Updated / Wednesday, 13 Jan 2021
11:51
The Debt Warehousing Scheme allows businesses to park PAYE and VAT tax debts arising from the Covid-19 crisis
Revenue is reminding businesses that the Debt Warehousing Scheme remains available to support companies facing tax payment difficulties as a result of the current Covid-19 Level 5 public health restrictions.
The Debt Warehousing Scheme allows businesses to park PAYE and VAT tax debts arising from the Covid-19 crisis, as well as self-assessed income tax amounts and Temporary Wage Subsidy Scheme overpayments.
These debts can be parked on an interest free basis for 12 months after 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% a year.
Finance Minister Paschal Donohoe is encouraging companies to avail of the range of support schemes in place to reduce the impact of new Covid-19 restrictions on their business.
Minister Donohoe encourages businesses to avail of supports as further restrictions take effect
The Minister for Finance, Paschal Donohoe TD, has today (Friday) encouraged businesses to avail of the range of support schemes in place to reduce the impact of new public health restrictions on their business.
Revenue continue to play a significant role in the delivery of critical Government supports to affected businesses that help to protect lives and livelihoods.
Speaking today Minister Donohoe said:
“Due to the exponential growth in the virus seen over recent days and weeks, the Government has taken the necessary step in introducing further public health restrictions to reduce the overall level of mobility across the country. This will impact many thousands of employers in our economy and I would encourage all those impacted to avail of the range of business supports which have been put in place throughout the pandemic to give businesses the best possible cha
Workers on wage subsidies in 2020 will get details of tax bill next week
12:48 Wednesday, 06 January 2021
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(Source: www.pixabay.com)
Thousands of workers who received State wage subsidies during 2020 will be receive details of their tax bill next week.
Some employees who were on the Temporary Wage Subsidy Scheme and the Pandemic Unemployment Payment could face Revenue bills of more than €1,000.
People will be informed next week about how much they owe in tax, if they were on the Temporary Wage Subsidy Scheme or the PUP last year.
Workers weren’t taxed at the time due to the emergency nature of the situation.