Covid-19 related VAT & PAYE/PRSI tax debts
a) COVID-19 related VAT and Payroll tax debts, due from 1 March 2020 to the date when sectoral restrictions are lifted, will be parked for a period of 12 months
b) no interest will accrue on the tax debts during the 12 month period
c) thereafter, the COVID-19 related tax debts will carry a reduced interest rate of 3% (down from 10%), until the debt is paid
d) the timeframe allowed to pay the ‘warehoused’ debt will be flexible and determined by the ability of the business to pay both COVID-19 related debts as well as meeting its ongoing tax liabilities as they arise in the normal course
for the warehousing arrangement to apply, all returns must be filed in accordance with the Revenue guidance that has applied since the start of the current pandemic.
The above is still subject to further guidance being issued by Revenue on same
Any queries on the above give me a call on 091 7638117 or email me at oliver@taxreturnhelp.ie