Finance Bill 2020 – Report Stage Amendments

Dec 07, 2020

The Finance Bill 2020 Report Stage debates took place in the Dáil last Wednesday and Thursday. In line with recent announcements, amendments have been proposed by the Minister for Finance for the CRSS restart week payment and the acceleration of capital allowances on farm safety equipment. An amendment to the transfer pricing provisions included in the Bill provide for the relevant section to be subject to commencement by Ministerial Order, instead of applying to chargeable periods on or after 1 January 2021.

Accelerated capital allowances for farm safety equipment

In line with the recent announcement from the Minister for Finance, the Report Stage Amendments to the Bill include provisions for accelerated capital allowances on farm safety equipment.

Covid Restrictions Support Scheme

The Report Stage Amendments to CRSS are as follows:

  • To provide for an extra ‘restart week’ payment for businesses, the week after restrictions are lifted, as an additional support in reopening;
  • To provide that the CRSS will be effective from 15 October 2020;
  • To provide for claims to be made within three weeks of the registration date, if that date is after the eight weeks; and
  • To provide for the warehousing of over-claims, where no future claims take place.

Transfer pricing

Section 15 of the Bill is now subject to a commencement order. Chartered Accountants Ireland, under the auspicious of the CCAB-I, made representations to the Department of Finance on the concerns of the Irish business community on the impact of the transfer pricing provisions included in the Bill.

Further information on Report Stage Amendments to the Finance Bill can be found on the Oireachtas website.