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July Jobs Stimulus 2020 – Update

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).

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