Extension of Temporary Wage Subsidy Scheme until end August is the right call

Jun 05, 2020

Chartered Accountants Ireland has responded to the announcement this afternoon by Minister for Finance and Public Expenditure and Reform, Paschal Donohoe, TD that the Temporary Wage Subsidy Scheme (TWSS) is to be extended until the end of August. 

In the face of unprecedented disruption following the arrival of COVID-19, the swift introduction of this Government scheme has been a vital lifeline for businesses since March.  By retaining that crucial link between employer and employee, it not only provided immediate support for businesses but also positions them as strongly as possible for recovery when the time comes.

Dr Brian Keegan, Director of Public Policy at Chartered Accountants Ireland said

“Ireland’s subsidy scheme compares extremely favourably with similar initiatives worldwide, and credit is due to the Revenue Commissioners for in effect putting the PAYE system into reverse to make the scheme work effectively. 

“Today’s extension of the TWSS brings much needed clarity for businesses at a time when the economy is gradually being reawakened. It allows businesses to plan for the coming months with a greater degree of confidence.”