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ARTICLE · 28 JULY 2020

Five Key Takeaways From The July Stimulus Plan

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The July Stimulus Plan (the "Plan") was officially unveiled by the Government on Thursday 23 July 2020, setting out a host of measures to support businesses and employment as the Government...

IrelandTax
David Rodgers
David Rodgers
John Cuddigan
John Cuddigan
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The July Stimulus Plan (the "Plan") was officially unveiled by the Government on Thursday 23 July 2020, setting out a host of measures to support businesses and employment as the Government response to Covid-19 shifts to a long-term footing. The Plan will inject a massive total of €7.4 billion into the economy and in this respect dwarfs any normal Budget.

In this Bulletin we highlight the key taxation measures contained in the Plan which may not have attracted the same attention as the changes to the WSS and the PUP but will be of real interest to businesses and their advisers. 

1. Reduction of Interest Rate on Settlement of All Tax Liabilities

One of the more significant elements of the Plan is the quiet announcement that the interest rate applying to agreed repayments of all tax debt will be reduced to 3% where agreement has been reached with Revenue prior to 30 September 2020. This reduction from the usual interest rates of 8% to 10% on such liabilities may

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