This podcast was recorded on 30 November 2022.

Kim Doyle, Tax Director with Grant Thornton chats with Janette Maxwell, VAT Director, about the VAT measures in Finance Bill 2022. Janette explains that the VAT measures are mainly of significance to the Financial Services Industry. 

Before speaking with Janette, Kim reviews the latest key tax developments:


Temporary Business Energy Support Scheme (TBESS)

The European Commission State granted state aid approval for the TBESS at the end of November. The approval meant that Revenue were able to proceed with opening the TBESS online system for registrations on Saturday 26 November. Businesses can now submit claims under the scheme. Read our insight to learn more about the latest updates to the TBESS.


Finance Bill 2022

Finance Bill 2022 passed the Dáil on 23 November 2022.


Tax Credit for Digital Games

Regulations providing for the Tax Credit for Digital Games were signed by the chairman of the Revenue Commissioners at the end of November. The relief will take the form of a refundable corporation tax credit available to digital games development companies for qualifying expenditure incurred on the design, production and testing of a digital games.

Digital games development companies can apply for an interim certificate from the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media for a qualifying digital game. It is expected certificate holders will then be able to apply for remuneration from Revenue from 1 January 2023.


VAT measures

Kim and Janette discuss:

  • The VAT measures contained in Finance Bill 2022, particularly in the area of Financial Services.
  • Measures that are relevant to the fund and investment management industry in Ireland including a particularly important change to the VAT treatment of management services.
  • The VAT recovery position of alternative investment fund managers, investment managers, investment advisors and administrators who are based in Ireland which are providing VAT exempt management services to non-Irish EU established funds.
  • The VAT recovery position for Irish funds and fund managers.

The change to VAT recovery for section 110 companies and what it means for management companies providing VAT exempt management services to a section 110 company.