Recipients of the Government's new Covid Restrictions Support Scheme (CRSS) will have their names published on Revenue’s website, according to proposals published in the Finance Bill.

The scheme, announced in Budget 2021, will enable firms or self-employed people whose businesses are closed temporarily or whose turnover has been significantly reduced due to the movement to Level 3, 4, or 5 Covid-19 restrictions to claim an advance tax credit.

However, the Finance Bill says certain businesses may also qualify for the support where lower levels of restrictions are in operation.

The credit available will be equal to 10% of their average weekly turnover last year up to €20,000 and 5% thereafter, up to a maximum weekly payment of €5,000 for each week the business is impacted by the restrictions.

In order to qualify for the CRSS, the bill says turnover must have fallen by 25% compared to the average weekly turnover in 2019, not 20% as stated on Budget Day.

If a business is new, then the average weekly turnover this year will apply as the benchmark.

The claimant must also have an up to date tax clearance certificate and have complied with any VAT obligations.

The claim will have to be made via the Revenue Online Service and include a declaration from the claimant that they satisfy the conditions.

The Finance Bill typically gives legislative effect to the provisions of the national Budget every year.

If enacted, this year’s bill will also bring in the €7.50 per tonne hike in the carbon tax as well as the planned changes to the motor tax and VRT systems.

The cut in the VAT rate for tourism and hospitality services, from 13.5% to 9%, is also included.
 

The bill also provides for an extension of the tax warehousing scheme to include excess Temporary Wage Subsidy Scheme (TWSS) payments received by an employer which are due to be repaid to Revenue, as well as the balance of 2019 income tax and 2020 preliminary tax obligations for the self-assessed taxpayers whose income has been adversely affected by Covid restrictions.

Enhancements to the rates of subsidy available under the Employment Wage Subsidy Scheme (EWSS), announced earlier this week, will be introduced during the passage of the Bill through the Oireachtas.

Changes in ceilings for the Universal Social Charge, which were increased to ensure the salary of a full-time worker on the minimum wage will remain outside the top rates, are also listed.

It also includes an exemption from income tax for payments made by or on behalf of the HSE to a carer under the Home Sharing Host Allowance and for Mobility Allowances.

The bill also gives effect to the budget announcement to increase the Dependent Relative Tax Credit from €70 to €245 as well as the increase in the earned income credit from €1,500 to €1,650 from January 1.

The provisions necessary for the extension of the enhanced Help-to-Buy scheme for another year to December 31 2021 are also included in this year's bill, which runs to 74 sections and over 100 pages.

The extension of the Section 481 film tax relief for another year is also included as is the extension of the Knowledge Development Box relief for a further two years.

The 50c increase in the pack of 20 cigarettes is also given effect in the bill.

A waiver of the excise duty due on the renewal of public dancing licences and certificates of registration of clubs in 2020 is also part of the draft legislation.

The banking levy will also increase from 170% to 308% of the DIRT paid last year, in order to maintain the targeted €150m yield next year.