CCAB-I calls for emergency measures to help businesses survive
The CCAB-I recently launched its 2021 Pre-Budget Submission to Government. Key points covered by the submission include the need for urgent amendments to various tax rules to support the SME sector, urgent concessions on the tax treatment of TWSS payments in the hands of PAYE workers and a proposal to write-down the first €10,000 on the balance of 2019 tax liability owed by self-employed individuals.
The CCAB-I’s Pre-Budget Submission was sent to all TDs and Senators and includes calls for the implementation of the following emergency measures:
- The early recognition of 2020 corporation tax losses
- The suspension of surcharges and interest for the Autumn tax compliance deadlines
- Extending the warehousing scheme to corporation tax debt
- Continued prioritisation of refunds and interim payments for all of 2020
- A MyEnquiries customer response standard of five working days
- The taxation of landlords on a rent received basis for 2020
- COVID-19 tax measures to be put on a legislative footing
- Amendment of the stock relief rule for 2020
- The reintroduction of the 9 per cent VAT rate for the hospitality sector
- The introduction of postponed VAT accounting for imports of goods from the UK.
The CCAB-I also calls for the introduction of the R&D micro-companies focused measures currently awaiting a Ministerial Order along with the adoption of measures to enhance Entrepreneur Relief as recommended by Indecon. The Submission also sets out how reliefs and incentives such as KEEP, EIIS, SURE and SCI all require refinement to operate at optimal levels to assist taxpayers to recover from the impact of COVID-19 restrictions. See the press release accompanying the launch for more information.