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Saturday, January 16, 2021

Revenue aims to ‘minimise any financial hardship’ on paying back wage subsidy tax

Revenue have stated that anyone who is in receipt of the government’s wage subsidy scheme is liable to pay tax.

However, this tax will not have to be paid until the end of the year.

This will also apply to anyone who received unemployment payment during the pandemic.

According to the Minister for Finance ‘Paschal Donoghue’, Revenue plans to “minimise any financial hardship to the greatest extent possible”.

Donoghue stated that an accurate estimate on how much someone will owe is not possible right now, it is unknown that the individual may face a tax bill at all.

Donoghue added that “The level of tax and USC due by any person at year end in respect of TWSS and PUP payments may be reduced or eliminated by the amount of unused tax credits available. Any liability due may also be further reduced if the person has additional tax credits, for example health expenses, to offset”.

The amount of tax that you pay will depend on a variety of factors:

The person’s civil status, available tax credits, the amount received on the subsidy scheme/pandemic unemployment, top-up payments from their employer, and other credits such as health expenses.


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