The Help to Buy (“HTB”) scheme is an incentive for first-time property buyers to assist with the deposit required to buy or build a new house or apartment to live in as the buyer’s home. The incentive provides for a refund of Irish Income Tax and Deposit Interest Retention Tax (“DIRT”) the buyer has paid over the previous four […]
Tag Archives: Cvoid 19
July Job Stimulus – Debt Warehousing
The Government has legislated to allow for (i) VAT and PAYE (Employer) liabilities incurred during the period of restricted trading caused by COVID-19 to be deferred or “warehoused” for a period of 12 months after a business resumes trading and for (ii) the application of a lower interest rate of 3% per annum on the […]
July Job Stimulus – Temporary Income Tax Relief
The July Stimulus Plan (and subsequently the Financial Provisions (Covid-19) (No. 2) Act 2020) provides for a number of temporary income tax measures to assist self-employed individuals who have been adversely impacted by the Covid-19 restrictions. These income tax measures include: Self-employed can make an interim claim for 2020 losses and unused capital allowances against […]
July Job Stimulus – Temporary Acceleration of Corporation Tax Loss Relief
The Financial Provisions (Covid-19) (No. 2) Act 2020 provided for a temporary acceleration of corporation tax loss relief for accounting periods affected by the Covid-19 pandemic and related restrictions. The purpose of the relief is to provide cash-flow support to previously profitable companies who have become loss-making during the period impacted by Covid-19 and the associated […]
July Job Stimulus – Employment Wage Subsidy Scheme
EWSS is an economy-wide enterprise support that focuses primarily on business eligibility. The scheme provides a flat-rate subsidy to qualifying employers in businesses negatively impacted by COVID-19 based on the numbers of eligible employees on the employer’s payroll. The EWSS will replace the Temporary Wage Subsidy Scheme (TWSS) from 1 September 2020 and is expected to continue until […]
July Job Stimulus – Temporary Change in the Standard VAT Rate
As part of the July Stimulus Plan, the Irish government announced the temporary reduction in the standard rate of VAT from 23% to 21% with effect from 1 September 2020. It is intended that this temporary rate reduction will be in place for a period of 6 months to 28 February 2021. This rate change […]
July Job Stimulus – Overview of Tax Measures
On 23 July 2020, the Irish government announced the July Jobs Stimulus Plan, a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence. This Plan is the next stage in Ireland’s response to the COVID-19 crisis. The following key tax measures were included within the Stimulus Plan: Reduction in the standard VAT rateThe standard rate […]