By john
SI 301 of 2024 European Union (Adjustments of size criteria for certain companies and groups) has been signed by Minister Burke and will be effective from 01 July 2024.
The size threshold criteria for certain companies and groups will increase as follows:
– Micro company: a balance sheet not greater that €450,000 with a net turnover of €900, 000 and 10 employees.
– Small company: a balance sheet no greater than €7.5 million with a net turnover of €15 million and 50 employees.
– Medium sized company: a balance sheet must be no greater than €25 million with a net turnover of €50 million and 250 employees.
– Large company: a balance sheet no greater than €25 million with a net turnover of €50 million and 250 employees, or that exceeds the thresholds for a medium company.
The measures apply for financial years beginning on or after 1 January 2024, enabling companies to benefit from the adjusted thresholds immediately. Companies may elect to apply the measures on or after 1 January 2023.