Thousands of workers who received State wage subsidies during 2020 will receive details of their tax bill next week
However the tax doesn't have to be paid in full up front
Some employees who were on the Temporary Wage Subsidy Scheme and the Pandemic Unemployment Payment could face Revenue bills of more than 1,000 euro.
However the tax doesn't have to be paid in full up front - there's an option for it to be collected over a period of four years
Laura Donnelly has this report for RedFM News
"People will be informed next week about how much they owe in tax, if they were on the Temporary Wage Subsidy Scheme or the PUP last year.
Norah Collender, from chartered accountants Ireland, says workers weren't taxed at the time due to the emergency nature of the situation:
"So the tax wasn't collected as normal through the payroll system. So while the TWSS was paid to employers as a wage subsidy, the employee wasn't taxed in what they call real time so the the tax liability on it didn't come out of their pay packets, as the payments were being made to their employer"
Sinn Féin's Finance Spokesperson, Pearse Doherty says this situation is now unfair :
"For one of these payments for a portion of the year last year, from March until August that payment - the pandemic unemployment payment - under law was tax exempt, and there's no ifs buts or maybes - it was tax exempt. And what the government did was that they rewound the clock, they did something that was never done before, in the history of tax legislation, and that is the retrospectively taxed it"
It doesn't have to be paid in full up front - there's an option for it to be collected over a period of four years, from 2022, via a reduction of tax credits
More from Coronavirus
-
83% Of CEOs Say Their Business Will Be Negatively Impacted By Covid-19
That's according to a new Dublin City University study
-
One Flight Into Ireland Last Summer Caused 59 Covid-19 Cases In Six HSE Regions
That's the findings from a new study by Eurosurveillance
-
There Has Been A Slight Increase In The Number Of People In Hospital With Covid-19
1,914 people are currently receiving treatment
-
Ireland May Receive 300,000 Fewer Doses Of The AstraZeneca Vaccine Over The Next 2 Months
It follows the company's announcement of delayed EU deliveries
-
Ireland's Exit From Level 5 Will Be Much Slower Than Previous Lockdowns
That's according to the Taoiseach
-
The Government Is Set To Expand Covid-19 Business Support Schemes
They will extend into the second quarter of the year
-
The HSE Admits Some Hospitals Kept Giving Covid-19 Vaccines To Their Admin Staff
That's despite being told to have lists of frontline workers on standby for any extra doses
-
The Chief Medical Officer Dr. Tony Holohan Says We Are Starting To Flatten The Curve
However he insisted that people must avoid meeting others
-
INMO: Covid-19 Infection Rates 'Out Of Control' In Hospitals
Almost 2,000 frontline healthcare staff have caught the virus in their workplace over a 2 week period
-
Taoiseach: AstraZeneca Announcement A "Worrying Setback"
The company announced it's cutting back on its vaccine deliveries
-
13 Residents At A Dublin Nursing Home Have Died During A Large Covid-19 Outbreak
There was an outbreak at Lusk Community Nursing Unit
-
1,846 People In Hospital With Covid-19
It's a slight reduction on the previous 24 hours