In recent days Revenue has made an important announcement in relation to the Debt Warehousing Scheme. Due to the current challenging economic situation a decision has been made to extend the scheme by a 12 month period.
Businesses availing of the Debt Warehousing Scheme, were due to have paid their warehoused liabilities in full by 31/12/2022 or 01/05/2023 for those subject to an extended deadline, however these deadlines have now been extended to 01/05/2024.
Revenue has also said that businesses will still be able to avail of the reduced 3% interest rate from January 2023, as opposed to the general interest rate of 10% when they come to pay the debt.
It is hoped that this extension will offer greater certainty in the current economic climate and allow businesses some extra time to address their warehoused tax debt.
Businesses interested in entering into a Phased Payment Arrangement (PPA) with Revenue to repay their outstanding warehoused debt should make their application via ROS.
For more information on how to proceed with your application visit the revenue information page on this subject using the link below:
Please contact a DBASS representative if you need assistance with completing your Phased Payment Arrangement or would like to discuss debt warehousing in more detail.
<ph. 01849 88 00 or email@example.com>
Revenue Will Be In Touch
Revenue will issue a letter directly to businesses in early December setting out their statement of debt and offering information on this new extension.
For more information please review the Revenue Guidelines below: