The Stay and Spend Scheme
announced through the July Jobs Stimulus package was designed to support the
hospitality and tourism sectors impacted by the pandemic. However, the scheme
appears to be adversely impacted by public health restrictions since its commencement in October. The total costs of claims included in 2020 income tax
returns, as of mid-January amounted to €305,430.
The
scheme was
initially estimated to cost about €270 million, based on spending of about €1
billion between October 2020 and April 2021. The total expenditure recorded
under the scheme in mid-January amounted to €6.8 million, with a potential tax
cost of €1.4 million.
The
UK equivalent, the Eat out to help out scheme, operated throughout the summer
of 2020 and cost HM Treasury £850 million – two-thirds more than budgeted.
Further
information on claims under the Stay and Spend Scheme is available through the Oireachtas
website.
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