Finance Bill 2019 was published on 17 October 2019 and in addition to giving effect to measures announced in Budget 2020, the Bill also contains a number of new measures, mainly of a technical nature.
Of most interest to the SME sector are the welcome changes made to the EII Scheme, R&D tax credits and also the KEEP Scheme with a view to supporting Irish business, especially those small or medium sized enterprises which will be most affected by the UK leaving the EU.
The Bill also provides for the implementation of a range of important tax changes in support of the Governments’ Climate Action Plan.
As part of Ireland’s commitment to implement the implementing the EU Anti-Tax Avoidance Directive, the Bill makes further changes as required and enhances Ireland’s position internationally with reforms in relation to transfer pricing in line with OECD guidelines.
The Bill also provides for the application of the 13.5% rate of VAT on food supplements.
We have summarised the key amendments below.
- Personal Taxes
- Business Taxes
- Capital Taxes
- Supporting Businesses
- VAT / Excise Duties, Carbon Taxes and the Environment
We hope you find our commentary on Finance Bill 2019 of interest and we will keep you updated on developments as the Finance Bill passes through the Dail.
To discuss in confidence what the measures mean for you or your business please contact a member of our specialist tax team or your usual RBK contact.