Five things you need to know about tax, 19 February 2021

Feb 19, 2021

In Irish tax developments, the Government announces a new grant scheme for businesses ineligible for the Covid Restrictions Support Scheme (CRSS) and the Minister for Finance indicates that the standard VAT rate will revert to 23 percent. On the UK front, Invest NI are providing one to one EU exit support for businesses. While in international tax, the European Commission seeks feedback on the VAT rules for financial and insurance services.

  Ireland

  1. A new grant scheme, the COVID-19 Business Aid Scheme will provide €60 million in support to CRSS ineligible businesses;
  2. The Minister for Finance, Paschal Donohoe, indicates an extension to the temporary reduction in the standard rate of VAT is unlikely;

    UK

  3. Take a look at one-to-one EU exit supports for businesses from Invest NI;
  4. Read this week’s update on the job retention scheme; and

    International

  5. The European Commission seeks feedback on a new public consultation that considers the VAT rules for financial and insurance services.

Keep up to date with all the latest in Irish, UK and international tax developments through Chartered Accountants Ireland’s Tax Newsletter.