Tax cut on company cars extended for further year as part of budget plans 

New plans announced as part of Budget 2024 include aims to encourage the use of electric vehicles for company car purchases

In an effort to combat these increases, a relief of €10,000 was introduced to be applied to the original market value of cars in Category A-D to reduce the amount of Benefit-in-Kind payable. Issue date: Wednesday August 9, 2023.

Finance Minister Michael McGrath has announced a one-year extension of temporary changes to the Government's CO2 tax regime for company cars. 

Announcing the plans as part of Budget 2024, Mr McGrath said he would be implementing a twelve month extension of the €10,000 temporary universal relief to the original market value of vehicles announced earlier this year.