Minister for Enterprise, Trade, and Employment, Peter Burke, has enacted new regulations under the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024, which raise the balance sheet and turnover thresholds for categorizing companies by 25%.
This change means more companies will fall into the micro and small categories, allowing them to take advantage of simplified reporting requirements and audit exemptions. The new thresholds will be effective from 1 July 2024 and applicable to financial years starting from 1 January 2024, with an option for companies to apply them retrospectively from 1 January 2023.
Minister Burke highlighted the prompt implementation of these rules to reduce reporting obligations and costs for businesses, particularly benefiting small companies in crucial sectors across the country. Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary, emphasized that the regulations align with the Government’s goal to lessen administrative and regulatory burdens on Irish enterprises, significantly aiding small companies that are vital to local economies. Read the full announcement here.
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