Irish Revenue announced certain tax relief measures designed to help support small and medium businesses (SMEs) experiencing cash-flow and trading difficulties as a result of the coronavirus (COVID-19) pandemic.
The relief concerns value added tax (VAT) and “pay as you earn” (PAYE) obligations, such as:
Irish Revenue also announced that the planned “relevant contracts tax” (RCT) scheduled for March 2020 is suspended. RCT is a withholding tax that applies to certain payments by principal contractors to subcontractors in the construction, forestry, and meat-processing industries, at rates of tax of 0%, 20%, and 35%.
Irish Revenue announced that critical pharmaceutical products and medicines will be given “green routing” status for customs purposes in order to provide for an uninterrupted importation and supply process.
Read a March 2020 report prepared by the KPMG member firm in Ireland
Also refer to a report produced by KPMG in Ireland: Covid-19 (Coronavirus) Guide for employers and employees
Read also a March 2020 report addressing business continuity plans to consider in response to COVID-19
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