500 tax free. The new rules now permit employers to bestow two benefits to employees in a given year the total value of which must not exceed €1,000. In

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