Revenue has written to over 100,000 taxpayers confirming that their tax debts totaling €2.2 billion are eligible for Debt Warehousing.
The Debt Warehousing Scheme allows VAT and PAYE (Employer) debts incurred by businesses during the period of restricted trading caused by Covid-19 to be ‘parked’ on an interest free basis for 12 months following the resumption of trading.
At the end of the 12-month interest free period, the warehoused debt may be paid in full without incurring an interest charge or paid through a phased payment arrangement at a significantly reduced interest rate of 3% per annum. This compares to the standard rate of 10% per annum that would otherwise apply to such debts.
For full details follow this link: https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-181120-revenue-reminds-businesses-and-self-assessed-taxpayers-of-debt-warehousing.aspx