The Minister for Finance, Paschal Donohoe TD, has published the
Finance Bill 2022 following approval by Government earlier this month.
The Finance Bill 2022, which runs to 93 sections and over 200 pages, implements the taxation changes announced on Budget Day as well as introducing some necessary administrative and technical changes to the tax code.
The Bill will transpose recent EU and OECD agreements in respect to important new tax transparency rules for digital platforms.
The Bill provides for the income tax changes, the Temporary Business Energy Support Scheme (TBESS), the rent tax credit and the Defective concrete blocks levy which were announced on Budget Day. It also contains a number of additional taxation measures that were not announced on Budget Day such as the increase in the threshold for cargo bikes under the cycle to work scheme and changes to the Key Employee Engagement Programme (KEEP).
Commenting on the publication of the Finance Bill, Minister Donohoe stated:
“The Finance Bill 2022 sets out the legislative provisions to bring effect to the tax measures announced in Budget 2023. This is a ‘Cost of Living’ Budget that underlines the Government’s commitment to help individuals, families and businesses to deal with the challenge of rising prices.
The Finance Bill implements a range of targeted tax changes including specific measures to support families, businesses and to address climate change. The Bill also contains a number of administrative changes to the tax code, reflects recent international developments, and seeks to protect and enhance the integrity of our tax code.
One of the key policies announced in the Budget was the Temporary Business Energy Support Scheme. The Finance Bill today outlines further detail to the scheme which will be available to trading and professional businesses who are experiencing significant increases in their energy costs. Revenue will publish the guidance on the scheme in the coming days and it will be open for claims in November.
I look forward to bringing the Finance Bill, which is an important legislative instrument through the Oireachtas over the coming weeks.”
Finance Bill in full