Some welcome news was announced last Friday evening by Minister for Enterprise, Trade and Employment, Peter Burke TD, with the signing into law of the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 (S.I. No. 301 of 2024).
This increases the balance sheet and turnover thresholds for ‘micro’, ‘small’, ‘medium’, and ‘large’ companies in the Companies Act 2014 by 25 percent. This increase reflects the average cumulative inflation recorded across the EU from 2013 to 2023.
The legislation comes into effect from 1st July 2024 and the measures apply for financial years beginning on or after 1 January 2024 with the option to early adopt and apply the measures on or after 1 January 2023.
See below for full details of the announcement.
