Ireland Issues Guidance on Small Benefit Exemption

The Irish Revenue Commissioners Feb. 12 issued Revenue eBrief No. 038/25, updating guidance on provisions relating to the small benefit exemption to reflect the recent Finance Act amendment of the Taxes Consolidation Act 1997. The updated guidance includes: 1) that employers can provide a maximum of five relevant incentives to employees in a year of assessment, with an annual cumulative incentive limit of 1,500 euros (US$1,570), applicable from Jan. 1, 2025, to Dec. 31, 2029; 2) that employers must report the date and value of any small benefit provided to employees in real time, as of Jan. 1, 2024; and ...