Tax-fee vouchers to give welcome boost to local economy – Hopkins

Fine Gael General Election candidate for Roscommon-Galway, Maura Hopkins has welcomed the news that Minister for Finance Michael Noonan is to fast track new measures which will allow employers to give bonus vouchers of up to €500 to employees, tax free.

Speaking in Castlerea this week, Cllr. Hopkins commented “This is a great incentive for employers to reward staff with a larger bonus for Christmas and it will provide a significant boost to the local economy, where people will spend the vouchers”

Up until now, an employer could provide an employee with a once-off, annual non-cash benefit to the value of €250 that was not liable to tax. The new provisions, contained in the Finance Bill, mean the maximum value of such a benefit has now been increased to €500. Anything above that will still be subject to PAYE and PRSI.

The fast tracking of these new measures will provide a significant boost to the retail industry as it enters one of its busiest periods of the year stated Cllr. Hopkins.