Now that the legislation to enact the July Jobs Stimulus package has been passed into law, Revenue has now issued a press release with further details on the tax measures announced including:-
- Measures to assist businesses in dealing with tax debt
- Debt Warehousing of certain PAYE (Employer) and VAT debts.
- Reduced interest rate for outstanding debt that does not qualify for warehousing.
- Temporary acceleration of Corporation Tax loss relief.
- Temporary Income Tax relief for self-employed individuals carrying on a trade or profession.
- Reduction in the standard rate of VAT from 23% to 21%.
- Introduction of the new Employment Wage Subsidy Scheme (EWSS).