Costs for implementing social distancing measures are tax deductible: Revenue Commissioners
Minister says capital allowances would provide an annual deduction from income, of 12.5% of the expenditure, for eight years
Print30 June 2020
Independent retailers’ representative group RGDATA has advised members that costs incurred in implementing social distancing measures are tax deductible.
Finance Minister Paschal Donohoe said the Revenue Commissioners have advised that where a business incurs costs to implement social distancing measures for the purposes of the trade or profession concerned, those costs will be tax-deductible under the general income tax and corporation tax rules.
“Capital expenditures are not immediately tax-deductible for the year of such expenditure,” Minister Donohue said during Parliamentary Questions.
“However, if a business were to incur capital expenditure on plant and machinery to implement social distancing measures capital allowances could be claimed on that expenditure,” he added.
“These capital allowances would provide an annual deduction from income, of 12.5% of the expenditure, for eight years.”*
*(Source: Minister for Finance, Paschal Donohoe TD, 20 May 2020, PQ. 106)
Related Articles
Circle K now selling Covid-19 antigen tests across its network of service stations →
Fans 0
Followers