On 24 June 2021, the Government released the Finance Bill for 2021, which includes new and extended measures to support businesses as declared on 1 June 2021 in the government’s Economic Recovery Plan. The main highlighting points of the Bill is given below:
- The Bill will be introduced a new Business Resumption Support Scheme (BRSS) in September 2021 for businesses whose turnover is reduced by 75% compared to 2019 as a result of public health restrictions. The scheme will not be restricted by location, rate paying or physical premises. Qualifying businesses will be able to apply to Revenue for a cash payment.
- According to the Bill, the lower 9% VAT rate facilities extend until September 2022 and extension of the Commercial Rates Waiver until the end of September will be welcome announcements to businesses operating in sectors such as tourism, hospitality, entertainment, and certain personal services such as hairdressing.
- Extension of employment wage subsidy scheme (EWSS) is being extended through 31 December 2021. The current payments rates are also extended through 30 September 2021.
