Additional Measures to Support Businesses – Interest Suspension & Debt Warehousing Scheme
As part of the Government’s on-going response to the Covid-19 pandemic, a number of measures have been implemented to assist businesses experiencing cash flow and trading difficulties due to the pandemic. On Friday 8th May, Revenue provided updated information on the suspension of interest on late payment of taxes and further detail on the tax debt warehousing arrangement.
Read Revenue press release here.
The charging of interest on late payments is suspended automatically for SMEs with annual turnover of less than €3m (i.e. businesses which are managed by Revenue’s Business Division) for:
- May and June PAYE liabilities and
- May/June VAT liabilities.
Business managed by the Large Corporates Division (LCD) and the Medium Enterprises Division (MED) can request a suspension of interest relating to the above liabilities if they are experiencing temporary cash flow or trading difficulties. Requests should be made via My Enquiries to the Collector-General’s office or via the business’s usual LCD or MED contacts.
RBK are happy to assist with such applications.
Revenue has reiterated the importance of continuing to file tax returns on time, even where payment is not possible. Returns should be prepared on a “best estimates” basis where key personnel are not available and any subsequent amendments can be “self-corrected” without penalty. Continue