Increased Cost of Business (ICOB) Grant
The increased cost of doing business in Ireland has emerged as a pressing concern for businesses across various sectors. Factors such as rising rents, labour costs, and regulatory compliance expenses have contributed to the overall burden. As a result, companies operating in Ireland are grappling with the challenge of maintaining competitiveness while navigating the economic landscape shaped by these rising costs.
The Increased Cost of Business (ICOB) grant in Ireland, which was announced by the Government as part of Budget 2024, represents an important step by the Department of Enterprise, Trade and Employment (DETE) in supporting businesses most affected by the burden of increased costs. The package signed off by the Government was €257m for the Scheme in which eligible small to medium sized businesses can apply to receive a once-off grant payment, based on their Commercial Rates bills.
How does the ICOB grant work?
This grant is available to eligible business owner’s and will be based on the value of their Commercial Rates for 2023.
The scheme will be administered by the local authorities, funded through the DETE.
How much is the grant?
The grant is based on the value of the Commercial Rates bill received by an eligible business in 2023.
For qualifying businesses with a 2023 Commercial Rate bill of <€10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023.
For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.
What businesses are eligible to receive the grant?
The following are the main qualifying criteria:
Your business must be a commercially trading business currently operating from a property that is commercially rateable.
Your business must have been trading on 1st February 2024 and you must intend to continue trading for at least three months from the date you verify your information.
You must provide confirmation of your bank details.
Your business must be rates compliant. Businesses in performing payment plans may be deemed to be compliant.
Your business must be tax compliant and must possess a valid Tax Registration Number (TRN).
Businesses who do not have a rateable premises are not within the scope of this scheme. This scheme is a grant not a rates waiver, rates should continue to be paid to local authorities.
How do I avail of the grant?
Local Authorities are currently in the process of developing systems to manage the submission of essential information.
These systems are due to be available in mid-March and each Local Authority is to provide a contact number and, in some cases, a dedicated email address for any queries from businesses.
Further guidance will be issued to commercially rateable businesses in the next few weeks.
For further information keep an eye on your local county council website.
What is the closing date?
The closing date for businesses to confirm eligibility and to upload verification details will be 1st May 2024.
How UHY FDW can help
If you need any assistance with your ICOB grant application, our team can help you
Local Authorities
The Local Authorities are in the process of putting a system in place to roll-out the grant. Information on the Scheme is currently being placed on Local Authorities websites. Below are some examples of the information available from your Local Authority: