The Tax Debt Warehousing scheme allowed businesses to temporarily defer VAT and Employer PAYE, certain self-assessed income tax liabilities, and Temporary Wage Subsidy Scheme and Employment Wage Subsidy Scheme overpayments on an interest-free basis for an extended period of time.While the total amount of debt warehoused has decreased by €1.5 billion since January 2022, €1.65 billion is still outstanding in respect of 55,490 individual taxpayers.
A total of 2,760 customers had agreed Phased Payment Arrangements for €237m of warehoused debt by the end of March. Mr McGrath also noted the flexible approach being taken by Revenue in working with customers on a case-by-case basis and giving them every support in managing their liabilities over a timeline that suits the particular circumstances of their business.
"The reducing amount of debt in the warehouse and the associated number of customers involved demonstrates that businesses are working with Revenue to pay the amounts due," Mr McGrath said."It is important to note that, businesses are not required to pay all of their warehoused debt by May 1, 2024," he said.
Business Michael Mcgrath Revenue Tax Debt Warehousing
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