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Revenue issues demands on debt-warehousing liabilities

Revenue says that it has issued around 11,700 demands to businesses with outstanding liabilities under the Debt Warehousing Scheme.

The tax body added, however, that almost 90% of the €1.65 billion that remained in the warehouse at the start of April this year had now been either paid in full, secured under phased payment arrangements, or included in proposed payment arrangements.

Revenue stated that, as of yesterday (9 May), €200 million remained within the warehouse – a significant reduction from a peak of €3.2 billion in January 2022.

Engagement

The tax body acknowledged the high level of engagement from businesses and their agents on the scheme, which had a 1 May deadline, and pledged to continue working with businesses to finalise payment-plan applications that were currently in progress.

Revenue’s figures show that, of the 11, 700 demands issued to businesses, more than 60% are for liabilities of less than €5,000. Another 30% have outstanding liabilities between €5,000 and €50,000. The remaining 10% of businesses owe more than €50,000, amounting to a total of €130 million.

The demand notices outline the taxes due and ask the business to engage with Revenue to formulate a payment plan within seven days.

‘Take action immediately’

“The request also outlines the consequences of continued non-engagement within the timeframe specified, which will include the issue of a final demand at the end of the seven-day period, and the warehoused debt immediately and automatically being subject to standard enforcement proceedings,” Revenue said in an update.

It added that its “clear preference” was to engage with businesses and urged any firm receiving a demand in the coming days to “take action immediately”.

Revenue warned that the demand period gave businesses “a final opportunity” to engage with it.