The Minster for Finance published “the Spring Finance Bill” (Finance (Covid-19 and Miscellaneous Provisions) Bill 2022) on 4 March 2022 following Cabinet approval on 1 March.
The Bill provides a legislative basis for the extended and increased supports announced by the Government when public health restrictions were reintroduced in December as well as supports announced in January as businesses reopened. These include amendments to:
- the Employment Wage Subsidy Scheme (EWSS),
- the Covid Restrictions Support Scheme (CRSS),
- the Tax Debt Warehousing Scheme,
- the application of the waiver of excise duty for special exemption orders for late licences from 26 January until 30 April 2022.
These supports have been vital to businesses throughout the pandemic. These measures are being implemented by the Revenue Commissioners on an administrative basis pending this Bill.
The Bill also addresses a small number of other measures such as the tax-free nature of the Pandemic Recognition Payment and stamp duty changes to provide for a partial repayment scheme for properties designated as cost rental dwellings.
The Spring Finance Bill was published against the backdrop of a positive economic outlook. The latest Exchequer figures show that tax receipts continue to record strong growth over the first months of the year. The trends are a good signal of the continued momentum in the domestic economy – predominantly the ongoing recovery of employment levels and increased consumer spending.
As we emerge into a post-COVID world with a sense of cautious optimism, it is hoped that progress along the road to recovery continues and that stability in a time of geopolitical uncertainty can prevail.
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