Businesses that have not yet claimed relief under a Government scheme to assist firms through the energy crisis are being urged to do so immediately, with a deadline for claims fast approaching. Revenue said just €129 million of claims have been approved so far out of the €1.25 billion earmarked for the scheme and reminded businesses that availing of it is a two-step process, involving both registration and the process of claiming.
Rolled out as part of Budget 2023 to help businesses withstand the impact of elevated energy prices, the Temporary Business Energy Support Scheme (TBESS) is open to tax-compliant companies that have experienced an increase of 30 per cent or more in their energy bills.
Revenue said businesses that wish to make claims covering the period between September 2022 and July 2023 have until Saturday, September 30th to do so. Eligible businesses that have not yet started or fully completed their claims are urged to do so through the TBESS claim portal on the tax authority’s website, Revenue Online Service (ROS).
To make a claim, companies will have to furnish all their electricity and natural gas bills for the period, which will then be compared with a corresponding period in the previous year to calculate the amount due.
As of last week, Revenue said 56,126 claims had been approved under the scheme to a total value of €129 million.
“Revenue is aware that there are, at present, a number of incomplete registrations and claims on ROS for TBESS,” the tax authority said.
The scheme’s design has been criticised by businesses due to its perceived complexity and lack of scope. It was costed at €1.25 billion when it was announced in Budget 2023, has been extended on a number of occasions and the criteria for applications widened due to poor take-up.
With Budget 2024 on the horizon, the future of the scheme is uncertain. Last week, the Irish Fiscal Advisory Council said renewing it in the budget risked adding to price pressures at a time when energy bill hikes, in general, are beginning to taper off.
In its pre-budget statement, the State’s independent budgetary watchdog said the Coalition should assess whether the scheme is still required from a macroeconomic perspective.
