Welcome to the latest edition of our Tax issue for 2020.
This edition is published following the recent US election with a new President-Elect expected in the USA, which is always likely to be a game changer, regardless of your political colour. The US President has a significant influence on the world economy and, despite the added attraction of the new President-Elect being Irish-American, any new president will most definitely continue with the strategy of bringing US investment back to America.
Unfortunately with so much to do at home, the new President-Elect will have less time to offer to world affairs. Nevertheless, a new and different president, one who better understands the relationship between the UK and Ireland, and the UK and Europe, will hopefully bring some weight to bear into our current Brexit negotiations with the UK. But for many Irish businesses, many of whom are preparing for Brexit, the most immediate issue affecting them most this Winter continues to be the COVID-19 pandemic and ensuring their business survives until such time as a vaccine becomes available which, with recent news, is looking more and more positive.
As a result, in this Tax issue, we focus on a COVID 19 Checklist and recap on the key tax measures introduced to assist businesses in this crisis, both prior to and as part of the recent Finance Bill. We look at the latest developments in:
- Employment Wage Subsidy Scheme (‘EWSS’)
- Covid Restrictions Support Scheme (‘CRSS’)
- VAT
- Debt Warehousing
- Income Tax / Corporate Tax Losses
We also look briefly at what can businesses and taxpayers do prior to the end of our tax year, being 31st December, in order to reduce their tax burden so that funds are retained in the business.
Contact Us:
To discuss the above in further detail, please contact our team on (01) 6440100 / (090) 6480600:
- Mairead O'Grady, Taxation Partner
- Patrick Fannon, Taxation Manager
