July Stimulus Package – the key details 

Announced on 23 July 2020

On 23 July, the coalition government announced their long-awaited stimulus package, which aims to protect the Irish economy and support businesses across all sectors. The package, estimated at €7.4bn, contains a mix of measures that include tax cuts, expenditure and support credits.

Job retention and creation is a key focus of the package, with the government looking to alleviate cash flow difficulties for business through extending the wage subsidy scheme, rates waivers and access to more affordable and longer-term debt funding.

The consumer will also benefit from the package, with tax rebates available for those holidaying in Ireland, an increase in the first-time buyers help-to-buy-scheme and a drop in the standard VAT rate from 23% to 21% for a six-month period. 

This document provides an overview of the key elements of the government announcement. As further details of the support packages emerge, we will provide updates via our COVID-19 Resource Hub.

The COVID-19 pandemic has resulted in unprecedented change for businesses. Managing the crisis requires leadership, vision and foresight. At Crowe we understand the obstacles, the challenges and the risks and are ideally placed to help you adapt and create lasting value for tomorrow. For further information on how Crowe can support your business, please contact me or your usual Crowe advisor.

Naoise Cosgrove
Managing Partner

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