There has been calls for tax reductions and the spread of tax payments for businesses across Ireland due to the rapid increase of Covid-19 in Ireland.
As thousands of people lost their jobs last week, and many businesses had to close their doors, the Irish economy is facing major financial implications due to Covid-19.
Many sectors in Ireland have crumbled, businesses both big and small have either reduced their staff numbers or shut their doors completely. This is most notable in the hospitality and tourism sectors.
For these industries, tax returns for 2019/2020 are due in September 2020. Working capital is needed for the operation of these businesses and the current economic climate in Ireland may force some companies to use the funds they would pay their tax returns with, to pay staff.
Peter Finnegan, Seanad NUI panel candidate said that "Revenue should now take a decision to allow for a spreading of the tax liability due from 2019/20 over the two year period 2020/21 and 2021/22, allowing small businesses to use the funds set aside for tax liability to fuel their recovery. Such a tax-spreading approach would also enable those businesses to retain staff even on a part-time basis over the coming eight weeks.”
Finnegan continued to outline the anxieties of many business owners in Ireland as "the provision of an online national ‘Reconstruction and Change Ideas Bank’ will facilitate the crowd sourcing of the knowledge and wisdom of our people. Dealing with the present emergency has given many people ideas about what could change in our economic model, in our education system and in society. We should harvest now those ideas , create an online form of the Citizens Assembly that has served us well, and be ready to embark not just on a reconstruction of what existed before , but on the building of a new order with changes that are long overdue in how our economy and society operates.”
The urge to flatten the Covid-19 curve, and think ahead is prominent within Irish society. Social distancing is still regarded as our primary weapon in the fight against Covid-19.