A new Covid Restrictions Support Scheme (CRSS) was announced by the Minister for Finance, Paschal Donohoe T.D., during his Budget speech on 13 October 2020. The CRSS provides targeted support to businesses forced to close or whose trade has been severely restricted by the ongoing public health restrictions. The support will take the form of a cash rebate to businesses based on their average VAT-exclusive turnover for 2019 and will represent an Advance Credit for Trading Expenses (ACTE) that are deductible for income tax or corporation tax for the period of the restriction or reduction in activity from 13 October 2020.
The Institute issued a bulletin to members on 22 October 2020 with a Q&A on the details and key features of the CRSS, as outlined in Finance Bill 2020, given the level of interest in this support with the move to Level 5 public health restrictions. We summarise the key features of this important scheme, published in section 11 of the Bill, in the link below:
December 2020 – Revenue Webinar on CRSS
December 2020 – Important Revenue update for businesses eligible for CRSS