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ROI July Stimulus Package - Headline points

The Govt has announced a €7bn package of new measures to boost the Irish economy:


• TWSS will be succeeded by EWSS and will run until April 2021 [Turnover 70% test] • VAT to decrease from 23% to 21% for 6 months from 1 Sept 2020 • Waiver of commercial rates until 30 Sept 2020 • A stay & spend tax credit worth up to €125 p/p on spend of €625 [accom, food and non-alcoholic drinks] between Oct 2020 and April 2021 • In certain cases, earlier carryback of trading losses will be permitted to release tax refunds • PUP was due to end in August but will be extended until 1 April 2021 with reduced payments • A €2bn credit guarantee scheme to support businesses [80% Govt guarantee] • 0% bank interest for first year of SME loans • €450m package of business supports including €250m for the Restart Grant.  Restart Grant criteria to be broadened [€25,000 max] • Cycling allowance of €1,000 to increase to €1,250 & to €1,500 for electric bikes • Grant for self employed individuals who do not qualify for business restart grants • Enhanced assistance for First time buyers to stimulate demand • €200m package of employment & training supports • Packages for capital projects including infrastructure/schools/transport/tourism/town & village renewal, etc

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Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.