Monday, 27 July 2020 12:21

#IRELAND - Government announces €5bn stimulus package to reboot economy

#IRELAND - On 23rd of July, a €5 billion rescue package has been unveiled by the government in an effort to boost the economy of Ireland.

The measures that will be implemented aim at saving jobs and economy rocked by the crisis. 

One of the key measures announced is that the standard rate of VAT will be cut from 23% to 21% across the board and this cut is intended to stay in place for 6 months.  

The stimulus package also includes: 

-100 M of employment supports which will include recruitment subsidies  and work experience support. Employer as well will receive an incentive of 3,000 euro to take ok apprentices.

- 450 M of business support which includes commercial rates waiver for a further 6 months and business granata increased by 15,000.

- A Tax rebate worth up to 125 euro per person to boost tourism during the off season period (minimum spend 625) 

- Temporary wage scheme is going to be replaced by the Employment Wage subsidy scheme and will run from 1st of sept until 31 March. The new scheme will be run as a subsidy through the payrolls . The employment wage scheme will have a wider audience then the previous temporary wage scheme.

- Pandemic unemployment payment has been extended until April next year

- 10,000 euro increase in the help to buy scheme.

Further details of the measures will be released further in the next days.

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