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The Minister for Enterprise, Peter Burke, has signed into law the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024. This pivotal legislation increases the balance sheet and turnover thresholds for categorizing companies by 25%.
Here’s what you need to know:
- Effective Date: The new thresholds will be effective from 1st July 2024.
- Immediate Application: Companies can benefit immediately for financial years starting on or after 1 January 2024.
- Early Adoption Option: There’s an option to apply these measures for financial years beginning on or after 1 January 2023.
- Updated Thresholds: The categories ‘micro’, ‘small’, ‘medium’, and ‘large’ have updated criteria, allowing more companies to qualify for the benefits associated with their new size classification. The new thresholds are outlined in the table below:
| Thresholds | Micro Company (not exceeding) | Small Company (not exceeding) | Medium Company (not exceeding) | Large Company (exceeding) | |
| Turnover | Old Threshold | €700,000 | €12,000,000 | €40,000,000 | €40,000,000+ |
| New Threshold | €900,000 | €15,000,000 | €50,000,000 | €50,000,000+ | |
| Balance Sheet Total | Old Threshold | €350,000 | €6,000,000 | €20,000,000 | €20,000,000+ |
| New Threshold | €450,000 | €7,500,000 | €25,000,000 | €25,000,000+ |
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