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Revenue awaits EU decision on TBESS threshold
Pic: Matthew Henry on Unsplash

03 Mar 2023 / business Print

Revenue awaits EU decision on TBESS threshold

Revenue has issued an update on the scheme to help businesses with their energy bills, after changes made by the Government came into effect earlier this week.

The Temporary Business Energy Support Scheme (TBESS) was introduced to deal with increased energy costs over the winter months.

Revenue figures show that, by 1 March, more than 25,400 businesses had registered for TBESS and more than 23,800 claims, worth €51.65 million, had already been approved.

TBESS had been due to expire on 28 February, but Minister for Finance Michael McGrath has exercised powers under the Finance Act 2022 to extend it to 30 April. The monthly limit on aid has also been increased to €15,000 per business.

Automatic re-assessment

Revenue said, however, that a number of additional changes to the scheme were subject to state-aid approval from the EU – including a reduction of the energy-costs threshold for qualification for the scheme, from a 50% increase in energy costs to a 30% increase.

“Following receipt of state-aid approval, Revenue will determine an appropriate date to automatically re-assess claims already submitted relating to the period from 1 September 2022 to 28 February 2023 which did not meet the original 50% energy cost threshold, and calculate any payments due to businesses on the basis of the revised threshold,” the tax authority said.

It added that businesses would not have to revise claims already submitted to take account of the new 30% qualification threshold.

Revenue stated that a facility for firms to make claims in relation to energy bills from 1 March would open “in due course”.

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