Twss what does it mean

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Published: 05 October Please rate how useful this page was to you Print this page. It looks like you have JavaScript disabled. The ultimate tax position of the subsidy payment at year end requires clarification as soon as possible.

This has been raised with Revenue. This appears to have gone under the radar in public discussions and debates to date. It is hoped that the intention is not to apply a retrospective tax charge at year end. However, it is a key point arising from the Revenue commentary to date and related draft legislation. Revenue has confirmed that employers hit by a significant decline in business but who retain strong cash reserves which are not required to fund debt will still qualify for the Scheme.

The expectation is however that such employers would continue to pay a significant proportion of their employees' wages. The onus lies with employers to self assess their eligibility for the Wage Subsidy Scheme.

Although Revenue is not looking for up front proof of eligibility, employers face the likelihood of verification reviews from Revenue. In this regard the employers documentation, data and projections are likely to be required to satisfy any future Revenue queries. These should be compiled as part of the employer's overall eligibility due diligence process. Employers may wish to review whether they had any personnel on their payroll on 29 February and whom they subsequently laid off.

Such individuals are now eligible for the Scheme and it will be necessary to reinstate them on the payroll in order to obtain the wage subsidy. However it also specifies that the income is taxable on the employee. It remains to be seen what this will mean in practice for individual employees and we continue to seek clarification from Revenue on this point.